This paper considers the smart contracts development process based on business rules using natural language processing as the research object. The research subject includes software components for creating smart contracts based on business rules using natural language processing. The research aims to simplify the software component development for decentralized systems by using smart contracts generation from business rules written in natural language. This study considers smart contract development approaches and technologies, intelligent text processing methods, as well as software development techniques using the Python programming language for the experimental implementation of the proposed solution. This study outlines the relevance of this research, provides a state-of-the-art analysis, proposes the improved procedure of smart contracts’ development and deployment, and suggests an algorithm for smart contract generation based on business rules.