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Smart contracts can be used to
reduce complex business contracts by directly enforcing the contract's
payment methods and paybacks, and by automating the process of contract
execution and verification into the network, without the intervention and
cost of the person checking the contract's performance. However, smart
contracts are a series of program codes generated on distributed ledger
technology (DLT) and problems may occur in the process of executing the smart
contract. As a method to solve problems that occur in the program execution
environment, there is a formal verification. Recommendation ITU-T F.751.12 specifies
the formal verification framework for smart contract on DLT, its overview,
requirement and architecture in its framework, as well as the main technical
direction of its formal method component. This Recommendation can be used as
a guideline for a smart contract developer to build systems.
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