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.
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
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).
