The formation of a smart contract, freezing of the smart contract, execution of the smart contract and finalization of the smart contract are the four significant steps of a smart contract’s life cycle. It is different from the blockchain development life cycle, which begins with defining the issue you want to resolve with your blockchain product and ends with a minimum viable product.

Phases in the life cycle of smart contracts

Create

Iterative contract negotiation and an implementation phase make up the creation phase. First, the parties must agree on the contract’s overall content and goals. This is similar to traditional contract negotiations and can be done online or offline. On the underlying ledger platform, all participants must have a wallet. Its identifier is pseudonymous in most circumstances, and it is used to identify the parties and transfer payments.

The contract must be converted into code after the objectives and content have been agreed upon. The expressiveness of the underlying smart contract coding language limits the contract’s codification. Most smart contract systems provide the infrastructure to build, maintain and test smart contracts to validate their execution behavior and content.

The transition of requirements into code, as seen in traditional programming languages, necessitates multiple iterations between stakeholders and programmers. Smart contracts will be no different, and several iterations between the negotiation and implementation phases are likely.

During the publication phase, after the parties have agreed on the codified form of the contract, it is uploaded to the…


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