The development of smart contracts over the decentralized ledger follows a structure based on which the procedural requirements are served.
• Detailed analysis of the smart contract, its use –cases, and industrial understanding.
• Drafting the prototype based on standard configuration and intercommunications.
• Developing the contract parts by using an integrated developing environment and ensuring precise documentation.
• Testing the smart contracts on the private blockchain or test-net with adherence to security protocols.
• Recording transactions and analyzing the results in consideration of the business logic and use cases.
• Considering unit and integration testing for streamlining the bug–free testing cycle.
• The third-party audit is the crucial phase of the smart contract process followed by testing.
• In most cases, bug bounty programs are put to use for securing smart contracts and ensuring their longevity.