What is smart contract?

A smart contract Development Company is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.

Stored on the Ethereum blockchain(or any blockchain), smart contracts are self-executing programs that are triggered automatically when certain pre-composed conditions are met.

A smart contract development Services for generating and processing payrolls for business is definitely the solution over here. Let us see how. Smart contracts basically run on the “if. Then” principle. A smart contract that is programmed to execute on every 28th of the month is created. The smart contract contains code that enforces the business to transfer the salary amount to say person ‘A’s account. Similarly, codes for each and every employee are contained by the smart contract. Business logic for deducting amounts for holidays, tax cuts etc are all programmed in the smart contract. Once the system clocks 28th of every month, the smart contract is triggered automatically and the payroll cycle is processed. No manual staff, no extra efforts and within a matter of seconds! Needless to mention, no forging of data and no errors!

Smart Contract Development : How do smart contracts work?

Now that we know why a smart contract development is needed, hire a smart contract development company like Blockchain Simplified to assist you with your smart contract and Blockchain related requirements.

• About Blockchain Simplified

Blockchain Simplified is a Top blockchain development company in Pune — India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).

Our clientele includes Multiple Funded Start — Ups, SMBs and few MNCs few of which are NASDAQ and NSE listed.

The Smart Contract Development Process

The Smart Contract Development Process, also known as its life cycle, goes through several phases. These ensure that the business requirements are correctly defined and secured by the technology. Here is how a smart contract is developed:

Define the business logic and requirements

Design the smart contract’s architecture

Develop the smart contract

Internal audit

Deployment on the blockchain

Simple smart contracts

Complex smart contracts

Smart Contract Development Services

We provide the merits of business automation to your enterprise with smart contracts. Our enterprise-grade smart contract solutions achieve operational efficiency to save costs and reduce manual efforts required for critical processes

Digital Smart Contract Architecture- Before reaching the coding part, our experts outline a basic architecture design that defines the business logic of a smart contract solution.

Smart Contract Design and Development- We design and develop custom smart contracts with features adaptable to a range of industries. Our solutions ensure error-free creation, execution, and management of smart contracts on any compatible blockchain with understandable and enforceable digital agreements.

Smart Contracts Optimization- We ensure effective smart contract optimization to facilitate wastage reduction of gas on different blockchain platforms.

Smart Contract for Digital Wallets- We develop digital wallets with smart contracts to enable businesses to execute credible and fast transactions without any third-party dependence.

Why do you need a Smart Contract Development?

A smart contract is an agreement between two or more parties that is stored on a blockchain, such as Ethereum or EOS. Every such contract has a predefined set of rules and conditions and is automatically executed when those conditions are met. These contracts are guaranteed by the consensus of the whole blockchain network. They cannot be altered by anyone unless the whole network approves of the change. This makes smart contracts one of the safest and most powerful tools for creating agreements between different parties. Here’s how your business can benefit from smart contract development.

Smart Contract Development | Benefits

• Trust & Transparency

Once smart contracts are implemented, there is no way that it can be altered or manipulated by anyone since it resides on the Blockchain. Due to Blockchain’s immutability & transparency, data once stored cannot be tampered with by anyone at any point throughout the life of the application. Hence, a smart contract is always trustworthy since all the transactions are transparent and every event is recorded on the Blockchain.

• Safety & Security

A smart contract development on Blockchain ensures complete security in terms of data protection. Blockchain’s cryptography mechanisms store the data in encrypted format which makes it impossible to hack or manipulate with. Since data is distributed over the Blockchain, it’s practically inconceivable for any hacker to hack.

• Speed & Efficiency

Smart contracts are automated and significantly reduce manual efforts and time involved in processing transactions. This automatically enhances system performance and efficiency which is why a smart contract development is essential.