Best Smart Contracts Platforms include:
What are Smart Contracts Platforms?
Smart contracts platforms facilitate, verify, and enforce smart contracts. They provide the blockchain foundation for smart contracts, offer smart contract programming and testing services and host the deployment and execution of smart contracts. In addition to the smart contract, the platforms incorporate the inputs and outputs of smart contracts into the blockchain. For example, a travel insurance smart contract would accept flight information input and if the covered flight is canceled, would initiate a payment to the policyholder as its output transaction. Smart contract platforms offer standardization, security, and support. Some platforms offer Software Development Kits (SDK’s) and templates to support smart contract developers
Smart contracts are computer code that resides on a blockchain. The code’s logic defines the terms of the contract and acts as an agreement between two parties. Smart contracts are self-executing and do not need to involve a lawyer. When terms and conditions are met, input triggers will automatically execute the smart contract and perform defined tasks, such as releasing funds, making payments, and transferring assets. These transactions are completed without the need of third-party intermediaries. The blockchain is updated when the transaction is completed and can be immediately viewed by the involved parties. The code cannot be changed. A new smart contract would have to be created if any subsequent modifications are desired.
Smart contracts can be programmed to make payments, provide loans, purchase goods or property, exchange information, or do anything else of value that might be deemed appropriate for a smart contract. Smart contracts are programmed by a developer. Increasingly templates, web interfaces, and other online tools are used to simplify the process. These platforms allow developers to build decentralized financial applications (dApps) and tokens that are stored on a blockchain.
A smart contract is as good as its underlying code, if it has bugs, undesired transactions can occur. Blockchain transactions are not reversible. Blockchain Analysis Software, which analyzes smart contract code, can be used to mitigate this exposure by providing risk scoring for smart contracts. Upgrade plugins are available that can use an existing smart contract as the basis for creating and deploying a new smart contract.
Smart contracts are used by:
Supply Chain and Logistics companies to document the transit of goods, for automating payments, and the real-time updating of inventory
Health Care for safely recording and transferring data
Insurance companies for expediting claims processing and payments
Retailers and Suppliers to enhance trust
Trade Industry for speed and efficiency
Governments for secure, tamper-free voting
Smart Contracts Platforms Features
Smart contracts platforms should have most or all of the following features or characteristics:
Smart contract development, deployment, and execution
No Intermediaries Required
Global Access and Execution
- Supports Crypto Transactions
Smart Contracts Platforms Comparison
Consider the following when engaging with smart contracts.
Scale: Enterprise-focused solutions are available for large companies, but may be cost-exclusive for SMBs.
Performance: For extremely fast or high-volume transaction processing, seek out a platform that best serves that requirement.
Ease of Entry: Look at platforms with broad, well-established development bases and resources for rapid and smooth smart contract development. This is particularly relevant for organizations with limited in-house blockchain expertise or resourcing.
Location: If your business is growing overseas, some platforms are well established in different geographical regions.
Cost: Smart contract development is complex and can be costly. Understand your development costs and processing fees before you dive in.
Security: Large platforms that have a longer track record tend to be more secure.
Two costs are involved with using smart contracts platforms: the development and testing of the smart contract, and the deployment and processing of the contract. Due to their technological complexity, even a simple smart contract’s development costs can average around $7,000. More complex contracts can cost up to $45,000 or more, with very specialized contracts hitting 6 figures. The complexity of your contract determines the price. The processing cost is driven by the resources that are needed to deploy and execute the smart contract.
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Frequently Asked Questions
Primary benefits of smart contracts platforms include:
- Automation: Terms of the contract are automatically executed when the contract conditions are satisfied.
- Trust: Improved transparency ensures trust amongst participants, along with guaranteed outcomes.
- Cost Reduction: Platforms reduce or eliminate the need for lawyers, banks, and other intermediaries to execute the contract, reducing administration costs.
- Speed: Real-time execution, expedites transactions and payments, eliminates delays
- Accuracy: Eliminates human error, as no manual intervention is required for monitoring and executing contracts.
- Global Reach
- Supports Cryptocurrency Transactions
- Security, Risk Reduction: Blockchain encryption is difficult to hack, minimizing the risk of manipulation
- Data Integrity and Backup - Distributed blockchain technology ensures data validity and remote backup.