![]() The life cycle of smart contract development Contractual clauses incorporated in smart contracts will be automatically enforced when a given situation is met (for example, one party that breaches the contract will be penalized automatically). A smart contract was presented in the 1990s as a computerised transaction protocol that performs an agreement’s contractual provisions. Smart contracts are a significant advancement in blockchain technology. These four processes are smart contract formulation, smart contract freezing, smart contract execution, and smart contract finalisation. Unlike the lifespan of a blockchain, which begins with defining the issue you want to solve with your blockchain product and ends with a blockchain that solutions the issue, a smart contract on the blockchain goes through several stages. ![]() In the Blockchain Ecosystem, Smart Contracts go through four stages. ![]()
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