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Smart contracts are a type of agreement that help automate and impose a legal obligation. This article discusses top smart contract platforms and helps you opt for the suitable one for you in 2023. Let’s discuss this.
What is Smart Contract?
A smart contract is an automated contract that is written in computer code and stored on a distributed ledger. It is self-executing and requires no intervention from a third party to enforce the terms of the agreement. Smart contracts are used to facilitate, verify, and enforce the negotiation or performance of a contract. They are built on the blockchain or other smart contract platforms.
Why do businesses need Smart contracts in 2023?
In 2023, businesses will need to leverage the benefits of Smart Contract Development to stay ahead of the competition. Smart Contracts are digital agreements that are stored on a blockchain platform. They are designed to be secure, transparent, and immutable, allowing for automated and secure transactions between two or more parties.
When it comes to development, smart contract development will allow businesses to streamline and automate processes, reducing costs and increasing efficiency.
Furthermore, smart contract platforms can provide businesses with the ability to create, execute, and manage digital agreements in a secure, automated, and cost-effective manner. Businesses that have implemented smart contract development will have a competitive edge in 2023 for sure.
Top Smart Contract Platforms you can consider in 2023
Ethereum
Ethereum is one of the top smart contract platforms for a variety of reasons. First and foremost, Ethereum is a decentralized platform, meaning it is not controlled by any single entity or company. This means that no one can manipulate the rules or data on the platform in any way, meaning the code used for smart contracts is secure and reliable.
Additionally, Ethereum's blockchain technology is extremely efficient, allowing for faster transaction times and low transaction fees. Ethereum has a large and active developer community, making it easy for developers to create and deploy smart contracts. All of these factors make Ethereum one of the top smart contract platforms across the globe.
Features of Ethereum Smart Contract:
- Free set-up
- Ethereum is used for building dApps (decentralized apps) and Defi (decentralized finance)
- Ethereum platform allows the deployment of smart contracts
- Investors can buy, sell and store value with Ethereum native coin
- When it comes to decision-making in Decentralized autonomous organizations, it is based on smart contract protocols
- The cutting-edge development community
Hyperledger Fabric
Hyperledger is an open-source collaborative effort created to advance cross-industry blockchain technologies. It is a permissioned blockchain platform offering smart contract functionality and is one of the top smart contract platforms available. Smart contracts allow users to execute agreements with a minimum of trust, cost, and time.
It offers a secure, distributed ledger that is maintained by a network of computers and can store data in a tamper-proof and immutable way. Smart contracts can be used for various applications such as financial services, healthcare, supply chain management, and more.
The advantages of using Hyperledger include its scalability, privacy, and flexibility, as well as its ability to support a variety of applications. It also offers great interoperability, allowing different networks to communicate and transact with each other. All in all, Hyperledger provides an efficient and secure platform for creating and executing smart contracts.
Features of Hyperledger Fabric Smart Contract:
- Hyperledger Fabric supports smart contracts written in chain code, which can be performed in various programming languages.
- It allows data sharing options as per need based on private data collections.
- Hyperledger fabric network members enroll through Membership Service Provider, which is highly trustworthy.
Stellar
Stellar is an open-source distributed ledger technology platform that facilitates the building and deployment of smart contracts. It is considered one of the top smart contract platforms due to its scalability and low transaction fees. Stellar Smart Contracts enable developers to create decentralized applications and services that are secured, reliable and interoperable.
It also provides a secure platform for developers to create and deploy their decentralized applications and services. Stellar Smart Contracts are built on a decentralized consensus algorithm, allowing for faster and more efficient execution of transactions.
Stellar Smart Contracts offer a range of features such as automated execution, conditional logic, and time stamps. Additionally, it also provides an easy-to-use interface for developers to create and deploy their applications and services. With its scalability and low transaction fees, Stellar is becoming increasingly popular among developers looking to build distributed applications and services.
Features of Steller Smart Contract:
- Stellar operates on a decentralized open network that manages millions of transactions each day.
- SSCs can conduct Batching and Atomicity transactions, meaning they have the potential to execute multiple operations in a single execution.
Waves
Waves Smart Contract Platform is one of the top smart contract platforms and is a unique platform that enables users to create and deploy decentralized applications (dApps) and smart contracts without coding skills. It allows users to program and manage the terms of a contract without the need for a third party. This makes it possible for users to develop their own digital tokens, conduct crowdfunding campaigns, and launch their own decentralized applications.
Waves Smart Contract Platform is user-friendly and provides developers with the necessary tools and APIs to create and deploy their own applications. It provides scalability and security due to its own blockchain technology. It also provides users with a secure and accessible platform to store and trade their digital assets.
Features of Waves of Smart Contract:
- It has a built-in decentralized exchange that allows users to easily trade digital tokens.
- Waves Smart contract Platform provides users with a secure and accessible way to deploy their own dApps and smart contracts.
- It eliminates the requirement for an external programming tool for smart contracts.
Polkadot
Polkadot is a multi-chain technology designed to enable secure transactions between blockchains. It is one of the top smart contract platforms, allowing developers to create applications in a secure and scalable environment. Polkadot is an interoperable platform that allows developers to easily build and deploy applications on different blockchains. It provides developers with the ability to create their own smart contracts and create a secure environment for all involved parties.
Polkadot is a great choice for developers who are looking to create a decentralized application or dApp. It is an easy-to-use platform that provides developers with a secure environment to create and deploy applications.
Furthermore, developers can create their own custom smart contracts and take advantage of their scalability and interoperability. It also provides developers with the ability to issue their own tokens and create digital assets on the platform. In short, Polkadot is one of the top smart contract platforms for creating decentralized applications.
Features of Polka Dot Smart Contract:
- Polka Dot processes many transactions on multiple chains in parallel, which improves scalability and ensures the right conditions for greater deployment.
- Polka Dot provides various ways to build applications. For instance – on existing parachains on their own para chain, or as a smart contract.
- Polkadot provides several ways to build an application: as a smart contract, on existing parachains, on its own parachains, or as a parathreads.
Corda
Corda is one of the top smart contract platforms available. It is an open-source blockchain platform developed by the R3 consortium. It is specifically designed for enterprise-grade applications, enabling businesses to reduce costs by streamlining processes and automating secure transactions.
Corda provides a secure and private environment for executing smart contracts in a distributed manner. It ensures that only authorized parties can access the contract’s terms and conditions, eliminating the need for intermediaries.
Moreover, Corda smart contracts are written in programming languages such as Java and Kotlin, which makes them easy to understand and use. The biggest advantage of using Corda is its scalability. It can process thousands of transactions simultaneously, ensuring that businesses can run their operations without any delays or disruption.
Additionally, Corda smart contracts are highly secure and reliable, making them suitable for a wide range of applications. In conclusion, Corda is one of the top smart contract platforms available.
Features of Corda Smart Contract:
- Parties can share data within the network without any central controller.
- Corda offers integration with other programming paradigms.
- Corda allows access only to the parties with authorized needs and prevents unwanted sharing of data.
- The platform is designed as per the industry standard tool. Plus, it supports a broad range of consensus mechanisms.
In Final Words
Smart contracts are genuinely a ground-breaking platform as it automates all the paperwork processes and does not require the involvement of any third party to verify authenticity. Plus, smart contracts can decentralize numerous of the services that we all depend on presently.
If you are a business owner, looking forward to smart contract development, it's no doubt a wise investment decision as blockchain is the future of technology ensuring the security of information.
However, you may require an expert team of blockchain developers to help you choose the suitable platform, and methodology to develop and deploy smart contracts as per your business niche.
Tech Exactly is an experienced blockchain development company. Our developers have worked with many clients, from start-ups to enterprises for developing and auditing smart contracts.
