Smart Contract Architecture
Smart Contract Design and Development
Smart Contract Audit
Smart Contracts Optimization
Our Smart Contracts Development Process
- Understanding the requirements for New and Existing Application
- Identify business logic to be migrated to Smart Contracts
- Roadmap of the product
- Smart Contracts Definition Document
- Create Data Flow diagrams
- Design technical Architecture
- Document technical GDPR compliance requirement
- Create sprints and delivery milestones
- Release Candidate
- Deploy on Main Network
- Requirements gathering
- Backlog prioritization
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1. Contact Us
Fill the contact form protected by NDA, book calendar and schedule a Zoom Meeting with our experts.
2. Get a Consultation
Get on a call with our tech team to know the feasibility of your project idea.
3. Get a Cost Estimate
Based on the project requirements, we share a project proposal with budget and timeline estimates.
4. Project Kickoff
Once the project is signed, we bring together a team from a range of disciplines to kick-off your project.
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Do you also have these questions?
What is a Smart Contract?
A smart contract is a computer program that manages the exchange of assets or digital currencies between parties when the pre-defined conditions are met. It not only defines the rules of an agreement but also enforces the obligations automatically.
For example, the property’s ownership can be transferred to the new owner automatically with smart contracts when money is sent to the seller’s account.
Why should one prefer smart contract technology over traditional contracts?
As contracts are the source of many legal and business conflicts, they are always considered contempt. They often lead to disputes when they are not appropriately drafted or communication breakdown. Business professionals have been looking for ways to avoid contract conflicts with the technological revolution.
Traditional contracts usually involve one or more parties, multiple lawyers and various rounds of negotiations. The result of negotiations is a lengthy document which has to be signed by different parties.
Before the introduction of smart contracts, people had to store paper copies of agreements in file cabinets. Smart contracts have been named as “smart” because of the technology-derived solutions. Similar to traditional contracts, smart contracts are agreements that execute specific actions based on the performance without the need of a trusted party.
Due to its immutability feature, smart contracts are secure and tamper-proof; therefore, do not require any third party for building trust between obligating parties.
What is Smart Contract Development?
A smart contract is a set of computer code that runs on the blockchain network. They have gained attention due to their ability to enforce and execute an agreement automatically between untrusted parties without the involvement of intermediaries.
How smart contract platform works?
To understand how a smart contract works, let’s consider one example.
Suppose that Alice wants to buy John’s house. The agreement for buying a home is created on the blockchain platform using smart contract.
The smart contract comprises of an agreement between Alice and John. The agreement might look like: “When Alice pays John 30BTC, then Alice will receive the house ownership.”
Once the smart contract agreement is written, it cannot be updated and Alice feels safe to transfer bitcoins to John for the house.
Without smart contracts, Allice and John would have to pay additional fees to third-party companies, lawyers, house brokers and banks. You would not have to deal with no more commissions and delays to wait for a broker and legal expert to process your request.
It becomes possible with the blockchain technology. Smart contracts can be decentralized, so any centralized authority does not handle them.