How to create smart contract in blockchain

Smart Contracts are similar to the traditional contracts but the difference is smart contracts are enforceable by code where traditional contracts are enforceable by law. Thus Smart Contracts can revolutionize the way the business and people interact. In this blockchain project, we will learn how to build a smart contract using the Ethereum Blockchain platform. 

How Smart Contract works?

Smart contracts are digital contracts that contain security coding of the blockchain. It consists of details and permissions written in code and it requires the exact sequence of events to take place to start the acceptance of the terms mentioned in the smart contract. It also consists of time constraints that display the deadlines of the contract. 

For instance, Alice is a homemaker who wants to clean her lawn so she uses a blockchain marketplace and specifies the amount of cryptocurrency that she is willing to pay. Similarly, Bob is a man eager to earn money by doing part-time jobs and he accepts to take the job. Now the blockchain market place creates a smart contract for the lawn mowing job and if Alice confirms that the job is done the money will be transferred to bob’s account else the smart contract will automatically revert back the money to Alice. 

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Benefits of Smart Contract

  • Since it is deployed in a decentralized network no need for intermediaries
  • Contracts are immutable because it uses immutable blockchain technology
  • It is transparent for everyone as it uses blockchain technology
  • The transaction fee is almost zero since there is no requirement for intermediaries
  • Smart contracts can be implemented quickly and independently in any traditional institution

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Tools required to implement the Ethereum smart contract

Node.js - Serverside programming language used to test the functionality of the Ethereum smart contract and ensures secure operation. 

Truffle - It consists of a compiler for the solidity programming language and helps to import the compiled smart contracts. It is a JavaScript framework that is used to write and test smart contracts. 

Ganache GLI - Ethereum RPC (Remote Procedure Call)

Web3.js - Ethereum JavaScript API that communicates through RPC

Parity - Fast and Secure Ethereum client used to manage tokens, accounts, and so on. 

Visual Studio Code - A text editor

Steps followed to build a smart contract on Ethereum

  1. Connecting two parties to an Ethereum Smart contract - As we are constructing a smart contract for a marketplace we need two roles: Client and Tasker. The client pays the tasker for successfully accomplishing a task. The required code is written and tested in Truffle. 
  1. Making a client send money to a smart contract - Smart contract is like a separate account that can transfer money to the tasker or send it back to the client. Update the smart contract by adding the required code that allows a client to send money to it. 
  1. Making the smart contract to send money to a tasker - Implement the code to automatically send the money to the tasker once the client confirms the job is complete. 
  1. Deploy the smart contract - This is the difficult step where you need to do the following things:
  • Create Ethereum wallets
  • Get Ether on the Ropsten testnet
  • Compile the smart contract with Truffle
  • Run a deployment script
  • Execute your smart contract

Smart contracts can revolutionize industries such as banking, eCommerce, real estate, and healthcare. Hope you got an overview of how to create smart contracts using the Ethereum platform. You can get the whole code for this project from GitHub.

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How to create smart contract in blockchain
Skyfi Labs Last Updated: 2021-06-25

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