The life cycle of a smart contract is divided into numerous stages also known as its evolution. These ensure that the technology accurately defines and secures the business needs.

The following is how a smart contract is created.

Define the rationale and requirements for the business

The parties involved establish the smart contract’s specific business conditions and send them to the developer.

Create a smart contract architecture

Developers create the architecture of the contract to represent the business logic once it has been established. During the development phase, this acts as a blueprint.

Develop a smart contract

This level entails building a smart contract for your preferred blockchain platform. This method also involves unit testing to ensure that the contract works as intended.

Internal Audit

An internal audit is conducted using a local blockchain followed by a testnet. The audit verifies that the contract works as planned and meets all security requirements.

Deployment on a distributed ledger

The contract has been deployed to the market where it will be used.

A simple smart contract

Contracts that have legal ramifications for parties that fail to meet their obligations fall into this category, They are also referred to as “ smart legal contracts”.

Smart contract with a lot of complexity

The complex smart contract includes DAO (Decentralised autonomous organizations), ALC (application logic contracts).

DAOs are a type of blockchain community.

ALCs represent the interface between smart contracts and the internet of things and this community functions. It is regulated by a set of rules via a number of smart contracts. ALCs are used to validate and enhance communication between services in the IoT.

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