Smart contract development services have attracted the attention of many people in recent years. However, some things are interrelated. Smart contracts cannot be separated from the blockchain system. It is a kind of program that can run independently, eliminating intermediaries to some extent. What are the conditions for the program to run on its own? Of course, because the conditions embedded in the contract are all fulfilled. That’s why the program is called a smart contract. Because intermediaries can be eliminated, costs can be reduced and transaction speed can be increased.
Today, smart contract technology is increasingly being looked at by companies, organizations, and individuals because of the efficiency it produces. Many activities can be accommodated; ranging from the activities of commercial and non-profit organizations to insurance management. Today’s modern industry cannot but desperately need smart contract technology.
Today, there are several platforms available for smart contracts but to save costs and increase efficiency, the use of existing blockchain platforms is recommended. Usually, users only need to pay a fee that is determined based on the amount of power used, instead of paying for all the platform and program design processes from start to finish.
Here are some of the most common smart contract platforms:
- Ethereum
It is the oldest and most used smart contract platform to date. Launched 7 years ago, from time to time this platform has proven itself reliable in driving the deployment of various applications, especially smart contract-based insurance applications. Many companies use the Ethereum platform for their smart contract applications, examples are Samsung and Intel. No less than 200 thousand smart contract developers are working on this platform.
- Polkadot
Created by the co-founder of Ethereum, Gavin Wood, it is a kind of blockchain ecosystem due to which, multiple blockchain platforms are connected. This platform has Relay Chain as its integral component. This component is what enables the interoperability of the parachains network as well as the parathreads. The scalability achieved by Polkadot is unprecedented as this ecosystem accommodates parallel transaction processing. That is made possible by the use of parachains as shards. The unique characteristic of this platform (or ecosystem) is its ability to link parachains with other smart contract platforms, such as Ethereum.
- Hyperledger Fabric
Founded 7 years ago by Linux by involving the world’s industry giants, Hyperledger Fabric is a blockchain platform that facilitates the protection of sensitive data related to data protection laws that have been applied in several countries. Confidentiality, trust, and security are three words that can describe Hyperledger Fabric. Each user has the freedom to create private channels for certain network members. Thus, the selection of who is entitled to private channels can be done selectively. Another interesting feature is the modular architecture that allows for solutions to various cases that are often found in modern industry.
By now, we are sure that you already know why many companies are turning to smart contract development services.
