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Taking the elimination of middlemen to another height, the blockchain smart contract technology is turning heads with its efficiency. It’s easy to execute tasks with smart contracts and there is no doubt that this tech is going to make life a whole lot easier for everyone.
But what is a smart contract?
For those of you who don’t know, a smart contract is a self-executing contract that digitally facilitates, verifies and enforces the agreed terms between two or more parties.
The above-mentioned definition may seem a little tough? Let us explain smart contract development to you in an easier way!
Smart Contract: What Is It Really?
Well, according to Wikipedia the definition for smart contract stands something like this-
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
If we go by the definition, we will see that a smart contract is a digital contract, meaning that all the terms of the agreements between the parties involved are written into lines of codes. These contracts are self-executing, which means in order to enforce the terms and conditions of the contracts you don’t need the help of a third party.
The transactions done over a smart contract are transparent, traceable and irreversible.
But how does smart contract work in a self-executing way?
How are the terms enforced if there is no third party to enforce it?
It can be easily understood if we compare the workings of a smart contract with a normal contract.
Smart Contracts Explained: How Does It Really Work?
You might want to know how do smart contracts work before going into how to create a smart contract.
Think about a normal contract.
Suppose A wants to buy an apartment from B. In such a situation, A and B would agree on suitable terms and conditions through a legal contract, and then the transaction would be done between them. A will pay B the agreed cost of an apartment, and B will give A the key to the apartment.
Now, if A breaks the terms of the contract and pays B less than they agreed on, B would then go to the third party, in this case, the court, and the court will enforce the terms of the contract and make A pay the right amount. This is how a normal contract works out.
For a smart contract, however, there is no third party. When A and B use a smart contract to perform the transaction, the contract will be self-executing. A can pay B in cryptocurrency. When the payment is done, A will get a digital receipt which will be held in the virtual/ smart contract.
B will send a digital entry key for the apartment to A within a set timeframe. If A does not receive the key within time, the smart contract will release a refund. Once A receives the key, B will also automatically receive payment. And if A sends less money than agreed, then they would not receive the key for the apartment.
So, in this case, the smart contract can execute itself in three different ways, depending on the parties and how they complete the terms and conditions of the contract.
- If the terms are met, both A and B will receive the key and payment respectively without a problem.
- If A violates the term and tries to pay less, the function of the smart contract would not release the key to them.
- If B doesn’t send the key within the right time, A will automatically receive a refund.
Smart contracts are automatically canceled after a set timeframe. The code cannot be tampered by either party without the other knowing, making it completely transparent.
How Many Kinds Of Smart Contracts Are There? Based On Application
There are a few different kinds of smart contracts depending on how they are being used. The entire premise of smart contracts can be divided into three different categories.
1. Smart Legal Contracts
The concept of a smart legal contract is the combination of smart contract and a legal contract.
The smart legal contract is a legally binding contract in a digital form. The terms and conditions might be in the form of codes, but if the terms are not met by the parties involved, there will be legal consequences.
In the varying legal framework and contexts in different countries, the legality of smart contracts is still in a gray area. Not to mention, the legal frameworks in different countries also lack sufficient support for these automated contracts. But once the laws are made, and the status of smart contracts are cleared out, smart contracts can simplify a lot of transactions that take a whole lot of time and paperwork.
2. DAOS
DAOs or Decentralized Autonomous Organizations can be defined as communities existing on the blockchain network. These communities are defined by a set of rules unanimously agreed on by the members and put into codes through smart contracts.
Once the rules are put into the smart contracts, every action by the participants is subjected to these set of rules. In case of violation of these rules, the violator will have to face consequences. There are multitudes of smart contracts that make up these rules for decentralized autonomous organizations.
3. Application Logic Contracts Or ALC
We all know about the IoT and blockchain combination giving rise to the new age of the internet of things. And of course, when we are talking about the blockchain and IoT combination, we are actually talking about Application logic contacts.
These smart contracts contain codes that are application-specific. These codes work in sync with other programs and smart contracts on the Blockchain network. Together these smart contracts communicate with the devices and validate the data collected by them.
Smart Contract Development- 7 Considerations to Take
Before you jump into developing a smart contract because it might be “helpful” you need to think about the value it will add to your business. Your company may partially or entirely depend on Blockchain, in which case, creating a smart contract may sound beneficial.
But if your business belongs to that sphere where blockchain has no use, then the development of a smart contract will be a waste of resources. So make sure that the development of the smart contract actually adds value to your business and follow the steps
1. Outlining The Requirements
It is important that before you begin with the development of your smart contract, you outline the requirements you want to fulfill with the smart contract. Research the market based on your requirements and explore the existing projects already there to see what kind of requirements you should have for your smart contract.
2. Usability Research
Similar to the research you did for the goal of your smart contract development, the smart contract developer will also have to do usability research. With this, the developer will do their own research to understand how the smart contract is going to be used in the specific business scenario.
They also need to do this research to find out the latest technology and information they need to make the smart contract. Gathering the latest information is necessary since the code used to make smart contract is open source and changes every day. So they need to catch up with the recent news.
3. Architecture Design
Before getting to the coding part of the blockchain smart contracts development process, the developers need to draw out a basic architecture design which lines out the business logic of the smart contract.
The main goal is to simplify the development process. This step is especially crucial to developing Ethereum smart contracts for beginners. Through designing the architectural structure of the smart contract, the developers create a clear path for them to follow during the coding process.
4. Development
The development phase is where the real development starts obviously. The developer can use any code editor or IDE to start with developing a smart contract. It is important that they follow the best practices to deliver a clear and secure smart contract.
5. Testnet Deployment
Through the testnet development, the developers can check whether the smart contract is functioning well. All the transaction and state change data are recorded and later analyzed to see if the behavior of the smart contract is same as intended.
This is also the step where the developer can check out if there are any bugs in the code, and debug it if necessary.
6. Final Deployment
After the coding and testing has been successfully finished, the developer will deploy the smart contract on the market place to be operated. It might take a little time to perform all the necessary testing to see if everything is working or not. And once it is confirmed that the smart contract is working flawlessly, the smart contract can be deployed.
7. The Serious Limitations Of Smart Contracts
Smart contract has some limitations such as-
- Only useful in situations where the business process takes place in a digital environment without the presence of a third-party regulator. So if you need the presence of a third-party regulatory figure, then smart contract will not be of much help to you.
- Smart contracts can’t be used for intricate business negotiations. These contracts work solely based on the principle of “if…then…”. So if you want to have a more intricate negotiation option then you should choose to go for a more traditional approach.
How Is Smart Contract Used In Different Industries?
Obviously a technology as dynamic as this, smart contract is going to see a wide range of applications encompassing many industries.
Here we are going to tell you about the top 5 industries that are currently applying smart contract successfully.
1. Uses in Healthcare
One of the many industries where smart contract can be applied in an efficient way is the healthcare industry. The application of blockchain has already revolutionized how patient records are kept and shared. But with the help of smart contracts, that level of security and secrecy can be taken to another level.
A few healthcare areas where smart contracts can be applied efficiently are-
- Health Record Sharing
While the distributed ledger system of blockchain is used to keep track of patient data in a secure way, smart contract is being used to efficiently share that data between authorized personnel while the patient goes through medical treatment.
For example, when a patient is going through a surgery, the hospital can send the information to the smart contract that connects the patient to their health insurance provider. Once the provider receives the key, the payment for that surgery is automatically released to the hospital, thus avoiding tons of time and paperwork that is the usual practice when it comes to health insurance claims.
- Pharmacy Supply Chain
The pharmacy industry, which is closely related to the healthcare industry can also benefit from the application of smart contracts blockchain supply chain. With the help of smart contracts, Drug companies can trace their products, the condition they are reaching the stores, even detect fake drugs. Tracking and ordering important medicine too is simple with the application of smart contracts.
- Keeping Track Of Healthcare Instruments
The application of blockchains and smart contracts for the internet of things has not only revolutionized the record-keeping in healthcare, but also the ability to keep track of important machines and instruments in the hospital. With the clever application of IoT and smart contracts, it is now easier for the hospital staff to locate the machines they need in hospitals.
2. Benefits of Smart Contracts in Insurance
Insurance is definitely an industry that can make the most of smart contracts.
When it comes to insurance claims, there are a lot of hoops to jump through and a lot of paperwork to be done before one can get their money. One error in one of this paperwork, and you will be unable to get the money back from the insurance company. Not to mention, it will take loads of time for all the paperwork to be processed, even when the company tells you that they are giving you fast service.
But with the smart contracts, you won’t need all the paperwork, and there will be no need to wait for such a long time to get your insurance money. While applying for the insurance, the company will provide you a key and all the insurance details can be logged into the blockchain for smart contracts for the life insurance company. When it’s time for the client to claim their money, all they have to do is to send that unique key to the insurance company. Once the company receives the key, the money will automatically be paid to the client.
3. How Real Estate is Getting Benefitted
Whether you are thinking about renting a place or buying an apartment, there is a serious and real case of opportunity when it comes to the application of real estate smart contract.
The self-executing feature of this kind of contract makes it perfect for renting a place and automatically pay the rents. In the same way, buying a house is also incredibly convenient with the use of smart contracts. The use of this technology eliminated the need for paperwork and middlemen like real estate agents. It is a great sector if you want to know how to create a smart contract for real estate.
4. Effects in Banking And Finance
The application of smart contract in the world of banking and finance is something that can not be avoided when we are talking about the application of smart contracts. The use of smart contract in the financial sector has not only speed up the process, but it has also simplified it.
Using these digital contracts, the parties can make sure that the transfer of information is accurate and the terms of the contract are enforced on both the parties. This way transactions are done in a completely transparent environment, where the terms are set up in a clear and concise way. This leads to less error while executing the contract.
Due to the increasing efficiency of blockchain technology, many banks are already implementing blockchain technology with hopes to simplify and their banking process along with creating an error-free banking experience for their clients. The use of smart contract is another step along that way for them.
5. Legal Sector
90% of all businesses are engaged in a legal procedure at any given time, the use of smart contract is the perfect way to protect one’s own back. The application of smart contracts in the legal sector reduces human oversight, problems regarding human involvement while writing the contracts, acting along with the terms set by the contract. Not to mention that these contracts also maintain a record of data on the blockchain that can be used as a reference in case of any disputes.
Top 5 Platforms Available For Smart Contract
1. Ethereum
Since its launch in 2015, Ethereum has proven to be one of the top blockchain platforms in the world. With that being said, Ethereum is not just a blockchain platform, it is also an extremely easy developing smart contracts on Ethereum.
The main reason it has become the favorite of the developers all around the world is because of its ease of use and support. The easiest way to have Ethereum smart contracts explained to you is to let you know how they execute smart contract on its platform.
Ethereum executes smart contract on its platform with the help of Ethereum virtual 256-bit machine. Another amazing thing about Ethereum is the degree of standardization. The platform has a clear and defined set of rules the developer needs to adhere to while creating a smart contract.
Even though there are lots of advantages of Ethereum platform when it comes to smart contract development, there are disadvantages as well. One of the main disadvantages will be buggy codes. The codes being written by the developers on this platform often end up being buggy, which leaves a hole in its security.
However, there are still many advantages of this platform. From being easy to use to develop smart contracts for any purpose, you can easily create smart contract in Ethereum as it is truly one of the top smart contract platforms in the world.
2. NEM
NEM has become one of the most popular Blockchain and smart contract platforms in the market. Launched in 2015, the platform is entirely written in Java. which is why it is so popular among the developers. There is no need for developers to learn a platform-specific language.
With its latest update Catapult or Mijin v.2, NEM has made itself the safest smart contract platform development platform in the world. Being highly scalable, NEM can process 100 transactions per second, which is more than Ethereum.
However, there is one disadvantage of this platform, and that is the fact that the contracts are produced out of the platform. Which leaves the parties confused about the execution of the smart contract.
3. NEO
Considered as one of the best smart contract platforms, NEO is also known as the “Ethereum of China”. One of the best features is the feature called NEO NAMING SERVICES (NNS) it is a distributed, and open-source naming system. It is a secure way of addressing the resources on and off the blockchain with the use of names that are easy to remember.
On this platform smart contracts you can write code using C#, VB.Net, F#, Java, and Kotlin. This is the reason why so many developers can easily write codes for virtual contracts. Even though it is one of the best smart contract platforms in the market, NEO still faces some regulatory issues due to being based in China.
4. Cardano
Cardano is a comparatively new player in the smart contract and blockchain market. With the aim to deliver more advanced features than any other protocols before, Cardano has created an almost scientific atmosphere for creating smart contracts.
Labeled as the “Ethereum killer”, Cardano is a lot similar to Ethereum, not to mention one of its founders was the CEO of Ethereum. The specialty of Cardano is the fact that it was built on peer-reviewed scientific papers on blockchain technology. The developers behind Cardano have also released 5 scientific paper.
Apart from this, Cardano offers scalability and security for building smart contracts through its layered architecture and Ouroboros proof of stake consensus mechanism. To create virtual contracts on Cardano, the developer needs to use Plutus based on Haskell, the programming language used to create Cardano.
Even though it is fairly easy to write codes using Plutus Editor, it is still a new language. Plutus still lacks a proven case study. Not to mention, the Proof of Stake consensus mechanism, gives rise to some problems like double-spending.
5. Hyperledger Fabric
Hyperledger Fabric is an open-source project created to support the development of smart contracts Blockchain-based ledgers. It is an incredibly feasible alternative to Ethereum.
The developers of Hyperledger have created a set of tools that are most helpful when it comes to the development and execution of a smart contract. One of these tools is Hyperledger composer, which saves time while writing a smart contract.
Developers can easily create virtual contracts in JavaScript through Hyperledger Composer or any other famous programming language by installing the right modules. Which is why Hyperledger is considered to be more flexible. The developers do not have to depend on one specific language to create smart contracts.
Hyperledger is a permissioned network, which is why it is the safest environment for established companies to create and execute smart contracts, but only if they keep to the data protection laws.
The only disadvantage of Hyperledger Fabric is the fact that it doesn’t have any tokens of its own. This, however, creates another advantage of this platform that is the restriction of the types of smart contracts that can be deployed on this platform.
/**
* @title Ownable
* @dev The Ownable contract has an owner address, and provides basic authorization control
* functions, this simplifies the implementation of "user permissions".
*/
contract Ownable {
address public owner;
event OwnershipTransferred(address indexed previousOwner, address indexed newOwner);
/**
Ownership Definition of the contract:
* @dev The Ownable constructor sets the original `owner` of the contract to the sender
* account.
*/
function Ownable() public {
owner = msg.sender;
}
/**
* @dev Throws if called by any account other than the owner.
*/
modifier onlyOwner() {
require(msg.sender == owner);
_;
}
/**
* @dev Allows the current owner to transfer control of the contract to a newOwner.
* @param newOwner The address to transfer ownership to.
*/
function transferOwnership(address newOwner) public onlyOwner {
require(newOwner != address(0));
OwnershipTransferred(owner, newOwner);
owner = newOwner;
}
}
/**
* @title SafeMath
* @dev Math operations with safety checks that throw on error
*/
library SafeMath {
function mul(uint256 a, uint256 b) internal pure returns(uint256) {
uint256 c = a * b;
assert(a == 0 || c / a == b);
return c;
}
function div(uint256 a, uint256 b) internal pure returns(uint256) {
assert(b > 0); // Solidity automatically throws when dividing by 0
uint256 c = a / b;
// assert(a == b * c + a % b); // There is no case in which this doesn't hold
return c;
}
function sub(uint256 a, uint256 b) internal pure returns(uint256) {
assert(b <= a); return a - b; } function add(uint256 a, uint256 b) internal pure returns(uint256) { uint256 c = a + b; assert(c >= a);
return c;
}
}
/**
* @title Pausable
* @dev Base contract which allows children to implement an emergency stop mechanism.
*/
contract Pausable is Ownable {
event Pause();
event Unpause();
bool public paused = false;
/**
* @dev Modifier to make a function callable only when the contract is not paused.
*/
modifier whenNotPaused() {
require(!paused);
_;
}
/**
* @dev Modifier to make a function callable only when the contract is paused.
*/
modifier whenPaused() {
require(paused);
_;
}
/**
* @dev called by the owner to pause, triggers stopped state
*/
function pause() onlyOwner whenNotPaused public {
paused = true;
Pause();
}
/**
* @dev called by the owner to unpause, returns to normal state
*/
function unpause() onlyOwner whenPaused public {
paused = false;
Unpause();
}
}
/**
* @title Destructible
* @dev Base contract that can be destroyed by owner. All funds in contract will be sent to the owner.
*/
contract Destructible is Ownable {
function Destructible() public payable {}
/**
* @dev Transfers the current balance to the owner and terminates the contract.
*/
function destroy() onlyOwner public {
selfdestruct(owner);
}
function destroyAndSend(address _recipient) onlyOwner public {
selfdestruct(_recipient);
}
}
Defining the ERC 20 interface:
/**
* @title ERC20Basic
* @dev Simpler version of ERC20 interface
*/
contract ERC20Basic {
uint256 public totalSupply;
function balanceOf(address who) public view returns(uint256);
function transfer(address to, uint256 value) public returns(bool);
event Transfer(address indexed from, address indexed to, uint256 value);
}
/**
* @title Basic token
* @dev Basic version of StandardToken, with no allowances.
*/
contract BasicToken is ERC20Basic, Pausable {
using SafeMath
for uint256;
mapping(address => uint256) balances;
address[] allParticipants;
mapping(address => bool) isParticipated;
/**
* @dev transfer token for a specified address
* @param _to The address to transfer to.
* @param _value The amount to be transferred.
*/
function transfer(address _to, uint256 _value) public returns(bool) {
require(_to != address(0));
require(_value <= balances[msg.sender]); // SafeMath.sub will throw if there is not enough balance. balances[msg.sender] = balances[msg.sender].sub(_value); balances[_to] = balances[_to].add(_value); if (!isParticipated[_to]) { allParticipants.push(_to); isParticipated[_to] = true; } Transfer(msg.sender, _to, _value); return true; } /** * to get total particpants count */ function getCountPartipants() public constant returns(uint count) { return allParticipants.length; } function getParticipantIndexAddress(uint index) public constant returns(address) { return allParticipants[index]; } /** * @dev Gets the balance of the specified address. * @param _owner The address to query the the balance of. * @return An uint256 representing the amount owned by the passed address. */ function balanceOf(address _owner) public constant returns(uint256 balance) { return balances[_owner]; } } /** * @title ERC20 interface * @dev see https://github.com/ethereum/EIPs/issues/20 */ contract ERC20 is ERC20Basic { function allowance(address owner, address spender) public view returns(uint256); function transferFrom(address from, address to, uint256 value) public returns(bool); function approve(address spender, uint256 value) public returns(bool); event Approval(address indexed owner, address indexed spender, uint256 value); } contract StandardToken is ERC20, BasicToken { mapping(address => mapping(address => uint256)) internal allowed;
/**
* @dev Transfer tokens from one address to another
* @param _from address The address which you want to send tokens from
* @param _to address The address which you want to transfer to
* @param _value uint256 the amount of tokens to be transferred
*/
function transferFrom(address _from, address _to, uint256 _value) public returns(bool) {
require(_to != address(0));
require(_value <= balances[_from]);
require(_value <= allowed[_from][msg.sender]); balances[_from] = balances[_from].sub(_value); balances[_to] = balances[_to].add(_value); allowed[_from][msg.sender] = allowed[_from][msg.sender].sub(_value); if (!isParticipated[_to]) { allParticipants.push(_to); isParticipated[_to] = true; } Transfer(_from, _to, _value); return true; } /** * @dev Approve the passed address to spend the specified amount of tokens on behalf of msg.sender. * * Beware that changing an allowance with this method brings the risk that someone may use both the old * and the new allowance by unfortunate transaction ordering. One possible solution to mitigate this * race condition is to first reduce the spender's allowance to 0 and set the desired value afterwards: * https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729 * @param _spender The address which will spend the funds. * @param _value The amount of tokens to be spent. */ function approve(address _spender, uint256 _value) public returns(bool) { allowed[msg.sender][_spender] = _value; Approval(msg.sender, _spender, _value); return true; } /** * @dev Function to check the amount of tokens that an owner allowed to a spender. * @param _owner address The address which owns the funds. * @param _spender address The address which will spend the funds. * @return A uint256 specifying the amount of tokens still available for the spender. */ function allowance(address _owner, address _spender) public constant returns(uint256 remaining) { return allowed[_owner][_spender]; } /** * approve should be called when allowed[_spender] == 0. To increment * allowed value is better to use this function to avoid 2 calls (and wait until * the first transaction is mined) * From MonolithDAO Token.sol */ function increaseApproval(address _spender, uint _addedValue) public returns(bool success) { allowed[msg.sender][_spender] = allowed[msg.sender][_spender].add(_addedValue); Approval(msg.sender, _spender, allowed[msg.sender][_spender]); return true; } function decreaseApproval(address _spender, uint _subtractedValue) public returns(bool success) { uint oldValue = allowed[msg.sender][_spender]; if (_subtractedValue > oldValue) {
allowed[msg.sender][_spender] = 0;
} else {
allowed[msg.sender][_spender] = oldValue.sub(_subtractedValue);
}
Approval(msg.sender, _spender, allowed[msg.sender][_spender]);
return true;
}
}
The Pros And The Cons Of Smart Contracts
Obviously, everything is not that simple in the world of smart contracts. If you are thinking about how to build a smart contract, then you should know about the pros and cons of the technology.
As a technology, smart contracts may have its merits. But it also has its own disadvantages as well. And the only way for us to completely understand this technology is to discuss both its advantages and disadvantages.
Pros
From what we have discussed above, it’s pretty clear that the application and advantages of smart contracts are many.
Here is a list of all the advantages of smart contracts.
1. Autonomy: There is no presence of the third party such as a broker, or a lawyer to enforce the terms and conditions agreed on the contract. There is also no chance of any human manipulation in the terms of the contract.
2. Transparency: The conditions of a smart contract are always accessible and visible to the involved parties. Changing the code of any smart contract is impossible without alerting the other party.
3. Back up: All the details about each transaction performed over smart contract are stored on Blockchain. Which is why smart contract gives the users a chance of taking advantage of robust backup service.
4. Safety: Smart contracts use the highest level of data encryption, similar to that used in modern cryptocurrencies with smart contracts. Which is why smart contracts offer the highest level of security to the users.
5. Speed: One of the most redeeming qualities of smart contracts is the fact that the transactions are executed with high speed. Which is why they are much preferable than a traditional business process. When you execute the contract automatically, there is no need for processing the documents manually.
6. Savings: Since there is no need for any intermediaries, there is no need for extra costs related to them.
7. Accuracy: Smart contracts are considered to be more accurate than normal contracts.
Cons
There are of course many disadvantages of smart contract technology. However amazing the technology might be, there are still many problems regarding the execution and codings for these self-executing smart contracts.
1. Consumer Suspicion: The first roadblock to the spread out of smart contract is probably consumer suspicion. Since this is a new technology, people are obviously suspicious of it. Also, the workings of smart contracts may sound pretty simple but when you go into details, it can be a little complicated. As a result of this, many people still don’t trust the virtual, self-executing contracts.
2. Inability To Make Changes: Once the details have been entered on the smart contract there are no ways to change the details. This inability to change the details can pose significant problems to the users.
3. Possibility Of Coding Error: Even though smart contracts are considered to be infallible, there is still a chance for the coder to make mistakes while they are writing codes.
4. High Maintenance: Smart contracts are too high maintenance to be used for everyday transactions.
Smart Contract Services That We Provide
Development of a smart contract is not a simple task. It’s difficult and it takes lots of time, time that you can clearly invest in other aspects of your business. And that is why you should be considering hiring a professional team of Blockchain app developers for all your smart contract needs. And as it happens to be, we have the most expert team of smart contract developers in the market. Below we have listed the smart contract services we provide for our clients if you are looking for how to make your smart contract.
1. Smart Contract Architecture Development
Any proper smart contract development process needs to begin with the architecture development, and our team of developers recognizes that. That is why smart contract architecture development is one of the main smart contract services provided by us.
2. Design And Development
The design and digital development of a smart contract is something we have plenty of expertise. The state of the art creating a smart contract that we follow results in highly functional contracts. And on top of that, the smart contracts are developed with added features beneficial to any industry.
3. Smart Contract Audit
It is not just about building a well functioning smart contract, but it is also about making sure that the smart contract is working well. And that is why we abide by the rules when performing smart contract audits to make sure that your smart contracts are working well.
4. Optimization
Through our smart contract optimization service, we make sure that your smart contract stays up to par with the market technology and also help you save Ethereum Gas.
5. Decentralized Application Development
Functional decentralized application development is something we have experience on. With the smart contract and blockchain protocols used by us, we can create decentralized applications for you to work with.
6. Token Development
With our experienced token development team, you can get access to token creation services for your own blockchain-based startup as well. You can develop the tokens based upon your requirements only.
Smart Contracts- Yay Or Nay?
So what’s the final word of smart contracts?
The technology is a clever one no doubt. Removing the middlemen and using a self-executing contract to solve legal and business problems is truly a solution to the future. However, the technology still has a long way to go.
Not only to solve security loopholes, but technology also needs to become more appealing to ordinary people. One of the main reasons why smart contract still doesn’t have a big user base is because the technology is still too hard to understand for the users. Not to mention, it is too high maintenance.
Once smart contract technology sorts out the problematic areas, it can truly become the answer to the complicated legal and business procedure that takes too much paperwork and too much time. If you have a smart contract idea for your business and want to know how to create a smart contract, shoot us your query and we’ll solve it and develop the idea for you.
