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Smart Contract

Smart Contract Development

What is Smart Contract Development?

Smart contract is a software program or agreement between two or more parties that is stored on a blockchain, such as Ethereum or EOS. Each of them has a defined set of rules and conditions and runs automatically when all these conditions are met. These contracts are guaranteed by the consensus of the entire blockchain network and cannot be changed unless approved by the whole network. They are among the safest and most powerful tools for creating agreements between different parties. Here’s how your business can benefit from smart contract development.

Benefits of Smart Contract Development for Your Business

Guaranteed result

   Smart contracts self-execute upon condition fulfillment thereby no legal disputes or manual enforcement.

Accuracy

   Terms and conditions in contracts should be precise enough to avoid any transaction errors.

Transparency

   Blockchain’s decentralization makes contract terms visible and undisputable.

Safety

   Cryptographic security guarantees tamper-proof nature of smart contracts

Speed

   Immediate execution of smart contracts increases efficiency.

Trustworthiness

   Contracts eliminate manipulation and error thereby building trust.

Independence

   The technology behind smart contracting does not depend on third parties.

Costs

   Automated Contracts cut costs.

The Smart Contract Development Process

   1. Define business logic and requirements: These parties outline definite business settings.
   2. Design smart contract architecture: Develop the contract’s structure depending on the agreed rules.
   3. Develop the smart contract: Code chosen blockchain and do unit testing.
   4. Internal audit: An internal audit of a local blockchain and testnet is carried out to confirm that the contract works well and is secure enough.
   5. Deployment on the blockchain: Deploying it on a marketplace where it will operate.
   6. Simple smart contracts: Contracts with legal implications for breach by one party towards another party or all parties to an agreement (which can involve failure to meet other obligations related to such agreements).
   7. Complex smart contracts: Include Generation of DAOs and Application Logic Contracts (ALC):
  • Blockchain communities are run through these kinds of contracts.
  • The IoT devices are linked to these sorts of contracts by ALCs.
  • Crowdfunding agreements assist or control crowdfunding campaigns.

Smart Contract Development by Touchwood Technologies

   With us and our custom smart contract development, your business needs will be resolved by creating smart contracts that are effective.
   We also have blockchain-agnostic smart contract development. Therefore, you can create decentralized applications (dApps) that interact with any kind of blockchain.
    For clients who need to develop smart contracts for their businesses, we are the best option. Our portfolio includes more than 60 projects as well as smart contracts securing cryptocurrencies valued at millions of dollars.