Blockchain technology is making its way into many industries, from finance to healthcare. This ledger-based technology provides a network of unfiltered and trusted data. One of the most crucial components that aid blockchain technology in facilitating these benefits is a smart contract. A smart contract is a computer program that automatically executes itself on a blockchain. You need to develop a smart contract to smoothen the functioning of a blockchain and the dApps built on it. Moreover, smart contract development requires a blockchain platform. A smart contract-specific platform gives users smart contract programming and testing services. Additionally, it acts as a framework for decentralized application (dApp) development.
It is essential to choose the right place to build smart contracts. So, we have curated a list to make it easier for you to opt for one of the best smart contract platforms for your business use case. But first, let us look at the importance of smart contracts.
The following are the importance of smart contracts in a blockchain:
Smart contracts do not require any middlemen since they can execute automatically, increasing the degree of decentralization.
Since there is no time spent on an intermediary, smart contracts make the execution process quick.
Once deployed, no one can make any changes to the business logic predefined in a smart contract. On a blockchain the smart contract code becomes immutable, thus, ensuring the security of transactions.
Smart contracts eliminate the need for any middlemen. So they remove unnecessary costs and make it more affordable for users.
Since these programs do not require any human involvement, there are zero chances of human errors.
Firms need to understand the requirement of their business before searching for one of the top smart contract platforms. You can consider the following points to understand your business needs:
There are many smart contract platforms in the market. And Ethereum is among the most popular platform for smart contract development due to its highly decentralized security. It is tried and tested on a blockchain-based platform. So, you can always rely on Ethereum.
Apart from Ethereum, there are other smart contract platforms that you must know if you are looking for other functionalities. The following is the list of the most popular smart contract platforms other than Ethereum:
Solana is an open-source blockchain supporting smart contracts. Anatoly Yakovenko developed this platform in 2017 to address issues faced by the Ethereum platform. Scalability and transaction speed are among these issues. Solana offers the following benefits for smart contract development:
Avalanche is a layer-1 blockchain platform that has general-purpose smart contract functionality. The platform has AVAX as its native utility coin. The platform’s design enables more users to work efficiently on the network. The following are the advantages of using this network:
Polkadot is an ecosystem that connects various blockchains. Polkachain consists of a central blockchain (relay chain) and several layer-1 blockchains (parachains). Polkadot offers smart contract functionality due to its parachains (layer-1 blockchains). Polkadot launched an Ethereum-compatible parachain, called Moonbeam, to develop smart contracts. Moonbeam gives the following features:
Algorand is a relatively fast and affordable smart contract platform. Developers can create efficient, secure, and functionally advanced smart contracts on this platform. No one can hamper these trustless programs on the Algorand blockchain. The following are some aspects of Algorand for smart contract development:
Also, Read: Best Three Resourceful Blockchain-Based Smart Contract Platforms
Developers can use the above-mentioned smart contract platforms for public blockchain app development. They can use Avalanche and Polkadot smart contracts for permissioned or private blockchain networks.
If you are looking for a private ledger, then you can consider the following list of top permissioned or private smart contract platforms:
Hyperledger Fabric is an open-source distributed ledger platform for permissioned smart contract development. A smart contract developed in Hyperledger is called Chaincode. This enterprise-oriented smart contract platform offers the following functionalities:
R3 Corda is a permissioned or private blockchain platform for smart contract development. It does not have any native currency. The platform offers supervisory and regulatory observer nodes to verify a smart contract. The following are some benefits of this platform:
Also, Read: Corda Blockchain: Finding its Applications in the Real World
There is no definitive answer to the question, ‘What is the best platform for smart contracts development?’ For instance, if you only need a platform with comprehensive documentation and a powerful tool, you can opt for Ethereum. But if you are searching for fast transactions, then Ethereum would not be an ideal fit for your business. So, it all boils down to your business requirements.
Oodles can simplify your search process by developing a smart contract with the right platform according to your demands. Our smart contract developers have extensive experience in smart contract development on platforms like Hyperledger, Solana, Avalanche, and more.