Smart Contract Management

Smart Contract Management
The self-executing digital contract is the key to automate processes, transactions, and agreements, helping to reduce costs, enhance security and reduce paperwork. Smart contracts within the Elemica Digital Supply Network are automated digital contracts that enable highly-secure and self-executing agreements to be formulated. They solve many issues faced in traditional contracts such as lengthy paperwork, the need for third-party intervention, and huge costs.

The life cycle of smart contract development clearly defines the methodology for writing and improving the quality of software and the overall development process. Usually, this process consists of multiple stages: planning, documentation, implementation, testing, deployment, and maintenance. What makes the Elemica platform stand out from its competitors of Digital Supply Networks is the fact that it has a set of innovative tools of APIs, and Enrichment Services, patented linking capabilities, and a self-service development environment specially tailored to meet the needs of supply chain leaders and developers.

Understanding the use case
Smart contract solutions for a Digital Supply Network and Blockchain application can only be successful if developers understand the business need and the environment it will be implemented in. Due to the flexibility and applicability of this technology, developers are required to constantly get acquainted with a large segment of the inter-business sector in order to determine which of the Elemica API libraries and access to external data providers they need to use in the development process.

Designing, Development, and Testing Smart Contracts
Developers start writing the code for the smart contract leveraging the Elemica API Repository and Data Enrichment services from ENRICH. The Elemica Platform incorporates fully integrated syntax support and useful functionalities such as autocomplete, remote contract execution and many more. Another advantage of the Elemica platform is that it has a Development, Test, and Production environment allowing developers to test as they code, without requiring any additional tools.

Infrastructure testing of the Elemica Digital Supply Network involves verifying whether the end-to-end core network and its various components are operating as expected. Elemica supports the following activities to ensure that infrastructure is validated:
• Peer/Node testing
• Network Integrity testing
• API and Message Integration testing
• Node Consensus testing.