Blockchain technology is based on the principles of decentralization and transparency. This guarantees that the terms of conditions of the contract are visible by everyone on the blockchain and cannot be disputed.
1. Define the business logic and requirements
The parties involved define the specific business conditions of the smart contract and communicate them to the developer.
2. Design the smart contract’s architecture
Once the business logic has been determined, developers design the architecture of the contract to represent that logic. This serves as a blueprint during the development process.
3. Develop the smart contract
This stage involves writing the smart contract code for the blockchain platform of choice(for example, Ethereum,EOS, etc.). This step also includes unit testing to determine if the contract performs as designed.
4. Internal audit
An internal audit via a local blockchain and then a testnet is performed. The audit checks if the contract functions as intended, and meets all security standards.
5. Deployment on the blockchain
The contract is deployed on the marketplace on which it will operate.
6. Simple smart contracts
An internal audit via a local blockchain and then a testnet is performed. The audit checks if the contract functions as intended, and meets all security standards.
7. Complex smart contracts
Complex contracts include Decentralized Autonomous Organizations (DAO) and Application Logic Contracts (ALC).
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