A Compact Smart Contract Development Guide for Non-Experts

For your blockchain business app development, are you looking to recruit smart contracts developers or outsource development for smart contracts solutions? Here’s a compact guide to follow if you are a non-expert and want to dive into smart contracts development. Traditional contracts are being outsmarted by smart contracts created with blockchain technology. Who’d have guessed contractual government will one day be automated? it’s already happening.

But, do you completely comprehend a smart contract’s capabilities? Here’s a compact guide to getting your smart contract business ideas off the ground.

Smart Contracts DevelopmentUnderstand the distinction between Smart Contracts and Digital Contracts

Smart Contracts, like their predecessors such as conventional paper-based contracts, digital contracts, or software systems, ratify a set of legal, technological, or data-conditions contract stipulations between various individuals or entities.

But that’s where the resemblances end. Smart contracts are much more complex than any other type of digital contract because they are deployed on a decentralized platform that runs the blockchain, in contrast to traditional types of contracts. That’s enough jargon for now.

A quick rundown about Blockchain Smart Contracts:

The subjective opinions of humans have no bearing on smart contracts.

When programmed events "activate" different parts or all of the terms and conditions embedded in the contract, smart contracts use "intelligence" or automated code to enforce conditions. When parties of a smart contract meet the defined business terms, it automatically executes each step of the contract, regardless of whether anyone agrees.

Multiple copies of smart contracts are stored on a distributed network of computers (known as the underlying blockchain infrastructure), ensuring that the contracts are executed in an immutable manner. Since there is no presence of a third party, money is saved. It makes it devoid of human errors

They encourage accountability and are open to all. They are not susceptible to forgery.

Are you looking for some inspiration? Then, you must take a look at what the planet is producing, globally.

Real-world Examples and Applications of Smart Contracts Development

• Crowdfunding

• (DeFI) Peer to Peer Lending

• Insurance

• Real Estate

• Supply Chain Automation

• Energy

• Aviation

Choosing an Appropriate Blockchain Platform for Smart Contracts Development

Smart Contracts can be created on several platforms, including Ethereum, Hyperledger Fabric, EOS, and others. Until recruiting developers to start creating smart contracts, it’s important to choose the right platform.

Your efforts would fail if you leave the decision of which blockchain platform to use to your developers. The underlying blockchain technology you choose has a lot to do with your company’s objectives. Before having smart contracts development, you should have answers to the following questions:

Do you want to raise funds through a crowdfunding initiative or an equity-based investment? Are you looking for a blockchain infrastructure that is available to the public? Do you want transaction protection and control over permissions? When do you want to go to the market? In your operation, how many people may involved? Do you want a high volume of transactions?

Instead, why don’t you use a Web2.0 stack with a database?

Before diving into smart contract growth, you should consult with these key blockchain-platform questions.

Various Smart contracts Development Standards

Here’s a rundown of the most popular smart contract forms, assuming you’ve settled on a blockchain platform. Before the developers launch into their technical rant, you should be aware of these.

Ethereum Smart Contracts Types

The most widely used smart contract standard for fund-raising is ERC-20. Approximately, more than 200,000 ERC-20-compatible tokens exist on the Ethereum main network," according to Investopedia. Ethereum’s technical norm for crypto-tokens implemented on its blockchain is this smart contract. ERC-721, these non-fungible tokens (NFTs) are for digitizing specific properties that have a digital scarcity. Currently, there is a lot of interest. The ERC-777 token contract, also known as the Lucky Contract, is an extension of the ERC-20 token. The Ethereum Improvement Proposal (EIP) comes in use to build it. It specifies token contract standards interface and behaviors as per the proposal.

Oodles Blockchain is the blockchain development arm of Oodles Technologies. We have rich experience in designing and developing robust blockchain solutions for businesses operating in diverse industries.