You may have already realised and that's why you're here: the smart contract is a technology with a lot of history and potential.
Its origins date back to the 1990s, when the first prototypes of smart contracts were developed, but it wasn't until 2014 that the term became popular following the success of the distributed trading platform Ethereum.
Since then, smart contracts have been used in a variety of applications, from cryptocurrency trading to asset management.
Now, the problem with the first few times is that it's scary. Either you don't know where to start developing your contract or you don't dare to take the first step. But in this article, we'll unveil how to develop a smart contract from scratch with Occam.
Now it's your turn.
Reminder: What is a smart contract?
A smart contract is a digital agreement that is executed automatically and securely. Also known as an open source contract, the smart contract allows parties to interact securely and transparently, without the need for an intermediary. But there's more, it can also store information, send and receive funds, and perform other operations.
read on to find out more!
What smart contracts look like: the features
Behind the functionalities of smart contracts is a long list of features that make them possible. So pay close attention:
- Automatic execution- once the conditions pre-set in the contract are met, the contract is automatically executed. They are self-executing programmes on the blockchain.
- Interactivity: They allow parties to interact with each other securely and transparently, without the need for an intermediary. They can also interact with other smart contracts.
- Automation: They can automate the flow of information and the fulfilment of contractual obligations.
- Immutability: Once established, they cannot be modified or deleted.
- Transparency: All parties involved can see the code and data of the smart contract.
In addition, they can be used to create new types of decentralised applications, such as DApps. Find out all the details of smart contract development in the following section.
4 key steps to develop a smart contract in Occam
do you know where to start developing a smart contract? We bet you don't. In fact, we'd hazard a guess that many of the concepts related to this process are dancing in your memory: blockchain, contract code, automatic execution?
The following steps will dispel your doubts:
- Planning the smart contract: What do you want to facilitate its creation? What problems do you need to solve?
- Defining the contract code: these are rules and conditions that have been established for a contract and that are automatically executed. The smart contract code is written in a specialised programming language and stored in the blockchain.
- Testing of the smart contract is performed to ensure that the code behaves as expected. This includes checking the logic of the contract and making sure there are no coding errors. The smart contract is also tested for security to ensure that it cannot be used improperly or for malicious purposes.
- Compilation and deployment on the blockchain On the one hand, the compilation of a smart contract is the process of translating the code into a format that can be read and executed by a blockchain. On the other hand, deployment is the process of publishing the compiled code of a contract on the blockchain so that it can be accessed and used by other blockchain participants.
Remember that if you are going to develop your first contract with Ethereum, it is best to use the remix.solidity.org development environment.
did you know that Solidity is a programming language for smart contracts developed by Ethereum? It was created with the aim of simplifying the development of decentralised applications on its blockchain. This language allows developers to create smart contracts that run on the Ethereum network. In this way, contracts can be used to implement all kinds of decentralised applications: cryptocurrencies, voting systems, prediction markets, etc.
However, with the support of a professional team, anything is possible.
Occam helps you develop your smart contract
We are your blockchain development and smart contract creation team. The first step to develop a smart contract when you don't have the necessary knowledge is to rely on experts or ask for a consultancy.
If you've come this far, you've probably realised the potential of blockchain technology, but where do you start? What aspects do you need to take into account? What conditions does your smart contract have to meet?
It all depends on the needs, circumstances and goals you have in mind. At Occam, we listen to you, we understand your needs and we get to work.
We know that smart contracts are the future, because they offer numerous advantages over conventional contracts: elimination of intermediaries, greater security, greater transparency, reduced costs, greater efficiency, etc. In short, the possibilities of smart contracts are endless.
In short, the possibilities of smart contracts are endless:
- Sales contracts to automate the delivery of a product to a buyer once payment has been confirmed.
- Service contracts to automate payment to a supplier when the work has been completed.
- Rental contracts that automate payment and the sending of a reminder to the tenant when payment is confirmed.
- Loan contracts capable of automating the payment of interest and sending reminders.
- Insurance contracts to automate the payment of premiums.
- Contracts to control the sale of concert tickets and prevent resale and the production of counterfeit passes.
As you can see, the possibilities for smart contracts are manifold. Whatever your goal, remember that smart contract is a technology that is used to enable the parties to a contract to communicate and fulfil their obligations in an automated way.
This can simplify and streamline contracts, as parties do not need to constantly monitor or remind each other of their obligations.
do you have an idea in mind and don't know where to start developing it? Contact Occam without obligation, we can help you clear your doubts and create your project from scratch.