How Businesses Are Achieving Operational Efficiencies with Smart Contract Development

There was a time when blockchain used to be a specialized cryptographic infrastructure designed to accomplish certain niche objectives like creating an alternative digital currency or introducing a decentralized software marketplace. However, in the last few years, versatile and dynamic blockchains like Ethereum have pushed the envelope a lot further to bring this cutting edge technology into the mainstream. One of the best outcomes, if not the best, of this digital revolution, has taken the shape of smart contracts.

Those of you who aren’t still aware, smart contracts are self-executing digital agreements that operate depending on predefined conditions which cannot be altered by anyone. In order to make any changes, all the parties and stakeholders on the network have to demonstrate consensus through voting. This enhanced level of transparency, automation, and versatility has turned smart contracts into an impactful tool for businesses looking to automate a wide range of applications across a variety of verticals. This is why more and more businesses are now relying on professional smart contract development services.

What is Smart Contract Development?

Despite the recent surge in smart contract’s popularity, it should be kept in mind that it is still an uphill task that requires specialized skills and experience in the industry. Many businesses do not have that kind of talent in-house and it is a time consuming and resource-intensive endeavor to put together a team of blockchain development experts who can create smart contracts that align with your business objectives.

This is the exact reason why many businesses have started to hire smart contract development services that already have the talent and experience pool to handle your blockchain project. They have strategic partnerships, modern tools, and experienced teams in place that are ready to take on your challenges. These smart contract developers listen to your business requirements and come up with a comprehensive technical and business strategy to accomplish your goals within a specified budget and timeline.

A smart contract development company can help you reduce operational redundancy by introducing efficiency through seamless automation which enables you to direct your valuable resources towards growth-oriented tasks that can help in bringing in more revenue to improve the bottom line.

What Can Smart Contracts Do?

Smart contracts are versatile tools that can be used to achieve multiple business and growth-oriented goals. The end objective is to streamline your business operations, cut down costs, and improve the bottom line. This can be accomplished through:

  • Enabling more autonomy – Smart contracts can replace middlemen and third parties which gives businesses the option to improve the quality of their operational procedures while reducing administrative and other expenses at the same time. Reducing your dependence on third parties also means reduced lead times and increased efficiency.
  • Cutting down expenses – By deploying smart contracts, businesses have the option to eliminate their reliance on manual labor which does not only need time and financial resources but can lead to human error. Using smart contracts means businesses can reduce their expenses as well as risks through resource reallocation. When businesses don’t need to depend on humans for mundane repetitive tasks, they are more likely to be more productive and efficient.
  • Introducing transparency – Since smart contracts are created on the blockchain, no single party can alter the terms once they are written. If there are any changes to be made, there needs to be a unanimous consensus for that to happen. All the parties and stakeholders can have their peace of mind since the contracts and transactions can be verified publicly.
  • Bringing efficiency and accuracy – Smart contracts are driven by pre-specified conditions and they do so in an automated fashion. They are much more efficient in terms of executing redundant and repetitive tasks with a higher level of precision. Apart from that, they eliminate the possibility of human error which can lead to risks and further cost increment for the business.
  • Creating timely backup – When a business moves its operations to smart contracts based infrastructure, all the documentation is automatically backed up through duplication and distribution. Moreover, these documents are stored on a blockchain which means they are much more secure as compared to centralized database storage.

What Industries Can Rely on Smart Contract?

One of the best features of Eth smart contracts and other blockchain-based solutions is their versatility and functional flexibility. A reliable software development company can build and deploy a robust smart contracts platform for any type of business that can help them reduce their dependency on manual labor, streamline and automate operations, and introduce enhanced transparency to their processes.

This helps businesses to cut down costs and improve productivity in the long run which ultimately drives growth and progress. Having said that, smart contracts development company can serve businesses in a variety of industries including:

  • Finance / FinTech – Many financial institutions are now deploying Ethereum smart contracts to facilitate their users. It has also allowed them to enhance investor protection, improve data quality, and make financial markets more efficient for their customer base.
  • Insurance – Carrying out compliance and policy checks is a resource-intensive effort for insurance companies. The introduction of smart contracts can help them in conducting error checks and perform payout assessment depending on the claim data present in the contract. They can be used to disburse payments automatically as well.
  • Automotive – Another industry where insurance matters can be streamlined for optimal efficiency. Smart contracts can be personalized to include vehicle performance data while automating the process of insurance payments as well as payouts when a claim is made. 
  • Real Estate – When it comes to selling, purchasing, or leasing a property, smart-contract based systems can make operational management much easier in terms of executing transactions. The modern technology of smart contracts Ethereum can cut down the dependency on manual paperwork and reduce operational expenses.
  • Logistics – Smart contract deployment can enable logistics and transportation organizations to track the flow of goods in transit in a much more granular way as they move from the company’s warehouse to the store. This does not only make the tracking process more efficient but delivers real-time transparency through increased visibility across the supply chain.
  • Healthcare – Smart contracts can be deployed to store individual healthcare data, information sharing between different health facilities and medical care providers, and seamless operational management across the board. The applications may include healthcare supply management along with supervision of regulatory compliance, test results, and patient medication.

How Do You Create a Smart Contract in Blockchain?

To write a smart contract, you generally need to rely on tools provided by the blockchain. For instance, if you want to create a smart contract on Ethereum blockchain, your go-to set of tools would be Remix which is available in both online and IDE versions.

Remix itself isn’t a tool but a collection of tools that help smart contracts developers to write a smart contract. When you open Remix, you will see the user interface split into different sections including:

Smart Contract Section

This is where you write or paste the Solidity code of your smart contract. Developers can easily learn it by going through a Solidity tutorial online.

Compilation and Runtime Section

This is where you will be able to see any bugs or warnings before you run the code compilation. On the other hand, the runtime section allows you to deploy the smart contract and execute its multiple functions.

Transaction Logs Section

Quite self-explanatory. This is the area where you can see all the details related to transactions happening on the smart contract.

Once the contract is deployed you can assess its variables and execute different functions to see if the smart contract is working according to your plan.

Can Bitcoin Do Smart Contracts?

The prevailing myth is that bitcoin is technologically too limited to enable smart contract development and execution which cannot any further from the truth. While bitcoin blockchain was not primarily created to support smart contracts and its scripting language isn’t as robust as some of the other modern blockchains, it has the capacity to write, deploy, and execute different types of smart contracts. Some of the major smart contracts created on bitcoin blockchain including its own Lightning Network and Arwen protocol.

Gavin Andersen, who was the former bitcoin core lead maintainer, once debated that pretty much everything you can do on Ethereum can be accomplished using multisig functionality of bitcoin. Although bitcoin is generally perceived as digital currency, it is so much more than just that. Basically, bitcoin is a decentralized database that can hold any type of data. Developers simply need to create their own protocol and consensus procedures to make smart contracts work on bitcoin.

Smart Contract Development by ICODA

If you are searching for a reliable blockchain and smart contract development partner, ICODA has the team, pedigree, and experience to create your custom smart contracts. These are written to enhance your blockchain’s efficiency and can be coded to be multi-purpose for increased versatility. Different applications of smart contract may include:

  • Creating specific tokens for a variety of protocols to streamline operations and introduce verifiability
  • Establishing pre-sales and sales phases of your cryptocurrency and blockchain projects
  • Initiating public crowd sale for marketing purposes including bonuses, buy-backs, manual price changes, dividends, and discounts
  • Adding escrow support to introduce more transparency and encourage mutual trust between stakeholders
  • Custom functions and requirements your business may need for a particular crypto market

Our team is not only accomplished in delivering smart contract development projects but possesses a diverse range of blockchain development capabilities. We have provided required assistance to many businesses across a variety of verticals to create successful crypto campaigns and blockchain projects. We can work with numerous technologies to create and deploy your smart contracts including Bitcoin, EOS, Ethereum, Bitshares, Steamit, Polkadot, and more.

Moreover, if your business requires post project services for blockchain support and security audit, ICODA has the independent and unbiased crypto experts at your disposal. This helps your business to mitigate risks associated with blockchain development while delivering full value to all of your stakeholders.

Final Word

Blockchain technology has come a long way since it was introduced in 2009. However, it was the recent popularity surge which has opened the gate of opportunities for a wide range of business across different industries. That being said, creating smart contracts still remains a niche profession that requires meticulous development expertise and experience to pull off without exposing your business to any risks or additional costs.

This is where businesses can rely on smart contract development companies that can provide required skill, expertise, experience, and support to create robust smart contract platforms that are capable of delivering autonomy, automation, transparency, and affordability your business is searching for.

Technologies We Work With

Our work is not finished after smart contract development: we can provide any post-crowdfunding development services such as security audit which is provided by unbiased and independent experts. Such approach allows excluding any risk of making an unintentional mistake. We take our services very seriously and always strive for perfection.