Lately, Blockchain technology has generated significant interest across diverse industries. Now, more industry players are piloting with the technology to find and fit particular uses in their business processes for efficiency. One revolutionary application of Blockchain technology is facilitating smart contract solutions. A smart contract solution is a set of self-executing codes on a blockchain It carries the potential to automatically implement terms and conditions of an agreement between two or more transacting parties. We can say that it can play a critical role in streamlining processes that are currently spread across multiple databases.
If you are thinking of moving from traditional to smart contracts, you may have some concerns regarding that. Is it safe, feasible, and effective? At Oodles, we talked with our smart contract developers to find out more about using smart contract development for real-life business use cases. So, let’s understand their pros and cons, application areas, and methods of implementation.
Technically, a smart contract is a type of digital contract of a traditional legal contract between two business parties. Simply put, it is a computer-generated program that can automatically enforce terms of a multiparty agreement.
What’s unique about a smart contract is that if parties fail to meet the mentioned conditions, it revokes the contract and thwarts the asset exchange. A smart contract provides businesses a few advantages over a typical one. Its execution is automatic and you may run it as many times as you need. A blockchain underlies a smart contract and thus, makes it distributed across all participants in an agreement that nobody can alter. Consequently, all the members of a transaction or agreement can have a transparent, immutable view of its terms and conditions. Also, it doesn’t require a third party to ensure the guarantee of a transaction. The blockchain-powered smart contract codes do all the job.
Ethereum blockchain boasts of having one of the world‘s leading smart contract platforms and being the preferred choice for most developers. After the platform’s launch in July 2015, it has grown by leaps and bounds. Now, it facilitates smart contract solutions development for almost everything from online games to loyalty programs. Indeed, Ethereum‘s smart contract development provides an extended level of standardization and support. The platform has clearly defined rules for developers to follow. It makes smart contract development easier and less risky for developers. On the support side, Ethereum aims to enhance the way we create and execute smart contracts. For that, they introduced their smart contract programming language, Solidity. It not only assists with standardization but also makes it easier to implement and set up smart contracts for business use cases.
Image Source: CB Insights
Smart contracts find applications across numerous industries, for instance, in insurance, crowdfunding, IoT, real estate, banking, international trade, and more. The technology is eventually being used to replace notaries, lawyers, and legal advisors.
For smart contract implementation in your business, you need to set up an Ethereum blockchain development environment using one of the following ways
For quickly validating the business idea, businesses choose Ethereum blockchain as a service (e.g., Azure). It enables the development team to have a plug-and-play cloud-based blockchain developer environment. It contains Ether. Camp – an integrated developer environment and BlockApps, a private, semi-private Ethereum blockchain environment.
Subsequently, during and after your smart contract development, testing is a crucial part of the process. It ensures that there are no defects in the contract execution. Now, as soon as we deploy and store it on the blockchain, nobody can alter or revoke it. Also, scalability and efficient deployment of blockchain applications is a key issue in enterprise blockchain adoption.
Ethereum smart contract development provides various benefits to businesses. It is secure, fast, automated, and irreversible. Additionally, Ethereum is the most preferred blockchain platform for smart contract development due to its capability of enabling almost any computational task. It is the reason businesses across diverse industries hire Solidity developers for Ethereum smart contract development in business.
If you are looking to hire blockchain experts for your smart contract development, Oodles offers comprehensive Ethereum blockchain and smart contract development services.