While Blockchain technology is heralded for birthing cryptocurrencies, its scope of applicability far outweighs this example. If anything, its role in Smart Contracts development deserves wider recognition. To grant credit where it is due, this article takes an in-depth look at Smart Contracts, its advantages and use cases, and how one can hire Blockchain Smart Contracts developers.

What are Smart Contracts?

As the name indicates, Smart Contracts are self-executing blocks of code that get triggered upon the fulfillment of the terms of an agreement. The code containing the terms of the agreement is distributed across a decentralized network.

Benefits of Smart Contracts Development

Smart Contracts offer the following benefits:

• They establish a no-trust environment which ascribes accountability to all stakeholders
• Since the Smart Contracts operate on decentralized and distributed Blockchain networks, they are far more transparent
• As self-executing units, they do not require intermediaries like brokers to confirm the agreement
• The elimination of middle persons from the process offsets any possibility of manipulation
• Since Blockchain networks create multiple copies of the code, several backups of the Smart Contracts are available throughout the network
• Smart Contracts are found to be more secure as they can be cryptographically encrypted from end to end
• The autonomous execution of the code allows automation, which expedites business processes
• By eliminating manual intervention, businesses can plug any error entry points
• As a cumulative action of the benefits discussed so far, Smart Contracts prove to offer more value for money

Use Cases of Smart Contracts

Since Smart Contracts are customizable codes, they can be designed and used in various industrial applications.

Some of the common use cases of Smart Contract development include:

Finance

Smart Contracts usher in a new era for fintech. They can revolutionize various processes and make them more efficient. For instance, they can be used during the verification and validation of insurance claims to ensure that everything is in order.

Similarly, Smart Contracts could come to use in bookkeeping activities and performing routine audits.

Supply Chain

Supply chain systems are notoriously known for being paper-based and cumbersome. Rather than passing forms from one stakeholder to another, the entire supply chain process can be automated using Smart Contracts. Whether it is the transfer of goods or the management of inventory, Smart Contracts can seamlessly and losslessly move through the supply chain in an autonomous manner.

Healthcare

Smart Contracts securely manage patient health records and grant access only to authorized personnel. This capability can be particularly useful while offering teleconsultations. Having a system of checks and balances such as that developed using Smart Contracts is found to be more secure and compliant with guidelines like HIPAA. Moreover, they can be integrated with other sectors such as insurance for the secure and seamless transfer of data.

TIps to Hire a Blockchain Smart Contract Developer for Your Business

While Smart Contracts offer immense value to an organization, it may not always be possible to develop Smart Contracts in-house. In such cases, you may have to avail Blockchain Smart Contracts development services and loan their expertise.

The following are a few pointers to keep in mind when you hire Blockchain Smart Contracts developer:

• Check for the relevance of the skillsets possessed by the Smart Contracts developer with respect to your industry, organizational structure, and business requirements
• Conduct a thorough background check on the shortlisted developers by going through the client reviews and testimonials available on different sources
• Make sure their working processes, timeline, and tech stack are in line with your business requirements, vision, and goals
• Even if you are hiring an external agency to avail their Blockchain Smart Contracts development services, they need to function as a cohesive unit and long-term partner that can augment business capabilities

Smart Contracts are an excellent way to maintain transparency, harness automation, and reduce costs. However, you can only derive these results after you have achieved success while hiring a reliable Blockchain Smart Contracts developer. Luckily for you, the above post breaks down everything you need to know before, after, and during Blockchain Smart Contracts development so that you are on the right path from the start.