A smart contact lens system and corresponding method for system control and exchanging data and commands between the two components has been disclosed. The system establishes a Master-Slave operational relationship between constituent components. Master-Slave relationship can exist between the two contact lenses, where one lens is a master while the other is a slave or between an external device which may serve as the master component and the contact lenses which may serve as the slave component. The system also comprises a smart contact lens substrate with an embedded communication module and a power supply module. The method to facilitate system control as well as data and commands exchange includes detecting the active system components, dynamically bonding and pairing the detected active components, dynamically or statically categorizing one of the component as master and the other one as slave and exchanging information and commands between the components.