What are Smart Contracts?
Smart contracts can be defined as Blockchain-based computer protocols which are virtual versions of regular contracts and are coded with predefined conditions
Smart Contracts are self-operating computer programs that automatically execute when specific conditions are met
Smart contracts run on the Blockchain exactly as programmed without any possibility of censorship, downtime, fraud or third party interference
Smart contracts aim to offer high security while reducing transaction costs associated with conventional methods that make them favorable alternatives to regular contracts
What can Smart Contracts do?
It can function as joint account so that funds can be spend only when all the parties agree unanimously.
Manage agreements between users in the network
Provide utility to other contracts like a software library
Store information about an application such as domain registration information and such
Stages of Smart Contract Development
Ideation of Requirements
We will ideate on the usage of smart contracts, according to the requirements of the business. Our team will develop a practical application of smart contracts for you. Our interdisciplinary team will brainstorm together to create a perfect real-world use case.
Development & Audit
The smart contract developed will be subjected to a standard software release life cycle. The stages include Pre-Alpha, Alpha, Beta, and Release Candidate. Post these steps, the smart contract is released to the market.
Our solution architects will develop an ideal smart contract that will consist of milestones and delivery roadmaps. The smart contract will consist of information and design architecture.
Implementation & Upgrades
Our DevOps team will ensure quality during the provisioning of the smart contract into the main network. We will upgrade the features with information gathering and prioritize backlogs with our team of developers.