Smart Contract
Executable agreement deployed on a ledger
Bundle → Layer → Finding → Questions Filled
3 bundles · 3 layers · 5 findings · 10 questions
Deployment and code What is deployed where.
Deployed instance
The address, network and code of the contract.
Deployment
Where the contract lives and who deployed it.
- On which ledger network and at which address is the contract deployed?
- Who deployed it, and when?
Code and verification
The code behind the deployment and whether it was verified.
- Is the source code published and verified against the deployed bytecode?
- Has the code been audited, by whom and for which version?
Control and upgrade Who can change or stop it.
Administrative powers
Owner keys, upgrade paths and pause functions.
Admin rights
Privileged roles and how they are controlled.
- Which addresses hold administrative or upgrade rights?
- Can the contract be paused, upgraded or destroyed, and by whom?
Legal and economic link What it means outside the ledger.
Agreement mapping
The legal agreement and assets the code relates to.
Legal wrapper
The agreement and jurisdiction around the code.
- Is there a legal agreement the contract implements, and which terms prevail in a conflict?
- Which assets or rights does the contract control?
External inputs
Oracles and other dependencies.
- Which oracles or external contracts does it depend on?
- What happens if an input is wrong or unavailable?
Classifiers Filled
- Family
- World Models
- Category
- Information and virtual systems
- Entry kind
- standalone-mm
- Navigation path
- NAV.INF.VRT.SC
- Domain
- INF.VRT.SC
- Industry
- Cross-industry
- Tags
- smartcontractinf.vrt.sc
What it is Filled
A smart contract is program code deployed on a distributed ledger that executes automatically when called, changing ledger state according to its logic. It may implement all or part of an agreement, a token or an application; whether it is a legally binding contract depends on the agreement around it, and the ledger network itself is a separate subject.
Why it exists Filled
Executable agreement deployed on a ledger
Distinguishing features Filled
- It executes automatically on a ledger once called, without a party performing the obligation.
- Deployed code is usually immutable; changes need a designed upgrade path.
- It is code, and is a legal contract only when an agreement makes it so.
- Distinct from a software package, which is distributed for installation rather than deployed to a shared ledger.
What robots and AI may and may not do Filled
Must not
- Sign or submit transactions that move assets without the holder's explicit approval.
- Handle or store private keys or seed phrases.
- Give investment advice about tokens or contracts.
- Describe unaudited code as safe.
- Help exploit vulnerabilities in deployed contracts.
Only with a human decision
- Deploying, upgrading or pausing a contract.
- Any transaction that transfers value.
- Deciding which terms prevail between code and legal agreement.
May
- Read contract state and events from the ledger.
- Explain what a verified contract's functions do.
- Check whether code is verified and audited.
- Flag administrative powers and upgrade paths to users.
Moral aspects Filled
- Bugs or exploits can cause irreversible losses for many users.
- Hidden administrative powers undermine the trust users place in automated rules.
- Users may not understand what they agree to when calling a contract.
Who is affected
- Users and token holders
- Developers and deployers
- Counterparties to linked agreements
Owners Filled
Steward
The deployer or governing body holding administrative rights, or no one when the contract is fully immutable.
Master systems
- Distributed ledger
- Source code repository
- Block explorer verification records
Links to other meta-models Filled
parent
- WM-SFT-007
What else AI and robots need to interact with it Filled
Identity and identifiers required Filled
- A smart contract is identified by its address on a named ledger network and chain identifier.
- Its code version is identified by a hash of the deployed bytecode.
Direct properties not applicable Not applicable
Not applicable
A smart contract is an information or software construct; its measurable attributes are configuration and operational data, not physical properties.
Recognition optional Filled
- A contract is recognised by its address, deployed code and emitted events on the ledger.
- Often confused with the token it implements, the user interface that calls it or the legal agreement around it.
Capabilities and actions required Filled
- A contract can hold and transfer assets, emit events and call other contracts.
- Some contracts can be paused, upgraded or self-destructed by privileged roles.
Hazards and failure modes required Filled
- Irreversible loss of assets through bugs or exploits.
- Abuse of administrative keys.
- Manipulated oracle inputs triggering wrong execution.
Standards and interfaces required Filled
- Application binary interfaces published with verified source code.
- ISO 22739 vocabulary for blockchain and distributed ledger technologies.
Context of use required Filled
- Used for tokens, decentralized finance, supply chain, registries and data sharing.
- The EU Data Act sets essential requirements for smart contracts used in data sharing agreements.
Sources Filled
- ISO 22739 Blockchain and distributed ledger technologies - Vocabulary (ISO)
- Regulation (EU) 2023/2854 Data Act, Article 36 on smart contracts (European Union)
Open questions
- Planned model: boundary questions, research and every section remain to be written.
Machine files
Provenance
planned (registry candidate) · todo
Built from: models/runtime-index.json, ver-cy/world-models/card-supplements/wm-vrt-011-smart-contract.json
Planned entry, hidden from the catalogue until researched.