Smart contracts govern the way in which a blockchain functions. The immutability of the blockchain extends into smart contracts as well – a smart contract once coded cannot be modified. This is one of the primary reasons for the blockchain and the data in the blockchain being super-secure. There is no way to edit the data on the blockchain, and there is no way to circumvent the conditions laid out on the smart contract.
This advantage has made blockchain highly dependable for financial transactions, maximizing security and minimizing efforts and expenses. However, sometimes, the biggest boon also becomes the biggest bane. Any software is supposed to have some room to ‘evolve’ and smart contracts, by virtue of their immutability, lack that attribute. Anything that doesn’t change according to the changing times cannot be honored with the prefix ‘smart’, and smart contracts should not be an exception.
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Topic: How to Write Upgradable Smart Contracts in Solidity (Read 147 times)