The need for blockchain developers and the blockchain development solutions they can provide is hugely outweighing the supply. The slow-but-steady acceptance of the blockchain technology by both small and large organizations has given the rise to the need for blockchain payment solutions, as well as, the blockchain app development solutions.
The reason for all the development needs is that Blockchain is now being seen as the latest innovation for executing fast and secure transactions of all types. In fact, once blockchain was synonymous with Bitcoin, but now it has developed its legs and significantly moved out of its own. At present, plenty of companies are creating shared ledger systems. These systems have nothing to do with Bitcoin but are being touted as blockchains.
Smart Contracts don’t involve contacts, though they can. In general, a smart contract is a small program which is stored and executed on a blockchain. Smart contact code can be written to execute a type of functions. Mainly, they place pre-defined controls on digital assets.
Release crowdsource funds only when the minimum required numbers of contributors have collectively donated a minimum amount, though only when the amount is collected by a specific date. In case if its pre-determined conditions don’t meet by a certain date, the funds would be transferred back to the donors. Also, it can automate exchange platforms to meet regulatory compliance. Submit a legal contract to attorneys for execution only when the submission has received credentials and the person has made the payment.
It is only the surface we have scratched in explaining the uses of smart contracts. The capability to store and execute different programs on a blockchain network- especially for controlling digital assets on that chain- lays a foundation of a myriad of opportunities for itself within the blockchain sphere.
In fact, developers are already in high demand who specialize and know how to create smart contract code. But a word of wisdom is in order. Since whatever is being written in the blockchain stays in the blockchain unaltered and thus, smart contract code must be perfect. Another important thing is that bugs cannot be fixed once the code has been added to the blockchain.
Ethereum is quite similar to the Bitcoin blockchain and is an open-source blockchain. Similar to an extent where it has even been called Bitcoin 2.0. However, both have two different distinctions that present Ethereum as a superior option than the Bitcoin blockchain.
First is that Ethereum not only allows users to use only bitcoins but other cryptocurrencies as well. Second, Ethereum was built keeping smart contracts in mind.
Ethereum works a standard, though powerful blockchain platform. However, it can be called a smart contract platform at heart. The Ethereum Virtual Machine (EVM) was developed with the speed and power to execute smart contracts. Not only this, it has its’ own high-level programming language called Solidity. This language helps developers to write robust smart contracts on the Ethereum Virtual Machine (EVM) platform.
Developers wanting to enter the alluring and emerging smart contract market would definitely consider Ethereum. While there is an opportunity in developing smart contracts for clients, Ethereum also benefits developers with Ethers (Ethereum’s native currency) for developing error-free solidity- based code.
Blockchain technology is now not a buzzword. It has established itself as a disruptive technology. Oodles Technologies (blockchain.oodles.io) is one of the leading outsourcing providers of Blockchain technology solutions. With a well-equipped R&D lab, we have gained enough skills and experience in-house to develop applications based on the blockchain technology.
If you are also looking for the blockchain app development solutions, contact us today for a free of cost consultation.