Smart Contracts Platforms

Best Smart Contracts Platforms include:

Hyperledger Fabric.

Smart Contracts Platforms Overview

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.


Start a smart contracts platform comparison here

Pricing Information

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.

Smart Contracts Products

(1-18 of 18) Sorted by Most Reviews

Waves

Waves is an all-encompassing gateway blockchain protocol, from Waves Technologies in headquartered in Berlin. Leveraging the Waves protocol, the solution is designed to offer a developer-friendly infrastructure as an experimental ground for innovation.

ConsenSys Diligence

Diligence is a blockchain security & Ethereum smart contract audits solution. Security is critical in the blockchain space. So ConsenSys offers what they present as a comprehensive smart contract audit service designed to helps everyone from startups to enterprises launch and maintain…

NEM Platform (NIS1)

NEM NIS1 is a blockchain offering from NEM, created by the community, and optimized to be a developer’s sandbox. Boasting zero downtime or major outages since 2015, NIS1 is presented as the blockchain the user can trust for project needs.

Tezos

Tezos is a self-amending cryptographic ledger, open source and available on the MIT license. It achieves consensus not just about the state of a ledger, but about the state of its own protocol.

Neo Blockchain Platform

Neo is an open-source community driven blockchain platform, presented as a feature-complete blockchain platform for building decentralized applications. Neo enables developers to digitize and automate the management of assets through smart contracts. It also provides native…

Symbol, by NEM

Symbol is presented as a trusted, secure value exchange network for business, from the NEM Group. Symbol smooths business friction, to increase the flow of data and innovation to supercharge the creation, exchange and protection of assets.

Polkadot

Polkadot is an open-source project founded by the Web3 Foundation. Polkadot is a sharded protocol that enables blockchain networks to operate together.

TRON Protocol

TRON is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology, and to allow easy and cost-effective sharing of digital content.

The Truffle Suite

Truffle is a smart contracts solution, a development framework for Ethereum from ConsenSys (acquired November 2020). Products in the suite also include Ganache one-click blockchain, and the Drizzle front-end library.

CertiK

CertiK is a blockchain security platform using Formal Verification technology on smart contracts and blockchains. Formal Verification mathematically proves program correctness and hacker-resistance.

Stratis Platform

Stratis is an enterprise-grade development platform, offering solutions for native C# and .NET blockchain applications. Stratis’ heart is an open-source proprietary blockchain, which presents breakthroughs in network speed and scalability while keeping accessibility and customization…

Ethereum

Ethereum is a community-run technology powering the cryptocurrency, ether (ETH) and thousands of decentralized applications.

SmartChain

SmartChain offers the infrastructure to enable businesses to integrate blockchain. It aims to provide the user a Drag-and-Drop interface to Build SmartContracts faster and get more done with no code required.

Solana

to help users build crypto apps that scale, Solana is presented as an open source (Apache 2.0) fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption.

Stellar Open Source Blockchain

Stellar is an open network for storing and moving money, designed to make it possible to create, send, and trade digital representations of all forms of money: dollars, pesos, or bitcoin. It’s designed so all the world’s financial systems can work together on a single network.

Algorand

Algorand is offered as a proof-of-stake foundational blockchain designed for the future of finance. Beyond the elementary requirement of an open, public network, Algorand’s technology aims to enable a set of high performing Layer-1 blockchains that provide security, scalability, complete…

Corda

R3 headquartered in New York offers the Corda enterprise blockchain platform, a multi-party app development platform purpose-built for highly regulated industries. Corda enables businesses in Banking, Capital Markets, Trade Finance, Insurance and beyond to transact directly and in…

Hyperledger Fabric

The Linux Foundation supports Hyperledger open source projects including Hyperledger Fabric, a blockchain framework which leverages container technology to host smart contracts called “chaincode” that comprise the application logic of the system.

Frequently Asked Questions

What do Smart Contracts Platforms do?

Smart contracts platforms deploy, verify, and execute smart contracts. Smart contracts are built upon blockchain technology. They are implemented through computer code which defines the terms and conditions of the contract. When the terms are met, the platform automatically executes the contract and initiates transactions such as making payments or exchanging information.

What are the benefits of using Smart Contracts Platforms?

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.
  • Efficiency
  • 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.

How much do Smart Contracts Platforms cost?

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. The complexity of your contract determines the development price which can range from $5,000 to $100,000. The processing cost is driven by the resources that are needed to deploy and execute the smart contract.