A Smart Contract is a crypto-contract or business logic that is structured into a computer program facilitating 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.
Smart Contract Standardization – A Necessity for the Large-scale Adoption of Blockchain
April 9, 2019
April 9, 2019
Today, we have exemplar platforms like Ethereum, Hyperledger, Tron, EOS, etc. that are Smart Contracts-enabled with a 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 ultimately, merged for seamless Smart Contract integration in digital realms where disruption is rife today. 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 insightfully with potent reasons for why we need standardization to experience the top benefits of Blockchain solutions.
Call 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. Many aspects/functionalities that are platform-specific can be standardized for better adoption by other platforms like,
- Use of pure functions that do not access state
- Use of view functions that do not modify the state
- Invoking one smart contract from another
- The maximum number of state parameters to be used etc.
- Addressing schemes to uniquely identify an asset
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, other Blockchain platforms are not blessed with these amazing tools.
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, visit our website today or 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 data normalization needs to be ensured for compatibility.
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 that the basic checks are done for these attributes to be met.
The Blockchain ecosystem needs a set of rules that govern smart contract design, in addition to, 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.
Samantha Radocchia, a Blockchain evangelist and the co-founder of Chronicled, has delineated the significance of standardized smart contracts. She exclaims that real growth and large-scale adoption of Blockchain will need an airtight and standardized system for executing contracts between companies. This is because the massive number of custom smart contracts being used is cumbersome, which is an impediment to growth.
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