Today when the number of DeFi platforms and crypto networks is expanding day by day, it has ended the dependence on banks or any third-party intermediaries for processing payments in a verifiable manner. Thanks to the technologies involved in smart contract development that are proficient in drafting self-executing codes that help carry out automated payments once the predefined terms and conditions are matched perfectly.
A smart contract needs to be tested and audited properly before deployment because any flaw or error can’t be undone later. Therefore, it is extremely necessary to choose the DeFi smart contract development company having years of experience in the blockchain industry. Only an expert programmer can write unique codes for smart contracts which includes a series of if-then rules that eliminates the need for human intervention.
While speaking of smart contracts, how can we forget to discuss their history? Smart contracts were first introduced in 1996 by an American cryptographer and programming expert Nick Szabo back, much before blockchain came into existence. It has now become an eminent part of blockchain-based transactions. Right from the beginning, Smart contract development was based on mathematical algorithms that help ensure the auto-execution of a transaction, as soon as the defined conditions are met fully. Today, businesses hire a DeFi smart contract development company to enable decentralization and transparency.
As smart contracts are deployed on the blockchain, it easifies the process of handling global customers with minimum risk. As the transactions are done automatically, it saves time for both parties involved in the contractual agreement. The best part is that neither of them has to pay fees to multiple intermediaries for carrying out cross-border transactions. Furthermore, business activities can be continued in a frictionless atmosphere, because legal compliances can be fulfilled through well-coded smart contracts.
How hiring a DeFi smart contract development company can benefit businesses?
There are many use cases of smart contract development. Some of them are:
- Programmable Automatic Payments
Smart contracts are self-executable, and the payments are processed only when the specified set of criteria is fulfilled successfully. Suppose, you want to auction your NFT your smart contract will include the criteria of the time limit, and the one who bids the highest rate will become successful in buying your NFT. Therefore, as soon as a bidder pays the highest amount, the ownership of NFT will be automatically passed to the bidder. All records related to payment and ownership rights will be maintained on the blockchain ledger and can never be erased or modified.
- Decentralized Finance
All DeFi applications are based on smart contract development for facilitating the processes of margin trading, derivatives, lending, borrowing, sale, purchase, etc. If you are willing to enter the world of decentralized finance, then you must choose the best DeFi smart contract development company that can enable to run the business through a trustless and scalable platform.
- Tokenization
Smart contracts are used for asset tokenization, which means that real-world assets can be converted into unique crypto tokens that are irreplaceable. These tokens can be traded through the blockchain network.
- Betting
Unlike yesteryears, the betting industry is no more considered to be distrustful. It’s because blockchain and smart contracts have enabled greater transparency and help investors to bet with utter confidence because they will not be afraid of losing money due to fraudulent activities.
- Gaming
There are many blockchain-based games in which smart contract development plays a crucial role in giving away rewards. The players can invest their crypto assets to earn more privileges inside the game, and it won’t involve any paperwork.
- Supply Chain Management
A blockchain-based supply chain can be programmed and enable greater traceability of products. Smart contract development help in automated payments for purchase, shipping, logistics, refund, return, and replacement. Smart contracts can help make quick payments to everyone involved in the supply chain.
- Decentralized Autonomous Organizations (DAO)
Ready to start a DAO (Decentralized Autonomous Organization)? Hiring a DeFi smart contract development company can help end the complexities related to traditional corporate governance. DAO is managed through the decentralized platform in which the business transactions are based on programmed logic.
- Insurance Industry
Smart contracts help insurance companies to provide better services to their customers. The best example is set by Nexus Mutual, an insurance provider that allows users to buy ETH for insurance coverage. The claim assessment is managed through a smart contract and the payment is released automatically to the insuree.
How can a DeFi smart contract development company can revolutionize the financial industry?
Smart contracts have brought a big change in the way individuals and organizations are managing their financial activities. As distributed ledger technology allows complete transparency, and helps process payments at a lightening fast speed, it is assists businesses in global expansion.
Let’s dive deep into the advantages of the smart contract development:
- Speed: As smart contracts enable automatic payments, based on the preset rules and regulations, it helps save a lot of time.
- Independence: It ends the dependence on any third party that can act as an intermediator for verifying the transactions.
- Trustworthiness: As the data of each transaction is recorded on the immutable blockchain ledger, it ensures greater reliability.
- Flawless transactions: Smart contracts help in building an automated payment system in which there is no risk of error in calculation or similar aspects.
Wrapping Up
In the light of enormous growth of DeFi, the importance of smart contract development is catching pace day by day. Antier, the best DeFi smart contract development company can help automate business transactions, and help crypto enthusiasts to invest fearlessly. Connect with the Antier team for starting your dream venture based on blockchain, and they will handle everything related to platform development and programming smart contracts. Let the game begin!
