If you have ever thought about learning how smart contracts work, we are here to help. In this article, we will break down what is a smart contract, in what areas of development it can be used, what companies have already adopted the technology, and how to find a reliable smart contract development company. Let’s go!
What is a smart contract?Smart contracts are similar to real contacts but paperless and digital. Imagine the situation when you want to buy a house. After you found the property, you need to sign a contract with a seller that states: as soon as you transfer money, he hands the keys. To ensure that no one will cheat and that the agreement has the legal power, you need to pay a realtor firm — a so-called middleman.
The scheme of traditional transactions processMeanwhile, the idea of smart contract development is to eliminate this third party and make the agreements less complex and expensive. Instead of the middleman, they use a computer code that automatically activates when specific conditions are fulfilled. For example, when money for a house is deposited into a seller’s bank account or a crypto wallet, you instantly get a digital key to the property. That is it, no realtors, no extra fees, no hustle.
So, if you ask us, in short, what is a smart contract? We will say:
The smart contract is an agreement that is automatically executed when certain conditions are met.
The scheme of smart contract work
How do smart contracts work?There are three pillars of the smart contract development technology:
- Fulfilled conditions.
2️⃣ As a second pillar, smart contracts obviously need the written conditions: if the terms described in the agreement happen, the code executes innately.
3️⃣ Last, but not least, smart contract development platforms use blockchain technology to store those automated conditions. Data stored in the blockchain is secured, protected from hacking or traceability, and irreversible.
Cryptocurrencies for smart contractsSmart contracts require crypto tokens to function. The first-used and the most popular cryptocurrency for the technology is Ethereum, but also they can be run on Solana (SOL), Polkadot (DOT), Ergo (ERG), Cardano (ARG), and others.
Interesting fact: the idea of smart contracts was presented in 1994 by Nick Szabo, way before blockchain technology and cryptocurrencies were created.
4 real-world examples of how you can use smart contractsThe technology is very new and world-changing, so most of the companies that use smart contracts are experimental startups. Some of them survived to this day, some of them appeared too early, when the market was not ready, and have already closed down.
We chose four use-cases from different markets: arts, real estate, and сar rentals. Learn about the apps that have utilized smart contract development and get inspired by their crazy and innovative ideas. Let’s dive in!
The logo of AscribeBerlin-based startup Ascribe started in 2013 with an idea of selling digital artworks online. Now it seems very obvious, but back then the project was fresh and original — the NFT technology was created much later, only in 2017. The logic was simple: artists could list their works and sell them to licensed collectors.
While Ascribe was experimenting with creating their own database and protocols, the blockchain scene has evolved a lot, and many new programs and technologies were introduced. The company open-sourced their codebase on GitHub to anyone interested.
The logo of PropyAnother example of a smart contract development company is Propy, the digital platform for selling and buying houses with much less paperwork. They also became the first case when a real apartment was sold as a collectible NFT using smart contract development technology.
The startup seemed very promising to the investors from the beginning. Among the people who funded the idea was Tim Draper, known for his visionary and successful investments into Tesla, Skype, Twitter, and Robinhood.
Link My Ride
The look of Link My Ride – decentralized vehicle rental platformLink My Ride is a platform for renting a Tesla. It connects car owners with those who want to rent an electric vehicle for a short period of time. The smart contracts are integrated in Teslas and help to get real-time data and activate the car.
The app was created for a hackathon and currently exists as a hypothetical idea only, but the creator, Matt Durkin, described the architecture and the stack on Devpost, so you can use it as an inspiration or reference for your project.
The logo of Coin Rabbit – a web service providing cryptocurrency loansCoin Rabbit is a web service that provides instant cryptocurrency loans with a fixed interest rate — 14% APR. The flow is simple: a user can borrow any amount from 1000 USDT for their crypto deposits and receive the assets within minutes. The loan is unlimited, and a user can pay it back any time without extra hidden fees. To securely transfer funds, and keep deposits protected and secure, the app uses the smart contract technology.
The solution was developed by us, so hit it up if you want to learn more details about blockchain development services.
Where to find a contractor for smart contract development?To execute a smart contract and embed it to the solution, a developer needs to know how to code in smart contract language, for example in Solidity — the most popular one. Also, the technology includes large transactions, sometimes even multi-million assets. That is why knowing about protection and security is a must for a smart contract development contractor.
Moreover, the agreements often include parts of other smart contracts from open databases, so we recommend working with someone who has had experience with the technology before and gathered some interesting projects in the portfolio. Long story short, we advise to look for 3 things in a smart contracts developer:
- Blockchain languages knowledge.
- Technical skills.
- Previous experience.
To sum upIn conclusion, we want to reinforce the main points of the article: what is a smart contract development, how it works, and where to find a professional contractor.
A smart contract is a form of digital agreement, a self-executing blockchain computer program that activates automatically when the terms of the deal are fulfilled.
There are real use-cases of smart contracts in different fields: real estate, digital artworks, car rentals, cryptocurrency. Most of them are new to the market, but worth your attention. Just use them as a source of inspiration or learn from their mistakes.
The technology of smart contracts is relatively new and requires knowledge of blockchain languages and a certain level of technical skills. If you want to bring your idea to the market as soon as possible, you probably do not have time to educate your in-house developers. That is why a smart contract development company is a fast and reliable option to integrate the transaction protocol into your network.
About usBrivian is a smart contract development company with a deep knowledge of Solidity and extensive experience in Metamask integration, Web3, DApp, DAO and DO development.
We are dedicated to bringing value to our passionate customers by creating high-quality platforms and utilizing cutting-edge technologies like artificial intelligence (AI), Big Data and smart contracts to stay on top of things.
At Brivian, we have experience with smart contracts for platforms providing crypto loans and accepting crypto payments. Check out our portfolio for more details.
To discuss your idea with us, fill out this form and our team will get back to you shortly. 👇🏼
Nowadays, software support and maintenance services are very popular in the IT market. Moreover, according to the forecast, it’s gonna continue developing in the near future. To prove our statement, you can take a look at the statistics from Grand View Research below. As the topic is relevant, we’d like to explain all the basic… Continue reading Application Support Services for companies – Benefits in Practice: Our case study for e-Commerce
Currently, the global cryptocurrency market continues to develop and gain momentum. The data from the report from Stratview Research, presented below, is proof of this. The size of the cryptocurrency market in the world (in billions of US dollars). In addition, one of the trending areas for business is cryptocurrency exchange development. Due to the… Continue reading How to Make Online Cryptocurrency Exchange Service Development Successful for Business?
People are constantly ordering things and services online. And in order to pay for all this, an application or a website must have a payment gateway integration — no one will send you money by mail or transfer it to your personal bank account. Payment gateways help to provide secure and fast payments. Thanks to… Continue reading Payment Gateway Integration in iOS and Android Apps
The app development companies in Dubai are known for being at the forefront of trends. In general, Dubai offers top-class services intending to be a world leader in every niche. Its app development industry is fast-growing and ahead of the future. That makes this city a hiring hotspot for building notable projects. From solid cases… Continue reading Top Mobile App Development Companies in Dubai
Plenty of various money transfer apps have appeared over the years and got their firm position in the software development market. They ease our life in different ways. A lot of questions can spring up in our mind, e.g.: What are they? Aren’t there too many of them? Why are they so popular? What are… Continue reading How to Create Money Transfer App in 4 steps: brief, simple guide
DevOps release management is explored and used now more than ever in software development. With deep-conducted research, you can easily find some proven benefits of it. There is no better situation to use this management system in DevOps development services than while trying to build strong communication between the company teams and delivering ongoing fast… Continue reading DevOps Release Management: the Best Practices
The mobile app development market is rather competitive nowadays. For example, only on Clutch, there are over 26,000 mobile app development companies. That’s why some businesses may get confused when choosing the most suitable and reliable mobile app development company among numerous offers. The total number of mobile app development companies on Clutch.co It’s also… Continue reading Top Mobile App Development Companies: How to Choose the Best One?
The trend of taking care of your physical and mental health is becoming more and more popular every year. However, many people dislike visiting a physician in real life and sometimes just cannot do it. Some just don’t have the time to do so because of busy schedules, and some are physically unable to leave… Continue reading How to Choose the Best Healthcare Software Development Company for Your Business?
Blockchain development services and cryptocurrency have made significant impacts on today’s economy, and will undoubtedly make even greater impacts in the future. Anonymity, decentralization, and high demand have raised the value of cryptocurrency. According to CoinMarketCap, bitcoin’s maximum value was $67549 on November 8, 2021. However, blockchain technology is not only used in crypto, but… Continue reading Smart Contract Development: Challenges and Opportunities for Your Business
The whole business is moving online today. Apps and websites for banks and shopping are emerging, and social networks and messengers are evolving. There are millions of people using these apps at the same time every day: ordering delivery, making purchases, and transferring money from one account to another. Why? The answer’s as simple as… Continue reading Highload Application Development: How to Build a Strong Foundation for Your Business?
Everyone who decides to develop a mobile application faces the question of how much mobile app development costs. Those who have little development experience will think that creating a mobile application is not very expensive because it is much easier to write an application on a smartphone than on a desktop, if only because phones… Continue reading How Much Does Mobile App Development Cost in 2022?
If we compare mobile app development with house construction, then the stage of creating a wireframe is the drawing of a building project. In the wireframing process, UI/UX designers determine where the main and secondary elements of the interface will be located. Experience in creating app design shows that skipping wireframing means depriving the project… Continue reading How to Create a Wireframe for Your Mobile App?
All kinds of businesses are going online today, regardless of whether they are big or small. According to statistics, a considerable percentage of personal small businesses make their sales online. And those companies that have already made their digital transition are trying their best to expand significantly year after year. Obviously, every business owner is… Continue reading In-house Development vs Outsourcing: How to Make the Right Choice for Your Business?
Cryptocurrency, which first appeared in 2008, has come a long way from a niche technology to a solid payment system known to many. Cryptocurrencies have strongly influenced the global financial market and even the legislation of some countries. For example, in June 2021, El Salvador became the first country to recognize Bitcoin as legal tender.… Continue reading Ethereum Token Development: How the ERC20 Standard Can Help Your Business?
A subscription-based application is a convenient modern business monetization model. The main advantage of a subscription-based application is that users do not make a one-time purchase but pay for a service or content constantly, for example, once a month. Subscribed users may have access to additional or all options in the application. There are a… Continue reading How to Make a Subscription-Based App?
Most companies want to gain more profit, decrease costs, and improve their internal processes. They start to grow and reach a point where manual resource planning in Excel spreadsheets is no longer enough. To handle such massive workloads, you need to make an ERP system (Enterprise Resource Planning). According to a 2018 survey, 95% of… Continue reading How to Make ERP System Tailored to Your Business Needs?
The pandemic has changed our consciousness. Based on surveys, since the outbreak of Covid-19, people have become much more concerned about their physical and mental health, diet, and medical needs. However, many people still don’t like visiting doctors and wasting time in long lines. It would be so much easier to do everything online! And… Continue reading Healthcare Mobile App Development: How to Create a Successful Business App?
Diet apps are popular with people who want to monitor their nutrition. People are willing to pay for expertise that will help them achieve their goals — lose weight, gain weight, switch to a healthy diet, etc. If you have this expertise, developing a nutrition application is a great idea. I’m a mobile app development… Continue reading How to Develop a Diet & Nutrition App That People Will Use?
Have you ever wondered how difficult it can be to choose a mobile developer? Especially when you have an exceptional project idea and put your heart and soul into it. The market is full of many options to choose from. You may stumble upon companies who wish to get only profit from you and don’t… Continue reading How to Choose a Mobile Developer: Tips & Tricks
Podcasts are at the peak of popularity these days. They attract listeners with a convenient format and concentrated useful information. Someone listens to podcasts from their favorite brands or popular personalities, someone chooses an interesting topic for themselves. One way or another, ‘radio for millennials’, as podcasts are called on the Internet, collects a million… Continue reading How to Build a Podcast App That Will Be Ear-Catching?
If you are a logistics business owner, you are probably familiar with such situations. The truck has traveled many miles empty or got stuck somewhere, or the warehouse has delayed loading and you have wasted your time and the time of the client. The fact is that it is very difficult to control business segments… Continue reading Logistics App Development: the Guide on How to Create an App for Your Business
Most likely, you have an account on a social network. You post photos on Instagram, write short texts on Twitter, or search for the answer to a question on Reddit. Social networks capture the attention of the audience for many hours, users scroll through endless news feeds and create their own posts. New social networks… Continue reading How to Make a Social Media App? — Guide
Mobile banking has firmly entered our lives. Clients hardly remember how ten years ago they stood in lines to transfer money or receive a salary. Now all operations with money are done in banking applications. Even a small banking business tends to create a mobile product just because clients are accustomed to using applications. Of… Continue reading How to Create a Banking App?
Games are cool. And what happens if you mix game elements with a mobile application? It can result in increased traffic, user engagement, and sales, which is even cooler. Of course, it can only happen if gamification is done properly. I’m a mobile app development expert at Brivian, and in this article, I’ll tell you… Continue reading How to Develop App Gamification Strategy for Mobile Apps to Increase User Retention?
40 years ago, homebuyers and realtors advertised houses for sale and for rent in the newspapers, and buyers and renters bought fresh issues to find housing. Now, instead of newspapers, users download real estate mobile apps. Applications allow us to find a house in the right area fast, see what is in the neighborhood, and… Continue reading Real Estate App Development: Detailed Guide for a Business
Nowadays, people use traditional taxi services less, and use taxi applications more and more. And it’s no wonder because apps are more convenient, faster, and safer. In the applications, users can track the movement of the driver, quickly cancel the trip, send a complaint about the driver, and pay for the trip by card. For… Continue reading How to Create a Taxi App That Won’t Drive the Users Crazy?
9 out of 10 startups fail within five years of launch. 2 out of 10 startups do not even survive the first year of their existence. Such statistics were cited by the Indian branch of Entrepreneur magazine in 2017, and in 2022 the same figures were presented by Failure. Why do forecasts remain so sad… Continue reading MVP Development with Brivian: How to Successfully Start an App?
Managers of IT companies encounter dozens of potential requests for mobile app development every day. Some clients come with a 100-page ready-made requirements specification with a bunch of technical details, and other clients simply say they want something like Tinder, but not exactly. Which of these options will have the best communication with the contractor… Continue reading Writing a Mobile App RFP Like a PRO: How to Make an Effective Proposal for a Development Company?
People buy things all the time, and thanks to technological progress, they don’t need to go to physical stores for shopping. From grocery items to plane tickets, anything can be purchased online. In 2021, e-commerce sales amounted to 4.9 trillion dollars worldwide, and it’s expected to grow to 7.4 trillion dollars by 2025. That’s why… Continue reading How to Сreate an E-commerce App Like EBay: Tips and Trends
Previously, virtual reality was just a fantasy from sci-fi books, but now, thanks to numerous VR software development companies, it has become an everyday part of our lives. This technology allows us to observe, feel, and hear things that never really existed. Today, many big players like Meta are creating virtual worlds and using VR… Continue reading VR App Development: How to Create a Virtual Reality Experience?
Every day, people around the world take an average of 5 to 20 photos. Repsly company came to this conclusion by counting the number of photographs taken in each region. Most often, people take pictures in the United States — up to 22 photos per day. A little less often in Asia and Latin America… Continue reading Photo Editing App Development: Ultimate Guide by Brivian
When entrepreneurs hear the phrase ‘outsourcing app development’, they imagine a long and complicated process of interacting with an outsourced team that will not bring a successful result. In addition, there is a myth that developing an app with an outsourcing team is more expensive for businessmen than hiring employees. As you understand, there are… Continue reading What Is the Cost of Outsourcing App Development Based?
Over the past two years, the popularity of video calling applications has doubled. People use video chats for work meetings, daily communication, for learning purposes. During the pandemic, organizations and users had to switch to a remote work format urgently, and video chats became a kind of salvation for those who were locked at home.… Continue reading How to Create a Video Chat App That People Want to Use
The large flow of information and interaction with gadgets and mobile apps for everything makes people more anxious. To calm down, people used to turn off notifications on their phone and put on airplane mode. But with the advent of meditation apps, that has changed. Now users, instead of turning off their phones, download Headspace… Continue reading Meditation App Development: How to Run a Business Reducing Stress Level
Getting a diploma is complicated, takes a lot of time, and some people can’t afford even to study at universities. On top of that, during the pandemic, most schools and colleges were closed, and students had to study at home using different applications to communicate with teachers and classmates. It was inconvenient and affected their… Continue reading How to Develop an E-learning Platform to Gain Profit
There is a whole range of XR or extended reality technologies that merge the virtual and real worlds by adding digital objects to the real world or simulating it. These technologies are AR or augmented reality, VR or virtual reality, and MR or mixed reality. XR technologies are popular because they allow us to expand… Continue reading Augmented Reality App Development: How AR Technology Integrates into Our Reality and Business
Marketplace is one of the most profitable types of online businesses. Creating a marketplace now means starting a profitable project and attracting a lot of users. We have prepared a guide for those who want to know how to build a marketplace like Amazon or eBay. We answer all questions related to the development of… Continue reading How to Build a Marketplace: Detailed Guide by Brivian
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 America is investing, and 20% of them succeed… 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?