Smart Contract Development

Full-stack blockchain development services including smart contract development and consulting for both public and private blockchain.

What is Smart Contract Development?

A smart contract is an agreement between two or more parties that is stored on a blockchain, such as Ethereum or EOS. Every such contract has a predefined set of rules and conditions and is automatically executed when those conditions are met. These contracts are guaranteed by the consensus of the whole blockchain network. They cannot be altered by anyone unless the whole network approves of the change. This makes smart contracts one of the safest and most powerful tools for creating agreements between different parties. Here’s how your business can benefit from smart contract development.

Benefits of Smart Contracts Development for Your Business

Like any traditional contract, smart contracts are agreements on rules that determine the relationship between different parties. However smart contracts also offer a number of additional benefits:

Guaranteed result

Smart contracts are self-executable. Once the conditions that have been agreed upon are met, the contract is executed automatically. This eliminates the need for litigation or manual enforcement of the contract.

Accuracy

To avoid transaction errors, every smart contract’s terms and conditions must be defined with great precision. This makes smart contracts highly accurate.

Transparency

Blockchain technology is based on the principles of decentralization and transparency. This guarantees that the terms of conditions of the contract are visible by everyone on the blockchain and cannot be disputed.

Security

The degree of cryptographic security of smart contracts guarantees they cannot be tampered with. Moreover, because of the distributed nature of these contracts, no data loss can occur.

Speed

Unlike standard business procedures, smart contracts are executed immediately, making them highly efficient.

Trust

The nature of smart contracts makes them highly trustworthy instruments that eliminate the possibility for manipulation or error.

independence

Smart contract technology does not rely on the involvement of third parties or middlemen.

Savings

Thanks to the automated nature of these contracts, they reduce the need for middlemen, as well as costs associated with processing errors.

The Smart Contract Development Process

The development of a smart contract, also known as its life cycle, goes through several phases. These ensure that the business requirements are correctly defined and secured by the technology. Here is how a smart contract is developed:

1

Define the business logic and requirements

The parties involved define the specific business conditions of the smart contract and communicate them to the developer.

2

Design the smart contract’s architecture

Once the business logic has been determined, developers design the architecture of the contract to represent that logic. This serves as a blueprint during the development process.

3

Develop the smart contract

This stage involves writing the smart contract code for the blockchain platform of choice(for example, Ethereum,EOS, etc.). This step also includes unit testing to determine if the contract performs as designed.

4

Internal audit

An internal audit via a local blockchain and then a testnet is performed. The audit checks if the contract functions as intended, and meets all security standards.

5

Deployment on the blockchain

The contract is deployed on the marketplace on which it will operate.

6

Simple smart contracts

This category includes contracts that have legal implications for parties that fail to fulfill their part of the agreement. They are also known as smart legal contracts.

7

Complex smart contracts

Complex contracts include Decentralized Autonomous Organizations (DAO) and Application Logic Contracts (ALC).

- DAOs are a form of blockchain community. This community operates and is governed by a set of rules via a number of smart contracts

- ALCs represent the interfacing between smart contracts and the Internet of Things (IoT). ALCs serve to validate and aid the communication between devices within the IoT.