Transform your Business with Smart Contracts Development
Are you looking to use Smart Contracts for exchanging money or shares, getting insurance claims, or for supply chain management? You are thinking Smart! A smart contract can digitize the verification, terms & conditions validation, and execution of a transaction, thus making it more transparent and devoid of conflicts.
SimplyBlock’s Smart Contract Ninja makes it easy for you to write, implement, and deploy Smart Contracts on Blockchain. Considering Ethereum’s capital enormity among other platforms, we deploy all our Smart Contracts on the Ethereum platform, using the ERC-20 token standard. Our state of the art Ninja can:
- Design and customize Smart Contracts to make them adaptable for different industry verticals.
- Efficiently audit and optimize your Smart Contract.
- Manage complex business logics through its Plug and Play Model.
Frequently Asked Questions
What is a Smart Contract?
A smart contract is a computer program that manages the exchange of assets or digital currencies between parties when the pre-defined conditions are met. It not only defines the rules of an agreement but also enforces the obligations automatically.
For example, the property’s ownership can be transferred to the new owner automatically with smart contracts when money is sent to the seller’s account.
What is Smart Contract Development?
A smart contract is a set of computer code that runs on the blockchain network. Smart Contracts can enforce and automatically execute an agreement between untrusted parties without the involvement of a mediator.
Why should one prefer smart contract technology over traditional contracts?
Smart Contracts allow businesses to have more credible, transparent, and secure transactions. They have a clear edge over traditional paper-based or manual contracts. Below are a few pain-points of traditional contracts that can be easily addressed by deploying Smart Contracts:
- Traditional contracts are cumbersome and time consuming. They usually involve one or more parties, multiple lawyers, and many rounds of negotiations.
- The contract details are penned down into lengthy documents that have to be signed by different parties. And, all the involved parties are required to store paper copies of agreements in file cabinets.
- Incorrect drafting or miscommunication often leads to legal and business conflicts in traditional transactions.
Smart contracts provide smooth technology-derived solutions to all the challenges of traditional contracts. Due to their immutability feature, Smart Contracts are secure and tamper-proof, hence they do not require any third party for building trust between obligatory parties.
How smart contract platform works?
To understand how a smart contract works, let’s consider one example.
Suppose that Rachel wants to buy ross’s house. The agreement for buying a home is created on the blockchain platform using a smart contract.
The smart contract comprises of an agreement between Rachel and Ross.
The agreement may look like: “When Rachel pays Ross 25 BTC, then Rachel can receive the house possession.”
Once the smart contract agreement is written, it cannot be updated and Rachel feels safe to transfer bitcoins to ross for the house.
Without smart contracts, Rachel and ross would have to pay additional fees to third-party companies, lawyers, house brokers, and banks. You would not have to deal with no more commissions and delays to wait for a broker and legal expert to process your request.
It becomes possible with the blockchain technology. Smart contracts can be decentralized, so any centralized authority does not handle them.