How to apply smart contracts more wisely in 2022?

PART 01

brief introduction     

Digital transformation is disrupting global businesses . therefore , The legal industry must consider digital technology , So as to keep pace with the times . Blockchain based smart contracts are an example of such technologies .

Digital transformation is a process of adopting new technologies to improve efficiency and simplify business processes , All industries have been swept . However , According to a survey by Deloitte in London, UK ,71% Of legal professionals believe that their department is not ready to adopt relevant digital technology .

Because of its high risk and high exposure , The legal industry is actually resisting such changes . However , Traditional paper-based contracts are expensive and time-consuming to create , And these contracts are easy to be forged and tampered with . The contract signing process is opaque , Because there is no time log in traditional contracts . And the paper contract increases the storage and printing costs to a certain extent .

PART 02

What is a smart contract ？

Smart contract is a kind of self executing and self enforcing contract , They are only bound by the terms and conditions they contain . These virtual protocols allow the exchange of content 、 money 、 shares 、 Property or any other value . These contracts are self executing , It has great potential in any industry that relies on data to drive transactions .

Smart contract is a crucial technology , It allows developers to DeFi（ Decentralized financing ） And other industries to create innovative solutions . Besides , Smart contracts are about developing distributed applications （DAPP） Key parts of ; however , Not everyone knows how to create smart contracts .

PART 03

And Solidty signed

What are the business benefits of smart contracts ？

Compared with the traditional scheme , The contract has provided many advantages . however , As technology advances , Digital applications in this field may further increase .

1、 Reduce operating costs

Through Ethereum smart contract , Companies can reduce operating costs . This is the best way to automate transactions . Manual data processing may take up a lot of your time , And it requires human efforts . obviously , This will increase the cost input .

Excellent contracts based on Ethereum will automate all business logic , Thus reducing errors to zero . therefore , This digital contract technology reduces processing time while , It also improves efficiency and accuracy .

2、 transparency

All interested parties can view and access the terms and conditions of these contracts . Once the contract is established , There is no way to object to it .

3、 High security

Smart contracts use the highest level of data encryption technology available . For modern cryptocurrencies , Safety standards are an essential factor . Because of this advanced protection , They have become one of the most secure technologies on the Internet .

4、 Reduce fraud cases

Commercial transactions are a common target of fraud . Unfortunately , Tracking hackers is also difficult , Because there is not enough transparency . This makes it difficult for people to know where and how much money they exchanged . However , Through blockchain smart contract development , You can easily monitor all transactions in the business ecosystem .

5、 trust

Smart contracts are stored on the blockchain . therefore , Both parties can ensure that their counterparts will not change the terms after signing the agreement . These encryption guarantees can eliminate expensive legal disputes about the dispute of form , And whether the terms are additional or different 、 Substantive or incidental existing arguments .

6、 Simplify HR process

Smart contracts can enforce the terms and penalties of the agreement . This makes it easier for HR department leaders and employees to fulfill their obligations and comply with company policies and regulations .

PART 04

Industries that benefit from blockchain smart contracts

In addition to payment examples , Many other potential innovative contract implementations can automate applications in corresponding fields . Of course , These are just a few examples of innovative contract applications .

1、 Insurance

Smart contracts may be a major advantage in the application of insurance strategies . Registering a policy allows users to sign smart contracts with providers . Smart contracts can include all policy requirements , Users can read and agree to these requirements .

2、 Supply chain management

Supply chain management refers to the management of logistics and the increase in production and saving of supplier activities . for example , Once a commodity reaches its final destination , Its ownership will change in the supply chain network . Smart contracts allow everyone in the supply chain to track the location of goods using IOT sensors or smart contracts .

3、 Financial data records

Companies or organizations can use smart contracts to improve speed and security , At the same time, ensure accuracy 、 Transparent data recording . Smart contracts allow unified financial data recording across organizations . This eliminates the need to share other documents , Such as invoice image . Besides , It also enhances financial reporting and data integrity , This helps to improve market stability .

4、 Property ownership

Smart contracts can be used to speed up the process of property ownership . Programmable property ownership change contracts are possible , And it can be executed immediately . Smart contracts can automatically change the ownership of assets according to the payment information stored on the blockchain . for example ,Prophy stay 2017 In, it contributed to the first smart contract property transaction . Their first deal was a set of values 6 Ten thousand dollars of Ukrainian apartment .

PART 05

How to create a stable smart contract ？

Smart contracts are computer programs . therefore , You need a programming language to create them .Solidity It is a programming language developed by Ethereum's core contributors , Software for creating smart contracts . These computer programs run on blockchain .Solidity Is subject to JavaScript or C++ Inspired by the development of a high-level object-oriented language , It is grammatically similar to JavaScript Very similar .

1、 Defining purpose

Before we start , Make sure you understand the functions of smart contracts . for example , What is the value of using smart contracts ？ What it can and should do ？ Ask developers if they really need to develop blockchain applications . Maybe , It is more effective to implement information technology on the previously established technology platform , wait .

2、 stay MetaMask Create a wallet

MetaMask Can be installed in Chrome And enable . Click the icon at the top of the browser page to activate it . When you click this icon , Will open in a new tab MetaMask.

then , single click “Create wallet” The command continues . Next , You must create a password .

After creating the password , The system will send you a secret backup key . It can be used to back up or restore your account . for example , So and so phrase can be used to express your Ethereum , wait .

3、 Select any test network

You can also MetaMask Find and use the following test networks in your account ：

• Robsten Test network
• Kovan Test net
• Rinkeby Test network
• Goerlich Test network
• Smart contract with Ethereum

Be careful , The above networks can only be used for testing purposes .

4、 Is it an independent smart contract ？

Sometimes , Smart contracts have become both lengthy and extremely complex . If your contract is complex and has too many responsibilities , that , It is strongly recommended that you consider using multiple smart contracts .

If you plan to make the project span multiple smart contracts , that Truffle Suite It is a good framework to provide aspect support . Among them Truffle Projects can make it easy for you to DAPP Add to the contract .

5、 Choose the right one Solidity edition

I suggest you get the latest stable version Solidity, And carefully study its grammatical content . If you want to create its extension library , Please make sure your version is compatible with the library version .

At present ,OpenZeppelin Smart contract code base （Contracts Library） edition 0.2.5 Support only Solidity edition 0.5.5, Not yet in favor of 0.6.x edition .

PART 06

Use editor Remix and

Solidity Language to write smart contracts

Developers prefer Remix Browser to create stable smart contract code .Remix browser IDE It is the best choice for writing smart contracts , Because it provides a lot of relevant feature support and a complete experience of smart contract development .

1、 Deploy your smart contract

By clicking Remix On the right side of the window “deploy” Button , Smart contracts can be deployed to Ethereum based application testing Networks .

Of course , Don't proceed until the transaction is completed .

After the transaction is successfully submitted , The address of the smart contract will be displayed on the right side of the window .

first , all ERC20 Tokens will be stored in the wallet of users deploying smart contracts .

You can switch to Metamask Window and add tokens by clicking the corresponding button （tokens）. Enter the smart contract address , And then click “ determine ” View the number of tokens .

2、 Thoroughly test

Write as many tests as possible . Test every possible code path , And consider all possible scenarios , To ensure that every time there are results .

Test on the local blockchain . Besides , In as many tests as possible （TestNet） Test and deploy them online . These test networks are more like real-time Mainnet The network environment , More representative of application performance .

3、 Make sure it works properly

Can I write an application front end , Turn your smart contract into a complete DApp？ Do you think this is what you want ？ in any case , Make sure it meets your reason for creating smart contract applications .

4、 The main points are summarized

Now? , You've got it Solidity And smart contracts . also , A fully functional smart contract application has been created and successfully deployed . This program allows tenants to pay rent directly in ether , Without paying any fees to the mediator .