What is a Smart Contract?
A smart contract is a computer algorithm designed to facilitate and execute the terms of a commercial agreement between the two parties. It runs on a decentralized blockchain platform, and its security and workability are ensured by consensus algorithms, without the need of any central authority. These transactions are trackable and irreversible.
Smart Contracts can solve several problems in traditional technology, business, and finance, such as high transaction costs, redundant transactions times, need for intermediaries and centralized authority, tedious product traceability, weak information security, and digital identity stored in corruptible and precarious manner.
What is a DApp?
DApp is an abbreviated form for Decentralized Applications, a service used to encode business logic and enable direct interaction between two trading or transacting parties. DApp is almost by default open-source, and it operates autonomously with no central authority. The application’s data and records of transaction are cryptographically stored in a permissionless, decentralized blockchain in order to avoid points of failure.
How is DApp different from Smart Contract?
Here is our take on a difference between the two: As all Smart Contracts are not open-source, not all smart contracts are DApps. Ethereum and Bitcoin are DApp, is they check all all boxes from the criteria list.
Most popular Smart Contract Platforms
Ethereum is the world’s leading programmable blockchain, launched in 2015. It is an open-software platform that provides blockchain developers with ability to build and deploy limitless number of DApps. Since Ethereum is programmable and versatile, Ethereum Smart Contracts can deliver more than other blockchains. Ethereum Smart Contracts are considered trustworthy, once they are “uploaded” to Ethereum, they will always run as programmed.
Hyperledger Fabric is the blockchain protocol, infrastructure and network that enables development, deployment and application of the permissioned blockchain. Hyperledger Smart Contracts rely on a highly modular container architecture, which is underpinned by interchangeable consensu. This technology enables impressive scalability and flexibility for different use cases. Hyperledger Fabric allows components like consensus, access setup, entitlements to be plug-and-play.
Quorum is a private, permissioned Ethereum-based distributed ledger protocol (minimalistic fork of the Go Ethereum client a.k.a geth), that was specifically developed for Banking and Financial industry. Quorum features and functionalities find it’s application in financial services are among others transaction and contract privacy, controlled permissions management, scalability and higher performance and multiple voting-based consensus mechanisms. We are very proud to have developed and deployed in test environments one of the first Quorum use cases.
Smart Contract Development
TheBlockBox is a smart contract development company that offers the most efficient turnkey, blockchain-powered solutions, as a resolution to existing business problems. Our smart contract development experts are equipped with hands-on knowledge of the latest innovations in the blockchain arena. Our focus is on building outstanding end-to-end blockchain-based solutions.
We are a team of dedicated blockchain engineers, product managers, front and back end developers, cybersecurity and DevOps experts. We deliver top-notch smart contract development services on Solidity (Ethereum), Stellar, Quorum, Hyperledger Fabric, Corda, Lysk, and EOS blockchain among the others.
The development process is initiated by gathering and clarifying business and technical requirements in order to align business logic that will be migrated to a smart contract. During the Design stage, product strategy and baseline roadmap are defined. This includes the conceptual and logical architecture diagrams of the smart contract along with system blueprint with features and functionalities list. In the smart contract development stage, MVP (minimum viable product) will be developed and deployed. Once the MVP renders satisfying results, the product launch and code deployment on the main net are carried out.
TheBlockBox team follows agile software development methodology to rapidly deliver superb blockchain code, from business requirements analysis through design to development and deployment.