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Smart Contract Development Company

The smarter way to do business.

Smart Contracts have been deeply impacting businesses across the globe and it’s no secret. Looking at their power of transforming the global economy in ways that we didn't realize earlier, sure shows a brighter future! If you are giving thought to onboard the potential of Smart Contract development into your business, read on!

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Table of Contents
Blockchain Based Services
  • NFT Development
  • Blockchain for Supply Chain
  • Smart Contract Development
  • Blockchain for Payments
  • Cryptocurrency Development
  • Decentralized Marketplace

Blockchain Based Services

  • NFT Development
  • Blockchain for Supply Chain
  • Smart Contract Development
  • Blockchain for Payments
  • Cryptocurrency Development
  • Decentralized Marketplace

The onset of Blockchain technologies like Smart Contracts has greatly affected business processes across all industry verticals like how various record-keeping procedures are done, including the way different transactions are initiated, authorized, documented, and implemented securely. Smart Contracts are one of the best examples of how programs built on Blockchain technologies can revolutionize the entire global market by completely eliminating third-party interferences and optimizing legal contracts. Let’s dive deeper into the world of Smart Contract development and figure out how it can fit into your business’s growth plan to accelerate positive results!

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What Is Smart Contract?

Nick Szabo was the first to introduce the concept of smart contracts in the early 1990s. "Smart contracts" are algorithms created on the Blockchain that is activated when the contract's predetermined conditions are satisfied. It is basically an agreement between two or more parties that is kept on a Blockchain like Ethereum or EOS (Electro-Optical System). They are a crucial component in the technological infrastructure of many decentralized apps (dApps).

Smart Contracts are frequently used to automate the execution of a contract so that both parties can be certain of the outcome immediately, without the need for an intermediary or any additional delay. They can also be used to automate a given workflow such that it only takes action when certain conditions are satisfied.

Benefits of Smart Contracts for Your Business

Smart Contracts are a strong tool for a variety of applications across diverse industries because of their self-executing nature. Smart Contracts offer a level of automation that enables previously unheard-of efficiency and cost savings across the entire business activity, and this automation is what is driving more and more companies to adopt this technology. Here are some of the major benefits of adopting Smart Contracts:

Automatic Execution
One of the most striking benefits of Smart Contracts is that they can automate various cross-organizational business operations, based on sophisticated logic that responds to certain predefined criteria. This means that as soon as the condition of the contract is satisfied, the operation is immediately put into action. This self-executing nature eliminates any scope of error, lowers the cost significantly, and also reduces the need for middlemen.
Security & Privacy Protection
Smart Contracts operate on a Blockchain network where the transaction data is encrypted and nearly impossible to hack. This is because, in a distributed structured ledger, each entry is also recorded in the block before and after it. Therefore, in order to modify a single record, the entire chain would have to be corrupted at once. Hence, Smart Contracts ensure the integrity of data, enabling the creation of contracts free from potential conditional breaches or errors in the administration and execution of the contract.
Speed, Efficiency, and Accuracy
Smart Contracts take much less time to complete because as soon as the conditions are met the contract is executed automatically and immediately, as opposed to contracts that are conducted manually and in the presence of a third party. Hence, eliminating the need for human interference to verify and enforce the terms of the contract and also reducing the time & resources required to maintain it manually.
Trust and Transparency
Smart Contracts is considered to be one of the most secure databases ever created as they allow all the participants in their Blockchain network to access the same information simultaneously. Since all the Blockchain network's participants have access to the same information at once, it minimizes the possibility of the contract’s conditions being altered. This public transparency offers the contractual parties security and trust since transactions are duplicated so that all parties involved have a record and they can always have access to the data and information pertaining to the contract.
Cost Savings
The self-executing nature of Smart Contracts lowers the expenses associated with arbitration, fraud losses, third-party intermediaries, and brokers. It also lowers the chances of any man-made error or malicious & unintentional exceptions in the contractual conditions. As a result, the associated costs are decreased because it is not essential to rely on a third party to confirm the contract's terms and give the necessary assurance.

Industry-Wise Smart Contract Application

Smart Contracts are being widely implemented across industries for different purposes. Presenting some of the industry-specific use cases from our experience so you get a clearer idea:

Healthcare

The healthcare sector is a rapidly growing industry that generates a sizable amount of confidential data on a regular basis from patients' personal and financial information data. Smart Contracts in healthcare businesses can track patients’ data, medications, manage payments, transactions, delivery schedules, and more primarily to:

  • 1.
    Offer Validation of Patient Information
  • 2.
    Electronic Health Record Data Maintenance
  • 3.
    Medical Insurance, Execution & Storage
  • 4.
    Staff ID & Credentials Verification

Supply Chain Management

Smart Contracts in a supply chain context can provide real-time communication, improve supply chain transparency, and strengthen supplier partnerships, which can promote efficiency and coordination. Smart Contracts are extremely potent for tracking the transit status of assets and automating payments for:

  • 1.
    Traceable Digital Certification
  • 2.
    Reputation Score Generation
  • 3.
    Autonomous Payment Execution
  • 4.
    Counterfeit Detection

Banking and Finance

Decentralized finance (DeFi) is emerging as a strong alternative to traditional financial services, and its popularity is rising as a result of the immutable, transparent, and secure properties of Blockchain and Smart Contract technology. Smart contracts in the finance sector can work wonders for:

  • 1.
    Loan Issuance Automation
  • 2.
    Built-in Regulatory Compliance
  • 3.
    Autonomic Digital Identification
  • 4.
    Multi-Layer Authentication

Retail & eCommerce

The demand for fast & frictionless transactions, better customer service, and supply chain transparency in the retail sector is driving the adoption of Smart Contracts. Furthermore, it can help with:

  • 1.
    Chain Of Custody Control
  • 2.
    Cryptocurrency Payment Support
  • 3.
    Improved KYC Verification
  • 4.
    Digitized Product Warranties

Real Estate

With the help of tokenization, Smart Contracts are increasing fractional ownership of assets and lowering the entry barrier for investing in real estate for many. Smart Contracts also make it possible to develop data-driven legislation that gives property owners the ability to use their real estate assets in new and interesting ways using Blockchain technology. Some popular use cases are:

  • 1.
    Enables Fractionalization Of A Property
  • 2.
    Protection Of Contractor Data
  • 3.
    Error-Free Digital Audit Trail
  • 4.
    Assurance Of Pre-Purchase Screening

How We Develop Smart Contracts?

Block technology is a fascinating field, but its application can be challenging. We must be exceedingly accurate and adhere to well-established software development best practices while developing Smart Contracts. In order to maintain our spot at the forefront of Blockchain technology development, we have established a strategy that takes your company's unique workflow into account to tailor your Smart Contract solutions. For each client, we customize the procedure in greater detail, but generally speaking, it goes like this:

01
Research & Audit

Before getting started, we thoroughly gather and access your requirements in order to come up with concrete solutions, and establish precise business goals.

02
Smart Contracts Architecture Design

After getting a close overview of your project requirements we work on designing and perfecting your Smart Contract architecture - bring out hidden challenges, which you haven't thought out yet, fill logical gaps in your product, and suggest suitable alterations.

03
Smart Contract Development

After perfecting the product architecture and deciding on the Smart Contract platform, we get started with Smart Contract development. We ensure accuracy, integrate decentralized applications, and implement business logic & functionality while enhancing Smart Contract efficiency.

04
Testing & Deployment

We conduct in-depth code reviews and auditing using both manual and automated testing to make sure that the stipulated agreements are accurately reflected. We examine and report on the Smart Contract’s logical implementations, UI, and consistent integration of APIs, gateways, transaction states, and decentralized apps ensuring accuracy and optimum resource utilization.

05
Support & Updates

Even after the project is finished, we continue to provide hassle-free assistance and support to our clients for Smart Contract maintenance, integration, migration, and updates.

Smart Contract Development Services We Offer

Digital Smart Contract Architecture
Smart Contract Design and Development
Smart Contract for Decentralized Applications (DAP)
Smart Contract for Digital Wallets
Smart Contract Audit
Smart Contracts Optimization

Popular Platforms We Build Smart Contracts On:

Common Challenges And Solution Of Developing Smart Contracts

Smart Contracts are a valuable tool for any organization, however, the process of Smart Contract development can prove to be complex and challenging for any amateur developer who might not possess the right expertise on the matter. Here, are some of the common challenges one might encounter during the Smart Contract development process and their associated solutions.

Smart Contracts: Development Challenges and Solutions:

  • Adaptability

    Adaptability

    Smart Contracts are ineffective when it comes to relational contracts. This is because any command used for Smart Contracts must not contain statements that are unclear or challenging to represent in binary. Subjective terms like “good faith,” “reasonable,” and “best efforts” can leave a lot of room for interpretation. Therefore, it becomes difficult for Smart Contracts when the parties want to create a relational contract rather than a transactional one.

    Solution - We think it’s important that the involved parties utilize clear and well-defined conditions while preparing a Smart Contract. Before engaging in any Smart Contract, it is essential that all parties involved are aware of the legal ramifications of public, private, criminal, and commercial law.

    Because contract drafting is arbitrary, words like "good faith," "reasonable," and "best endeavors" are inserted on purpose to provide some flexibility.

    Next
  • Third-Party Requirements

    Third-Party Requirements

    Smart Contracts attempt to do away with third-party involvement, however, this is not completely practical. For instance, lawyers won't be necessary to draft specific contracts; nevertheless, Smart Contract developers will need their help to understand the legal clauses and regulations in order to develop Smart Contracts.

    Solution - Before developing a Smart Contract, it’s crucial to consult with specialists and acquire the right legal expertise. This will help in eliminating any scope of error or misjudgments in the future.

    Next
  • Management

    Management

    Smart Contracts are challenging to modify and update as they are designed to be difficult or impossible to alter. Although this can be seen as a security benefit, if parties later change their mind then they cannot modify the Smart Contract conditions or add additional points later on.

    Solution - Both developers and the contracting parties need to be extremely careful while drafting the logic and condition behind a Smart Contract as it cannot be altered later on. Hence, consulting with legal experts is always recommended before implementing a Smart Contract.

    Next
  • Complex Coding

    Complex Coding

    Smart Contract development coding can be highly complex in nature. Novice developers will find Smart Contract development extremely challenging and users who find a Smart Contract difficult to understand may find it difficult to trust that it will function as intended.

    Solution - Currently, there’s no silver bullet guaranteeing the security of a Smart Contract code. So one must thoroughly vet and hire Smart Contract developers who employ techniques like code auditing, testing, and code reviews to assist and assure code accuracy.

    Next
  • High-Stakes Flaws

    High-Stakes Flaws

    Any error in the Smart Contract code can lead to asset loss, wrongful execution, or malicious attacks. There are numerous instances of hackers draining customers' accounts by taking advantage of bugs in Smart Contracts.

    Solution - Ensuring code security becomes an extremely important task for Smart Contract developers. Hiring an experienced and competent team of Smart Contract developers can reduce the likelihood of errors and code comprises.

Expand All

Smart Contracts are ineffective when it comes to relational contracts. This is because any command used for Smart Contracts must not contain statements that are unclear or challenging to represent in binary. Subjective terms like “good faith,” “reasonable,” and “best efforts” can leave a lot of room for interpretation. Therefore, it becomes difficult for Smart Contracts when the parties want to create a relational contract rather than a transactional one.

Solution - We think it’s important that the involved parties utilize clear and well-defined conditions while preparing a Smart Contract. Before engaging in any Smart Contract, it is essential that all parties involved are aware of the legal ramifications of public, private, criminal, and commercial law.

Because contract drafting is arbitrary, words like "good faith," "reasonable," and "best endeavors" are inserted on purpose to provide some flexibility.


Next

Smart Contracts attempt to do away with third-party involvement, however, this is not completely practical. For instance, lawyers won't be necessary to draft specific contracts; nevertheless, Smart Contract developers will need their help to understand the legal clauses and regulations in order to develop Smart Contracts.

Solution - Before developing a Smart Contract, it’s crucial to consult with specialists and acquire the right legal expertise. This will help in eliminating any scope of error or misjudgments in the future.

Next

Smart Contracts are challenging to modify and update as they are designed to be difficult or impossible to alter. Although this can be seen as a security benefit, if parties later change their mind then they cannot modify the Smart Contract conditions or add additional points later on.

Solution - Both developers and the contracting parties need to be extremely careful while drafting the logic and condition behind a Smart Contract as it cannot be altered later on. Hence, consulting with legal experts is always recommended before implementing a Smart Contract.

Next

Smart Contract development coding can be highly complex in nature. Novice developers will find Smart Contract development extremely challenging and users who find a Smart Contract difficult to understand may find it difficult to trust that it will function as intended.

Solution - Currently, there’s no silver bullet guaranteeing the security of a Smart Contract code. So one must thoroughly vet and hire Smart Contract developers who employ techniques like code auditing, testing, and code reviews to assist and assure code accuracy.

Next

Any error in the Smart Contract code can lead to asset loss, wrongful execution, or malicious attacks. There are numerous instances of hackers draining customers' accounts by taking advantage of bugs in Smart Contracts.

Solution - Ensuring code security becomes an extremely important task for Smart Contract developers. Hiring an experienced and competent team of Smart Contract developers can reduce the likelihood of errors and code comprises.

Expand All

Why Does Smart Contract Development With BinaryFolks Make For A Wise Choice?

Driven by ex-engineers from Google, Amazon & Salesforce

101% Value For Money (+1 for Our Complimentary Consultation before You Spend Your 1st Dollar!)

Reviews That You Can Verify!

Safeguarded Business With An NDA

Out-Of-The-Box Innovations

Eye For Details

Questions Galore (Until Your Requirement & Our Understanding are mirror copies!)

Insight-Rich Scope Enhancement

Intense Domain Expertise

Close-knit feedback loop

Conclusion

Now, that you have in-depth knowledge about Smart Contract development and the various advantages it may offer like:

  • 1. Supporting real-time execution
  • 2. Saving precious time and resources
  • 3. Reducing the need for constant third-party support
  • 4. Improving security and transparency
  • 5. Boosting efficiency and accuracy

You must feel confident to take the next step and hire a Smart Contract developer!

Get In Touch With BinaryFolks Smart Contract Consultants

FAQs

Expand All
Smart Contract development can be a complex and lengthy process. Developers need to conduct intense research and analysis before starting the development process. Typically, Smart Contract development can take anywhere between four weeks to four months to complete. The time required for Smart Contract development varies greatly depending on the client’s unique requirements and the complexity of the executing conditions.
Smart Contracts have a lot of potential and applications for the present and the future. The cost of deploying Smart Contracts will largely depend upon
  • 1. The cost charged by decentralized Blockchain software platforms like Ethereum for the contract storage and associated gas price, and
  • 2. The cost charged by a Smart Contract development company.
These costs can vary depending on the complexity and scope of the project. make up. However, to give you an idea, the average estimated cost of Smart Contract development can range anywhere from $5K to $40K.
The most popular Smart Contract platform is Ethereum. However, there are many other Smart Contract platforms apart from Etherium like Avalanche, Hyperledger Fabric, Stellar, Solana, and Rootstock which are steadily gaining popularity among Smart Contract developers.
A non-fungible token (NFT) Smart Contract is a Blockchain-based computer programming that protects and manages digital assets or NFTs. An NFT Smart Contract acts as a tool for automatically carrying out a sale agreement between the NFT owner and the buyer. In addition to ensuring that an NFT can only be owned by one person at a time, a Smart Contract prevents the misuse or replication of the NFT as well.
Expand All

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