Smart Contract
Development

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

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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 that are defined by its parties prior to its launch. A smart contract is automatically executed when the conditions that are programmed into it 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. Unlike traditional contracts, smart contracts offer a number of additional benefits:

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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.

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Accuracy

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

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Transparency

Blockchain technology is based on the principle 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.

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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.

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Speed

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

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Trust

Thanks to the nature of smart contracts, they are highly trustworthy instruments that eliminate the possibility for manipulation or error.

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Independence

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

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Savings

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

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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 as well as accurately 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. Define the smart contract’s architecture

Once the business logic has been defined, developers define the architecture of the contract to represent that logic. This serves as a map during the development process.

3. Develop the smart contract

Developers begin writing the code for the smart contract within one particular blockchain, such as Ethereum or EOS. 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. 

The Smart Contract Development Process

Smart contracts can roughly be divided into simple and complex ones. 

Simple smart contracts

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

Smart contract development

Complex smart contracts

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

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

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.

Smart Contract Development
by LimeChain

Develop smart contracts for your business needs with us and our custom smart contract development and deployment tools – Etherlime and EOSlime.
We also offer blockchain-agnostic smart contract development. This allows you to build a decentralized application (dApp) that can interact with any blockchain.
If you already have a smart contract which you would like to secure, contact us for a smart contract audit. Based on our auditing methodology, we can determine any possible issues in your contract and provide you with a detailed report of its vulnerabilities and potential exploits. We have 3 years of experience in developing smart contracts for our clients. Our portfolio includes 70 projects, and we have developed 100+ smart contracts, holding in excess of 1 million USD in funds. 
Get in touch with us to learn more about our smart contract development expertise and to discuss your needs and requirements!