What is Smart Contract?
In 1994, cryptographer and law expert Nick Szabo concluded that a decentralized registry can become the basis for the conclusion of "smart contracts". They also have several other names that do not change the concept:
- Self-executing contracts.
- Digital contracts.
- Smart contracts.
Smart contracts are written as a code, and then they are saved and duplicated in the system. The same computer network, which manages the Blockchain, is responsible for their execution. Using the registry, users can transfer money to each other, receiving in exchange any goods and services. In other words, by using smart contracts you can exchange any assets, for example:
Comparison of Smart contract and ordinary arrangement
As already mentioned, this does not require intermediaries, which means that extra payments are eliminated. Just compare:
A regular arrangement involves visiting notaries and lawyers.
And their services need to be paid.
Then follows the completion of paperwork.
The work of smart contracts is like the operation of vending machines.
It is enough to throw a cryptocurrency into the machine (in our case in the register).
And a contract or other service will be redirected to your account.
Moreover, the digital contracts contain all relevant information about the parties' current obligations, sanctions for violation, and ensure that all contract clauses are automatically executed:
The option contract is written to the blockchain as a code. All participants in the transaction remain anonymous, but the contract is retained in the distributed registry.
After the initiating event takes place, for example, the expiration period, the contract is automatically executed considering the coded conditions.
Using the Blockchain technology, regulators can examine the market activity while keeping secrets about specific transactions.
In smart contracts, assets or money are transferred to a program that ensures that all contract terms are met. At some point, the program will confirm that all the conditions have been met and will determine whether the asset will go to one of the parties of the transaction or return to another party (however, the conditions may be more complex, depending on your goals and objectives). Throughout this time, the contract will be safely stored in a decentralized registry, and neither side will be able to change the terms of the current agreement.
Relevancy of the smart contracts application
The use of smart contracts has attracted many business representatives around the world, and Russia is not an exception. With their help, you can significantly simplify the work in many areas. We have already worked with customers from different industries. Here are some real-world evidences:
- Elections. When using smart contracts, there is no possibility of falsification, the intervention in the process is completely excluded, since the votes will be placed in the distributed register, coded and the crack will be excluded.
- Management. Blockchain not only ensures the maintenance of a transparent and reliable general register, but also guarantees the absence of misunderstandings and ambiguity when drafting contracts.
- Logistics. Due to the use of the Blockchain technology, many bureaucratic delays and related costs are eliminated. Each supply participant has access to a secure system that independently manages the stages of work execution and receipt of payments.
- Lending and Credit.
- Financial accounting.
- Jurisprudence and so on.
This list is endless.
We offer a digital contract development service. They will ensure the execution of transactions themselves, and the blockchains have a reliable transaction system and can be actively used in those situations when it is necessary to perform complex operations considering changing factors.
Key advantages of smart contracts
After the implementation of smart contracts, you will get many undeniable competitive advantages:
Platforms for creating Smart Contracts
Among the blockchains, where it is possible to conclude smart contracts, it is worth noting:
It is a popular open Blockchain-platform, optimally suitable for the development of smart contracts and the subsequent work with them. We can make any smart contract on this platform.
It is an alternative name for Blockchains which are parallel to Bitcoin, supporting more advanced functionality of digital contracts.
It is also a fine blockchain for carrying out the transactions, respectively, with bitcoins, but there are some restrictions on working with documents.
It is an open platform with a limited list of smart contracts samples. Does not allow you to write your code, and only ready-made samples can be used.
We, as professionals, rely on maximum efficiency, so from this list we have chosen the most promising and functional platform, Ethereum! In the short term, according to the creators of this platform, smart contracts can help in the formation of entire blocks of decentralized applications, as well as entire independent decentralized companies.
The Ethereum platform was able to achieve success and circumvent the limitations of the bitcoin language, replacing it with a language that allows you to develop your own scripts based on more computing functions. Moreover, it has changed the approach to the Blockchain, since everyone, including us, can create their own decentralized applications, using a global network to conduct even the most complex transactions.
This means that you no longer need to create your own infrastructure for business, since a transparent smart contract will allow you to describe a process with many participants and the logic of any complexity, and users of the Ethereum network will provide the whole complex of calculations without the need to purchase equipment and create software.
The built-in programming language Solidity for the development of smart contracts on the platform Ethereum supports the work with:
- functions of state change;
- ownership rules;
- transaction types.
In addition, we are working with such platforms as:
It is young blockchain platform, the first social network in Russian, created not only for communication, but also for development and earnings.
On the Waves, many interesting projects are being created, which helps to bring them to a new level. The platform has a great potential, as with the growth of its recognition, capitalization will also grow. This platform offers a real solution to the most urgent practical problems.
Why should you entrust us the development of smart contracts?
Our team consist of real blockchain enthusiasts who are 100% sure that this technology will go into almost all spheres of our life. As practice developers, we can confirm this. We proceed from the success of our customers who ordered the development of digital contracts and the deployment of corporate networks using blockchain technology.
Just imagine that the most complex contracts will be described in mathematical terms and absolutely all transactions will be performed automatically, as soon as the terms of the contract are fulfilled. Instantly! Without intermediaries! Without the ability to change the terms of the transaction or delete the history! How much nerves, time, and funds it will save and how much will allow you to move forward.
We provide qualified assistance in conducting ICO. If you are thinking about holding an ICO, then our team is ready for your benefit to:
- 1. Develop a smart contract on the Ethereum platform considering the actual challenges of the project.
- Place a smart contract in a test network.
- Conduct a multifaceted audit of the contract.
- Place a smart contract on the Ethereum network (after completing the tests) and integrate it with your website.
- Bring the project to the market with high demand.
- Carry out the release of tokens.
- Provide technical support and lead the ICO process at all stages.
We live and work in the era of digital signature and blockchain technologies, so your customers expect you to reduce, or eliminate interaction in offline mode, demanding from operations:
Satisfy their requests, choosing smart contracts, which are an effective and reliable tool. We are ready to solve your problems on one-to-one basis considering the specifics of your business line.