A Smart Contract is a crypto-contract or business logic that is structured into a computer program. It facilitates direct control over the transfer of digital currencies or assets between parties when certain conditions are satisfied. It defines and automatically enforces the rules and regulations for the transfer, including, the penalties pertaining to agreement breaches.
Today, we have Smart Contracts-enabled platforms like Ethereum, Hyperledger, Tron, EOS, etc. that take more decentralized approach to the Blockchain paradigm. Each of them has a different architecture and design pattern for indigenous smart contracts.
These platforms need a mechanism where individual platform standards can be set, maintained, and merged for seamless Smart Contract integration. With the fast-paced implementation of Blockchain, companies are creating custom smart contracts left and right. The towering question is “Can we have some standardization implemented in the smart contract design patterns across platforms?”
This blog answers this vital question with potent reasons for why we need standardization to experience the top benefits of Blockchain solutions.
Contact us today to understand Smart Contracts standardization better.
Smart Contract Standardization is a necessary evil even though it poses many restrictions because of the following reasons,
Handling Platform-Specific Challenges
There are some standards/ paradigms in general programming/technologies that make them efficient and easily adaptable, so, why not in smart contracts? These standards can be more specific to a particular platform that an enterprise chooses to work with.
Smart Contract Protocols vary significantly and so do proprietary standards. For example, in Ethereum, even for internal standards like ERC-20 and ERC-721 there are criteria in place for smart contracts between various ERC tokens, Wallets, and Block Explorers. Standardization addresses inherent challenges like interoperability, user experience, scaling, societal buy-in, governance, energy consumption, digital identities needs, privacy issues and the deficit of developers. Fortunately for Ethereum, we have got tools like Remix and Solhint that do their jobs efficiently. But, these amazing tools are not available for other Blockchain platforms.
Smart contract developers believe that sometimes a tool that can standardize a platform’s smart contracts irrespective of if it is Ethereum, EOS, Hyperledger, or Tron is a valid but temporary solution to standardization conundrum. Wouldn’t it be amazing to have the features of Remix or Infura available for different platforms universally?
To know how our developers can help standardize the Smart Contracts of your enterprise Blockchain Use Cases, contact our technical experts.
A Single Set of Standards to Serve Secure Large-Scale Adoption
The growing number of custom smart contracts in the Blockchain spectrum poses a mammoth challenge in terms of interoperability and security. Data sharing and storage also become challenging identical to the case of siloed cloud databases where compatibility is ensured by data normalization.
Blockchain acts as a common backbone for peer-to-peer messaging and data sharing while facilitating data normalization based on protocol definitions. This is becoming increasingly critical because of the large scale adoption of the technology in different domains. Smart contracts need to be secure, transparent and capable of automating processes that reduce human error. Standardization ensures the basic checks to meet these attributes.
The Blockchain ecosystem needs a set of rules that govern smart contract design. In addition, it requires a tool that governs and enforces coding conventions and the underlying security standards. Incorporating enterprise smart contracts checks to deter known vulnerabilities like Redundancy attacks, overflows, underflow, etc. is inevitable. Standardization of these checks will help in streamlining processes seamlessly.
Zeeve Platform features a standardized approach to deploy reliable Blockchain nodes and networks. It means better security and compliance and cost optimization for your Blockchain. Checkout features of Zeeve No Code Blockchain Platform or sign up for a free account. More than 2000+ developers and Blockchain companies across the globe trust Zeeve for deploying and managing their Blockchain DApps, Smart Contracts and underlying infrastructure. Zeeve supports standardized deployments for multiple Blockchain Protocols. Zeeve also supports all the major cloud providers for hosting and managing your Blockchain. This includes AWS, Azure, Google Cloud, Digital Ocean and IBM Cloud.