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Smart contracts have become critical to blockchain technology considering the automated process they initiate which allows the easy bypass of intermediaries and related third parties, making the system more effective, efficient, and reliant. However, as smart contracts keep developing, it is critical to acknowledge the necessity of formal verification in assuring enhanced layers of security and reliability.

The article covers various aspects of formal verification, including formal models, formal specifications, and different techniques such as model checking, theorem proving, and symbolic execution.