The Check-List for Well Maintained Smart Contracts.
In today `s world paperwork is continuing to get replaced with digital versions. As new applications continue to emerge, they help in the transition to the digital world. Along the change, keeping a strong check on transitional chaos is a must to make it look smooth. One such application is ‘smart contract’ between two parties, giving rise in demand for smart contract developer.
Evolved only recently, it`s a better, efficient, secure mode of securing a contract. What exactly is ‘smart contracts’? How has smart contract development come into being? What is the check-list for well maintained smart contracts? Let`s try to look for an answer.
A ‘smart contract’ represents a coded document, written in coded language! It carries out all or specific provisions of an agreement without human intervention. An agreement secured gets stored on the platform created by the blockchain development services. In some cases, it even serves as an exclusive valid document of an agreement. Be that between two persons, parties, or organizations. Other times, it reinforces what all goes under in the traditional written contract.
After applying a smart contract, it carries out tasks like money transfer all by itself. A computer code, which a smart contract is, once placed on blockchain gets replicated. Replication continues till it is gets stored on lot many of its (blockchain) nodes. Hence achieving permanence, which is hard to expect from a traditional contract. But security as well gets tighter. Once stored on the blockchain network, a smart contract cannot be, at all, tampered with, or changed.
When a condition gets fulfilled by a party involved, the code on the blockchain takes a step in response — a measure that corresponds to a set action required of it on completion of specific parameters. In case a party fails to complete any of those set conditions, no further process will proceed.
Common task contracts streamline a monetary transaction. It`s here a ‘smart contract’ makes things easy and less expensive because it automates, upon completion of certain events, the process of releasing funds. Suppose a party fails to meet the necessary conditions for ‘triggering event’ to start. In that case, it slaps on the defaulting party a monetary penalty. Not anywhere in the whole process is there any involvement of third party such a judiciary. This way blockchain technology services saves you lots of money and times that otherwise goes into roping in the third party to execute such a service.
A product you have procured arrives at your stockroom, and you don`t need to do anything. It is because a smart contract on its own triggers approval request. And once completed, releases funds to the seller without wasting any time. It has made payment disbursement a lot quicker process. Eradicated, along the way, any room for delays and errors!
But knowing it means nothing unless you consider well maintained smart contracts check-list. You may have understood smart contracts as the blockchain-based accord between two parties. But still, you should not jump on to write one. Especially, before considering the following points about smart contract development.
It is of the utmost importance to know the purpose of your writing a smart contract. It is essential to lay down in advance your hopes, expectations. Or, everything else you expect it to do for you.
A party part of your smart contract should show commitment towards it. You get to ensure commitment by enforcing a severe penalty for violations. You can also include in your smart contract stakes in the form of digital currency like cryptocurrency development services and other tokens.
Well-defined conditions that you`ve necessitated for your agreement add value to it. Those conditions can be the time-bound completion of specific tasks and more. So take it as an imperative to define your requirements neatly and cleanly.
You must lay down clear conditions against which to measure its validation. I mean validation of tasks accomplished. You can ensure validation by inserting certain provisions in the smart contract itself. Or else doing it from outside!
If tasks are not done on agreed time, what to do? Or if they are not validated, how is that going to impact your smart contract development? Or thereby the deal itself! It all you should decide beforehand. Defining in clear terms things that make your deal unsuccessful save you time and money! And after-deal anxiety, too!
Best way to discourage tampering with your smart contract is punishment. It is must to violations of the contents of your smart contract development. A smart way where everyone follows with utmost strictness what all goes in writing in your smart contract.
After following the above steps, there remains another crucial thing to deliberate on. It`s to get you master the very process of smart contract development. It is the thing called an audit of your smart contract. A necessary component indeed to make sure it`s not prone to security infringement. It involves the process of taking the code and examining it. A step that ensures it is bug-free. Hence, reducing copyright infringement chances before deploying it (contract) on the network created by the blockchain application development! Once uploaded, it cannot get modified.
When you go through each line of your contract, you get a chance to locate issues with your document. To see what else you can add, change, or replace. Taking a look at the whole process of audit, it begins with Disclaimer. Where you make it clear you don`t consider audit file a legal document. Next step you follow is bringing out whatever good you have found in the smart contract you`re auditing.
That done, you`ll next mention details on attacks launched on contract document. And including its impact, too! That step leads to the next point where you`ll locate bugs and vulnerability in your smart contract. It`s to find bugs because they allow persons to change one or more variables of your smart contract. After that, you go for examining each line and then, writing a brief synopsis of your findings. It would include your conclusions, final comments on the audit in your smart contract development.
On following the above mentioned points, you get a smart contract which is error-free, secure and bug-free. Also, all-encompassing when it comes to different provisions, deadlines, and transactions! It is about documenting a code that has no loopholes, whatsoever. That is why these check-lists have become important. You need to follow them for creating well maintained smart contracts.
We are the best blockchain smart contract developer!
For an effective smart contract development; you describe early on what you expect out of it. Or, what should be the measure of the success of your deal? Or, what penalty to impose if a member of your smart contract breaches its basic tenets. So, you have to take care of these check-lists to get what you desire from your smart contract. So, if you also wish to make your business smart and tech-savvy, consider outsourcing to India and hire the best smart contract developer for your business. We at Signity Solutions are your service. Feel free to reach us, and we will revert at the earliest.
Latest posts by Rohit Madaan (see all)
- Defining ERP Implementation Road Map - March 4, 2021
- Planning to Create a Job Search Portal, Don’t Miss Any of These Features - June 8, 2020
- Top 10 Real Estate Marketing Ideas - September 5, 2018