However, blockchain technology is not only used in crypto, but it is often identified with it. Blockchain has also found its application in many areas of business. Relationships between businesses are established and regulated through contracts that spell out responsibilities and conditions. Smart contracts were invented to simplify the creation of blockchain contracts, automate their execution, and eliminate the need for a third trusted party.
As we have mentioned before, smart contract development is an industry that is growing and evolving year by year. Let’s briefly answer an important question: what is a smart contract? Basically, it is an agreement that is automatically fulfilled when certain conditions are met. In practice, they are a computer algorithm or, in simple words, code running on top of a blockchain. This code stores the terms of the contract and enforces them between untrusted parties without the involvement of a trusted third party.
Smart contracts have progressed over the past few years and are well established. However, this technology is still not perfect. So, what are smart contract development challenges and opportunities? In this article, we have collected all the information about the open problems of smart contracts and the possibilities of applying this technology to business. Let’s jump right in!
Smart contract development challenges and opportunities are important to understand if you are thinking about creating decentralized applications.
Platforms that support smart contract developmentIn 2008, bitcoin came into being. Bitcoin’s blockchain does not allow the setting of conditions for a transaction in a new block, as it contains only information about the transaction itself. Nevertheless, the emergence of technology provided the push for developing smart contracts. Currently, several platforms offer programming languages, code execution, and security layers for smart contract development companies.
Let’s take a look at smart contract development challenges and opportunities in some of the most popular blockchain development services
1. BitcoinIt is the world’s first and best-known cryptocurrency and digital payment system. However, bitcoin was not originally created as a platform supporting smart contracts. Bitcoin uses a stack-based byte-code scripting language. Unfortunately, it is not sufficient to develop smart contracts with rich logic. The reason for this is that it does not support logic loops. Yet, it protects the Bitcoin network from hacking attacks that many other cryptocurrency networks are prone to. To create modern smart contracts on the Bitcoin blockchain, global changes must be made to its architecture.
Smart contract development challenges and opportunities are a highly debated topic in the field of cryptocurrencies.
2. EthereumIt is the first platform to support the development of smart contracts. Ethereum has a high-level programming language called Solidity and a runtime environment called Ethereum virtual machine. It allows advanced and customized smart contracts to be placed and executed. Ethereum also offers blockchain development services to create decentralized applications.
3. Hyperledger FabricUnlike the previous ones, it is a closed platform for smart contract development. Only business-related smart contract development companies can join it. The Hyperledger Fabric architecture is based on chain-code technology. Chain code is software code written in Go, Java, or Node.js. It handles business logic agreed upon by network participants, so it can be considered a smart contract.
Each of these platforms has its own smart contract development challenges and opportunities. But more often than not, smart contract development companies choose Ethereum because it is one of the most established and mature blockchain platforms. And in addition to the convenient development of smart contracts, it offers the maximum availability of a huge and potential crypto market for business.
So, which business areas can use smart contracts, and what solutions exist for them?
Smart contracts opportunitiesThe scope of applications of smart contracts is extremely broad. It is possible to use them in many spheres. Let’s take a closer look at them.
In recent years, crowdfunding has become a very popular option for raising money for various projects or startups. Crowdsourcing platforms allow creators to set the necessary amount of money to bring their idea to reality, and users can donate money to them in exchange for a reward, depending on the conditions set by the creators. For example, a certain amount of money entitles them to early access to the finished product or a premium subscription. In the standard approach, the platform, acting as a third party, manages funds between supporters and requesters. If the fundraising is successful and development is completed, it distributes the rewards. If unsuccessful, it returns the money to users. Smart contracts are a promising technology for the field. They provide the ability to prescribe the terms of managing funds without the need to involve a third party. Also, such a system will be more protected from hacking and fraud due to the reliability and transparency of blockchain technology.
Crowdfunding projects should explore smart contract development challenges and opportunities.✔️ Logistics
An important part of this field is getting up-to-date information about the movement of goods. In logistics, smart contracts help to build business processes without any intermediaries. It provides security and sustainability of supply chains. It also improves the transparency of supply chain operations by making it impossible for unauthorized data adjustments to be made. Smart contracts help automate the flow of goods and documents through the supply chain.
✔️ Elections and polls
The use of smart contracts can have an impact on monopolistic areas as well, such as voting. There are smart contract development companies creating tools and solutions to improve the security and transparency of democratic processes. Such projects create blockchain-based voting ecosystems and smart contracts that enable campaigns for a range of election types and voting parameters.
In banking, smart contracts reduce administrative costs for clearing and legal documentation processes. Autonomous execution of agreements on blockchain allows customer transactions to be verified and reconciled. Decentralized systems and the use of smart contracts reduce banks’ operational risk and protect against hacker attacks. It is also possible to automate escrow functions and the payment system.
If you think that it is time for your business to start working with cryptocurrency and smart contracts, then the most sensible and profitable decision is to turn to a smart contract development company with good expertise. Luckily, Brivian fits just that description. If you have any questions regarding smart contracts development challenges and opportunities, please contact us. To do this, leave a request either at the end of the article or here.
Smart-contracts challengesAs we have already mentioned, smart contract technology is not perfect. Along with quite significant advantages and opportunities of using this technology in business, it is important to understand the drawbacks and issues of smart contracts.
❗️ Legal status issuesCryptocurrency, blockchain, and smart contracts are fairly new, though extremely sensational technology, positioning themselves as a decentralized and independent system. Many states are still undecided about their attitude toward this technology. Often they unsuccessfully try to limit or regulate its use legally. The intervention of state authorities contradicts the concept of smart contracts, designed to transact and manage data without a trusted third party. Thus, the differences and uncertainties in the legal status of these technologies in different states may negatively affect business operations.
❗️ Scalability problemTransaction throughput is an important characteristic of any system. A system that acts as a platform for decentralized applications that use cryptocurrency as a means of payment must be scalable. Unfortunately, due to the inherent characteristics of blockchain, the number of transactions per second for mainstream platforms is very low compared to popular payment systems. It is about 15 transactions per second in Ethereum vs about 20,000 for a Visa. Sadly, this is the limit for blockchain networks due to the limitations of consensus mechanisms. Scaling options are being developed, but they are unlikely to increase the number of transactions processed much.
❗️ ImmutabilityLike a coin, the impossibility of making changes in running smart contracts has two sides. Protection against changing the contract code after it has been launched prevents fraudsters from stealing money. Traditional contracts, on the other hand, tend to change their terms when agreed upon between the parties. However, smart contracts do not provide for such a possibility. The same is the case with smart contracts, which have been inadvertently developed with mistakes. Therefore, when designing smart contracts, all possible conditions have to be defined carefully and great attention has to be paid to quality assurance.
❗️ Reliance on off-chain resourcesSmart contracts, working on top of the blockchain, lack the ability to collect and process information directly from outside their network. As a result, contracts relying on dynamic data are at a significant disadvantage. Luckily, so-called oracles exist to solve this problem, providing a link between the outside world and smart contracts. However, this solution cannot guarantee the reliability of the system.
❗️ Blockchain network node consensusAs mentioned earlier, the scalability and throughput of blockchain networks rely heavily on consensus mechanisms. These algorithms synchronize copies of information blocks between nodes in the network, as well as provide distributed, reliable, and secure transactions. However, the architecture of such solutions requires a lot of processing power to operate. Many platforms are considering options for migrating to more productive consensus algorithms, but unfortunately, this is a complex and time-consuming process.
ConclusionTo sum it up, let’s go over the key points of the article. What is a smart contract? Basically, it is a computer algorithm that automatically executes the terms of the agreement between the parties. This type of agreement does not require a third trusted party, which reduces costs and increases security.
And what are smart contract development challenges and opportunities? Smart contracts are a promising emerging technology for various areas of business. Their autonomy, decentralization, transparency, and immutability can optimize many business processes. However, the same characteristics of smart contracts impose certain limitations. Therefore, developers’ experience and knowledge are crucial to create profitable business smart contracts that can maximize opportunities and avoid limitations using the latest technology.
Brivian will help your business keep up with global trends. We’ll bring your idea to life using a modern technology stack and deep experience in creating smart contracts for platforms providing crypto loans and accepting crypto payments. Contact us, and we’ll discuss any questions you may have. We’ll discuss the possibilities of applying smart contract technology to your business and other important details. Rest assured, together, we’ll create a solution that can make your business thrive.
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There is a certain percentage of people who would like to work out but don’t want to go to the gym. First, people are embarrassed by how they look and think they are evaluated by other people. Secondly, some people find it more difficult to fit a workout into their schedule — they need to… Continue reading How to Create a Fitness App Without Straining the Muscles
Even 20 years ago, investments were the lot of professionals. To invest in a project or buy company shares, you had to hire a specialist or become a pro in financial matters. How to invest properly was taught in universities or on expensive courses. Today, half of the USA is investing, and 20% of them… Continue reading How to Create an Investing App That People Will Trust?
Delivery apps make you feel like you’re in the world of the future. You can get the goods you want just by making a few clicks on the app. Since the pandemic and remote working, delivery of food, appliances, clothing, and anything else you can take home has become even more popular than in pre-covid… Continue reading How to Build a Delivery App and Achieve Success?
Messaging is an important part of our communication with friends and colleagues. It’s more convenient than SMS, faster than emails, and less stressful than phone calls. That’s why messengers are in great demand. But how to overcome giant competitors like WhatsApp and Telegram and make the audience fall in love with your app? You need… Continue reading How to Make a Messaging App to Kill WhatsApp: Guide from Brivian
When Mark Zuckerberg created Facebook, one of the important tricks that attracted users was relationship status. Instead of asking a person whether they’re available for a relationship, you can go to their profile and see that they are actively searching. Today, for online dating, there are dozens of applications, e.g.: ✔️ Tinder, ✔️ Badoo, or… Continue reading How to Make Your Own Tinder: Create a Dating App Step-By-Step
The metaverse is evolving before our eyes. A few years ago, this phenomenon was distant and incomprehensible, but today everyone is talking about ‘metaverse virtual reality’. This is confirmed by statistics. According to a study by the media company MarTech Alliance, the metaverse market will reach $400 billion by 2025. Moreover, it is already sitting… Continue reading Metaverse Enterprise Solution: How Businesses Can Use Meta Technologies
The concept of the Metaverse is not new, but now it is being talked about because Mark Zuckerberg introduced Meta. Basically, Meta is the new name of Facebook — this is Mark’s way of signaling that his company is now changing direction and focusing on the metaverse concept. A metaverse is a virtual space that… Continue reading Top Metaverse Companies: Which Companies Will Make Our Universe Meta?
In the last few years, the term metaverse became a buzzword. Recently, it’s been just something from science fiction, a technology that seemed pretty far from our reality. But tech giants like Microsoft and Facebook already started taking the first steps to create the metaverse. They plan to revolutionize the Internet and create a virtual… Continue reading What Is Metaverse: a Lucrative Opportunity Or a Futuristic Utopia?
When you come up with an idea for an app, many development teams can offer you IT consulting services that often include business analysis for startups. This valuable tool can help a company in its early stages. For example, business analysts can bring a new fresh perspective to operational processes, create a vision and help… Continue reading What Does a Business Analyst Do in Startups? Your Ultimate Guide
There are two main operational systems for mobile app development — iOS and Android. Unfortunately for software developers, they have different native programming languages. It’s Java, Kotlin, and C# for Android, and Objective-C and Swift for iOS. For startuppers not experienced in coding it can be difficult to understand which language will help them achieve… Continue reading What Is a Swift App: How to Develop Digital Products for Apple’s Platforms
Without further ado, mobile apps are very cool. And being the owner of one, too. If you want your project to exist online — it’s worth investing money in building your mobile app. But users will not choose your application if it is not well developed. There are two ways to develop a mobile app… Continue reading Native Mobile App Development: How to Make Two Apps for iOS & Android and Make Sure That They Will Work Amazingly?
When it comes to choosing a programming language, there are a lot of factors to consider: compatibility, functionality, effectiveness, and time constraints of the project. Kotlin appeared only 11 years ago but has already generated a lot of buzzes in the startup world and earned the trust and respect of many developers. Even Google officially… Continue reading What Is Kotlin? A Brief Introduction
Smart contract development is a new and extremely innovative yet promising technology that has created a lot of buzzes around the internet. In the future, it expects to replace slow and complex traditional agreements and redefine the ways we vote, seek medical help, buy houses or stocks, and even change how do we shop online.… Continue reading Smart Contract Development: What Is It and How to Find a Blockchain Contractor
The buzz about blockchain and cryptocurrencies is basically everywhere, so most likely you heard about them. While some people still try to figure out what NFTs are, others already request decentralized application development and make money with crypto. Crypto experts say that decentralization is the future of the Internet. But do we really need to… Continue reading How to Build a Decentralized App? And Why…
What do we know about the DApp? D stands for decentralized. DApp stands for decentralized application. But what does decentralized mean? It means that the backend of the application is decentralized, that it does not exist on a single server, but in a decentralized computer system — for example, a blockchain. This technology is used… Continue reading What Is a DApp: How Do You Make an App That Nobody Owns and Brings YOU Profit?
In heaven, they are talking about nothing but the DevOps approach and how awesome it is. In two years, the demand for DevOps specialists has grown by 70%. No wonder! At a time when everyone is chasing the fast and quality release of new products, all available tools go into battle. Therefore, companies tend to… Continue reading DevOps Project Management: How Has the DevOps Approach Changed the Way We Look at Project Management?
Software can’t be developed fast, cheap, and good at the same time. When you need it done fast and well, you pay a lot. And when you want it cheap and fast, the result is gonna be of poor quality. But what if I tell you that there’s a solution that solves the triple constraint… Continue reading What Is DevOps, and Why Does Your business Need It?
Long story short, you have a mobile app idea. What do you need to develop it? — Money. To develop a quality app, you will have to invest a lot of money. — Time. Mobile app development may take several months or even a year. — Great development team. With this request you can turn… Continue reading What Is React Native: How to Make 2 Apps from 1 Code?