Development of smart contracts

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Automatic enforcement and tracking of obligation fulfilment

A smart contract is an algorithm developed on the blockchain that can replace intermediaries and guarantors in transactions. Contact us to take advantage of our Smart Contract development service.

The interested parties specify the transaction terms and the sanctions for fulfilment failures and then apply their digital signatures. A smart contract independently determines if all the conditions are met and if all the requirements have been fulfilled, and makes a decision: to complete the transaction and issue the required assets (money, real estate, stocks), or to impose penalties on the participants, and close access to assets.

Usual contracts		Smart contracts
	Paper version of the document		Electronic document
	Based on the law		Stored on the blockchain
	Legal language		Computer language
	Intermediaries, the risk of fraud		Secure and without intermediaries
	Regular money		Crypto currencies

Benefits of Smart Contracts Development for Your Company

Smart contracts offer numerous advantages to businesses in various sectors.

In today’s market, companies are looking to become independent of intermediaries in their operations. While blockchain enables decentralization, smart contracts automate repetitive and complex processes to eliminate manual involvement and prevent human errors.

Smart contracts operate automatically, resulting in a more efficient and effective system. The contract is executed as soon as the requirement is met, and there is no need for paperwork since smart contracts are paperless and automated.

Each record in a distributed ledger is connected to the entries before and after it, making it impossible for hackers to alter a single record by compromising the entire chain. As a result, you do not need to be concerned about data security. However, there is still a risk of errors in the code that can result in the loss of funds for complex smart contracts.

Smart contracts require both parties to agree on a set of criteria that must be met at a specified time. Since there is no involvement of a third party, there is no need to be concerned about data being tampered with for personal gain. Transacting parties only exchange encrypted transaction records. The contract is automatically executed once the specified requirements are met, eliminating the need for legal action or contract enforcement. Once a smart contract has been executed, it cannot be altered.

Application of Smart Contracts

Smart contracts have been implemented in many industries:

Storage of medical data
Operations with securities
International and global settlements
Personal identification
Financial statements
Loan payments processing
Accounting and transfer of ownership
Drafting and transfer of bequests
Checking for compliance of the supplied goods with established standards
Transfer of other valuable digital assets

Service summary

⏳ Duration of project	Varies depending on complexity and scope of the project. On average, from a few weeks to several months to complete.
🎁 Can it be free or have a testing period?	Write your requirements to the smart contract functionality and get our free consultation.
💼 What type of business needs it?	Financial, insurance, supply chain management, healthcare organizations, and other businesses that handle financial transactions or sensitive data.
💡 When is this service needed?	When you want to automate business processes and reduce the need for intermediaries or trusted third parties.
📈 Your profit	Increased efficiency, reduced operational costs, and improved security and transparency.
⚙️ Our methods and tools	Blockchain technology, cryptography, Solidity, Vyper, Ethereum, Binance Smart Chain, Polkadot, Truffle Suite, Remix, Ganache, etc.
📑 Deliverables	Codebase, user interface and documentation.

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Related services

Smart contract subjects and objects

There are four mandatory aspects of every smart contract:

Parties of the transaction have digital signatures and accept or refuse the fact that a service or product complies with previously defined requirements

Subject of the contract – services or products that will be provided in exchange for money

Conditions under which the exchange of goods will be automatically made, for example, the compliance of the supplied product to the quality standards.

Decentralised platform in which the program code of the smart contract is implemented.

The Smart Contract Development Process

Let’s take a closer look at the development process for smart contracts:

Defining requirements and business logic: The development lifecycle precisely outlines the method and specifications for creating and improving software quality. The process of creating a smart contract begins with defining the business logic.

Creating the smart contract architecture: After defining the requirements and business logic, the next step is to design the architecture. This serves as the general guide for the development process.

Developing the smart contract: This involves writing code for the selected blockchain platform. Smart contracts are a vital tool for adding and storing data across the network, as well as allowing users to carry out specific transaction activities automatically.

Conducting an audit: The purpose of a smart contract audit is to carefully study the code to identify faults and vulnerabilities. Internal audits are conducted using a local blockchain, followed by the launch of a test network. The audit ensures that the contract is operationally effective and complies with all security requirements.

Integration on the blockchain: Once the contract has been approved on an existing ledger infrastructure, it is implemented.

For simple smart contracts, we create a personal account for administration, appropriate roles, deposit, and withdrawal functions.

We can also create complex smart contracts with all the necessary features.

Our smart contract services

	Architecture Design of the architecture for your newly developed or existing software solutions using Bitcoin, Side Chains, NXT, Ethereum blockchain platforms and smart contracts.
	Development Development of template-based and custom smart contracts of any complexity, for various projects in your area of business, using the most popular programming languages - Solidity, Vyper, Serpent, LLL, Mutan. Integration of smart contracts into existing solutions.
	Audit Audit of smart contracts using manual and automated tools to find errors and potential vulnerabilities in the security of smart contracts.

Check out our additional services and business cases. Send the form below to request the development of a smart contract. Get a free consultation.

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