Smart contract development services & implementation best practices
A smart contract is a digital protocol that automatically executes itself when conditions specified in its code are met, eliminating the need for a middleman. Smart contracts are typically deployed on a blockchain, which provides them with a decentralized environment for execution.
Whether it’s an asset exchange, a crowdsourcing campaign, or an insurance platform, Itransition provides comprehensive blockchain services to help you achieve a new level of automation and transparency for your operations.
How a smart contract works
A smart contract operates by following the 'if-then' principle. If the predefined rules outlined in a smart contract code are met, then the agreement is automatically enforced. For example, a smart contract in insurance can be programmed to automatically transfer funds to an insured party if a triggering event occurs, such as a flight cancellation or a shipping delay. This eliminates the need for a third party to confirm that a specific event happened and makes the process more transparent.
Setup
Establish contract terms for all stakeholders
Embed conditions in the code
Events
Off-chain event (flight cancellation) or on-chain event (fund transfer) triggers contract execution
Execution
Smart contract executes based on predefined conditions
All stakeholders involved receive a notification with details of the action taken
Settlement
Digital assets (crypto, tokens) automatically settle in a blockchain-based wallet
Off-the-chain assets (fiat currencies) settle through a payment gateway
Our smart contracts services
We provide comprehensive smart contract development and security audit services to help your business maximize its efficiency and improve data security by deploying smart contracts and web3 decentralized applications (dApps) for your operations.
Smart contract development
Our experienced team delivers smart contracts carefully tailored to your business case. Whether it’s an asset exchange or a crowdsourcing campaign, we cover every aspect of blockchain development, from use case analysis to deployment.
Smart contract audit
Our smart contract audit company ensures your code works as intended. We perform platform-specific analysis to ensure optimized resource consumption and protection against cyber-attacks and data corruption.
Smart contract consulting
Our expertise goes beyond smart contract development, which allows us to see the bigger picture and give expert advice on how to integrate smart contracts into existing ecosystems, improve the performance of smart contracts you already use, or migrate to another platform.
Oracle integration
We help companies in various industries connect smart contracts with off-chain data sources like weather or financial market data. We ensure seamless integration, allowing your smart contracts to react to real-world events with no hiccups.
Cut costs and speed up workflows with smart contracts
Smart contract use cases by industries
Finance
DeFi
Blockchain-based smart contracts can help financial organizations automate financial services delivery and eliminate intermediaries. With smart contracts in place, lending, borrowing, and trading become transparent and significantly less prone to counterparty risk.
AML & KYC compliance
Financial institutions can use smart contracts to automate compliance checks, get rid of resource-intensive conventional verification methods, and securely share sensitive customer information within a trusted network of participants.
Asset tokenization
Smart contracts can be used to tokenize illiquid assets like real estate, artwork, and venture capital funds. This allows investors to purchase fractions of these assets on a digital exchange with lower fees.
Asset and investment management
Smart contracts can transform asset and investment management by making it more transparent than ever before. With the help of DAO, fund managers can quickly attract investments via IDO/ICO, while investors can provide capital under clear conditions that can be easily verified by the blockchain.
Insurance
Parametric insurance
Smart contracts can automatically execute payouts to policyholders based on off-chain information like weather conditions and seismic activity. For example, if a farmer’s crop fails due to a flood, the smart contract can automatically trigger a payout when rainfall surpasses a specified threshold.
Reinsurance
By tokenizing reinsurance policies as smart contracts and having a tamper-proof record of all claims on the blockchain, insurance companies can drastically decrease the amount of paperwork.
Claim processing automation
By using the abundance of data collected from IoT sensors, wearables, governmental databases, authoritative international organizations, and other reliable data providers, insurance companies can program smart contracts that automatically process life, car, flight, home, and health insurance claims.
Supply chain
Assets tracking
With the help of smart contracts, IoT sensors, and RFID tags, supply chain companies can securely share real-time information about their assets’ movements with each other. This ensures trust between all stakeholders, enhances transparency and reduces delays caused by manual recordkeeping.
Product safety
Supply chain organizations widely use IoT sensors to check if products in transit are kept at an agreed temperature, moisture level, etc. Smart contracts can be programmed to automatically issue payouts if certain parameters deviate from agreed thresholds.
Utilities
P2P energy trading
Blockchain, smart contracts, and tokenization are the main enablers of peer-to-peer energy trading and grid decentralization. Smart contracts can automatically handle payment processing and offer energy to other participants when a surplus is generated. This network typically includes individuals and households, industrial businesses, and sometimes energy retailers.
Billing automation
Smart contracts can facilitate billing automation by integrating with IoT-enabled metering systems. Predefined embedded pricing algorithms can automatically calculate bills, which smart contracts can issue to consumers.
Healthcare
Drug supply chain tracking
Smart contracts can be used to track pharmaceuticals along the supply chain, authenticate drugs by verifying their origin, and ensure that the drugs were maintained properly during transfer. This drastically reduces the risk of counterfeit medicines and ensures that they are safe to use.
Patient data management
Smart contracts allow healthcare institutions to share confidential data while maintaining patient anonymity, significantly enhancing the security of sensitive information and simplifying regulatory compliance for clinical trials.
Blockchain platforms we work with
Our extensive experience and technical proficiency in blockchain allow us to identify the best-matching blockchain technology for your business objective. We thoroughly analyze every aspect of your solution’s vision to help you select one of the following platforms:
Ethereum blockchain is one of the oldest and most mature open-source smart contract development platforms that can handle the most sophisticated smart contracts on its ledger.
- Uses Truffle, a purpose-built development and testing framework for smart contracts
- Smart contracts on Ether are Turing complete, allowing them to handle any computational problem given enough resources
- Supports Solidity language, which is specifically designed for writing smart contracts
- Offers various standards for tokenization (ERC20, ERC721) via smart contracts
Polygon is a layer 2 scaling solution for Ethereum that we use to enhance performance and ensure the scalability of our blockchain-based applications. Polygon ecosystem supports a myriad of third-party tools and APIs.
- Inherits Ethereum's security and smart contract functionality while solving its scalability issues
- Allows for faster and cheaper smart contract execution compared to Ethereum
- Allows for seamless integration with Ethereum-based smart contracts
Solana was designed for dApps that need to handle high volumes of transactions, making it an especially popular choice for DeFi and gaming.
- To compile a smart contract, developers use programming languages like Rust, C, and JavaScript, which Solana supports, allowing for more control over system resources
- Solana allows for parallel smart contract runtime, meaning multiple smart contracts can run simultaneously
- Highly scalable and secure, making it ideal for DeFi and gaming applications
- Provides purpose-built DAO governance protocol
Tron was created with high throughput and scalability in mind and has proven itself as a solid platform for running smart contracts for gaming, content sharing, and cryptocurrency transactions.
- TRON Virtual Machine (TVM) is compatible with Ethereum Virtual Machine (EVM), allowing for easy migration of Ethereum smart contracts
- Flexible and adaptable for many types of applications
- Has its own token standards (TRC-10 and TRC-20) for creating new tokens
Cardano has positioned itself as a research-backed smart contract platform that is suitable for ID management, supply chain tracking, and legal applications on the blockchain network.
- Uses Plutus, a purpose-built smart contract development language, and Haskell, a programming language proven to enhance the safety and reliability of smart contracts
- Offers a higher degree of security for smart contracts through formal verification
- The layered architecture of Cardano allows for smart contracts to be read separately from transactions, increasing efficiency
- Suitable for ID management, supply chain tracking, and legal contract applications
Arbitrum is often used to create smart contracts and deploy Web3 apps on Ethereum. Its comparatively high throughput continuously attracts more developers.
- Compatible with EVM
- Uses Layer 2 protocol Nitro that provides 7x more throughput
- Can process data on the Arbitrum and then put it back to Ethereum, allowing for more complex Dapps
Optimism Mainnet is another highly efficient Layer 2 Ethereum solution. Optimism is mainly used by companies focused on sustainability, who are seeking to reduce the environmental impacts of blockchain.
- EVM-compatible and scalable
- Provides low transaction costs
- Provides easy integration with other blockchains
Stage-by-stage smart contract development
We follow methodologies precisely selected for each use case. However, you can expect a straightforward process made up of these stages:
1
Business analysis
At first, we assess the project requirements, study the business case, identify risks and limitations, and prepare the project roadmap.
2
Technical analysis
After thorough analysis, we conduct a technical overview of your project and select the blockchain platform to support your smart contracts.
3
Architectural design
We determine which modules should be implemented off-chain and on-chain, evaluate the need for oracle integration, decide between microservices and monolithic structure, outline call points, and build relevant APIs.
4
Development
At this stage, we connect the dots to define your smart contract functionality, write the code, and deploy it to a public testnet.
5
Smart contract security audit
Further, we ensure bug-free performance and optimal resource consumption by smart contracts, as well as validate their immunity to cyber threats.
6
Deployment
In the final stage, we deploy smart contracts to the live network. As your project grows, it will be possible to add new features, as our smart contract design is flexible and adaptive. This may include integrating new APIs or facilitating tokenization (NFT).
5 benefits of smart contracts
FAQs
How much does smart contract development cost?
The cost of a smart contract depends on the complexity of the embedded business logic and the platform it’s running on. Apart from these two main factors, the price of smart contract development can vary based on the number of security audits and maintenance updates it requires in a particular industry.
What is an example of a smart contract?
In logistics, for example, a smart contract integrated with an IoT system can automatically check the quality of products in transit by verifying that the product is kept at an agreed temperature range. If the temperature goes above or below certain thresholds, the smart contract can automatically issue money to the relevant stakeholders.
What is a smart contract vs blockchain?
Blockchain is a distributed ledger that records transactions, including those related to cryptocurrencies. Smart contracts are self-executing programs that are stored on a blockchain. Essentially, smart contracts leverage blockchain’s decentralized nature and inherent immutability.
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Services & solutions
- Financial software development
- Fintech software development
- Banking software development
- Mobile banking app development
- Wealth management software
- Stock trading software
- Financial reporting software
- Financial data analytics
- CRM software for financial services
- Banking CRM
- Artificial intelligence
- Predictive analytics
- Business intelligence
- RPA