A smart contract is one of the hottest and most emerging blockchain-based solutions that has disrupted all industries. From finance to healthcare and e-commerce to insurance, every sector is utilizing smart contracts to improve their efficiency, transparency, and overall functioning. Therefore, its usage and demand is growing significantly these days.
But when it comes to developing smart contracts things are not easy. Smart contracts are built on complex computer programs. It requires expertise in using blockchain development platforms and other tools to build a secure and powerful smart contact. So, if you need assistance with this, here in this article we would share the 5 important steps for successful smart contract development in 2023.
What Is A Smart Contract?
A smart contract is a self-executing computer program or software which automatically implements or processes the data sharing or transactions between the parties. Smart contracts are built on certain rules which are intended to automatically execute the operations under pre-defined circumstances.
If anything goes wrong or doesn’t meet the defined condition, a smart contract stops the process, and data exchange is not performed. This program secures the rights and possessions of all the involved parties ensuring there is no loss and unauthorized access in the exchange. Therefore, smart contracts offer robust security and transparency in data exchange and transactions between the parties.
These smart contracts are developed with blockchain technologies like Ethereum, EOS, Hyperledger, and so on. In order to build smart contact you would need to hire a blockchain developer or a dedicated smart contract development company.
Major Benefits Of Smart Contracts For Businesses
Smart contracts are high-level computer programs that are built on a blockchain network. They are used for various purposes. Business people and companies use smart contracts to streamline business operations, performing secured data or crypto exchange, trading, leading, and investing. It allows peer-to-peer transactions while eliminating third-party involvement. Consequently, smart contracts work as a profitable blockchain solution for businesses with many benefits.
- Data security
- Time saving and autonomy
- Elimination of third-party
- Fraud prevention
- User identification
- Automation in operations
- Improved business efficiency
- Cross Border Payments
- Secured Financial Data Recording
- Efficient Supply Chain Management
How To Develop A Smart Contract: 5 Key Steps
As you are quite familiar with smart contracts, let us understand the process of smart contract development. Here, we will go through the major steps that play a significant role in developing a successful smart contract
Step 1: Choose the blockchain platform
To build a smart contract you will need a blockchain development platform. This platform provides all the technical facilities and resources to build a fully-functional smart contract. Each platform offers certain features and options for smart contract development.
Hence, when you choose any platform you need to analyze your requirements as to what features you want to build in your smart contract. Based on this, you have to hire a blockchain developer for that particular blockchain technology.
Below are the popular blockchain platforms which are widely used for developing smart contracts. Thus, you can choose any of the platforms according to your business requirements
- Hyperledger Fabric
- Hyperledger Sawtooth
- IBM Blockchain
Step 2: Select the tools
Smart contract development requires several tools along with a blockchain platform. These tools are used to create and integrate additional features as well as functionalities for particular use cases. You need to select tools as per the requirement of your smart contract development. Here, we have listed the commonly used tools by blockchain developers for creating smart contracts
- IDE (Integrated development environments): Pragma, Intellij Solidity Plugin, Superblocks Lab Visual Studio Code, Remix, EthFiddle, Atom
- Frameworks: DappTools, Embark, Populus, Truffle, Hardhat, Brownie
- Testing tools: Ganache, Kaleido, Local Raiden, Local Ethereum Network, Cliquebait
- Smart contract wallets: Gnosis Safe, Metamask, Argent, Phantom, Authereum, Coinbase Wallet
- Frontend Ethereum APIs: Web3.js, Ethers.js, Web3Wrapper , Drizzle , web3-react
Step 3: Hire a blockchain development company
Smart contracts are complex software. You would need to find a dedicated company that specializes in smart contract development. A blockchain development company generally holds specialization in developing smart contracts, dApps, and other blockchain-based solutions. This company has professional smart contract developers who use all the popular technologies to build business-oriented smart contracts. Hence, based on your budget and requirement, you should find a suitable company for your smart contract project.
Step 4: Develop a smart contract
This is the stage where smart contract development will start. In this step, developers start programming and coding for smart contracts. They would create all the required features and functionality to make the smart contract fully functional. Therefore, you have to see how developers are implementing tools & technologies in their smart contract development process to ensure the final product is free from all errors.
Step 5: Test and launch
After the completion of development, make sure your smart contracts pass through all kinds of tests and QA checklists. Your developer or smart contract development company would use dedicated tools and software to test the features, functionalities, and performance. And once the QA team validates everything, you can launch your smart contract.
Smart contracts are evolving as a highly secure, useful, and powerful blockchain-based solution for businesses. Companies by using smart contracts are able to bring transformative changes in various aspects. And with the increasing usage of smart contracts across different industry verticals, the demand for more efficient and scalable smart contracts will take a fast pace in 2023.
Thus, to ensure you build a successful smart contract, try to look for a professional smart contract development company. And MobileCoderz is the leading company that has created high-functioning and powerful smart contracts for multiple industries and business requirements. They build top-quality and reliable blockchain solutions.