Smart contracts are one of the most transformational technologies since the Internet, so it is highly important for your business to know how a smart contract can change the game for your business. It has a wide array of applications, both commercial and private, and with the number of blockchains and decentralized applications available, it has great potential to revolutionize business activities and processes.
A smart contract is also called a contract program or a transaction automation contract. And It is a virtual agreement made between the parties, which runs automatically and is controlled by the network and the set of data or rules that are placed in front of the contract. It is a digital contract. It takes the place of a legal document that is usually used for the transfer of goods or services.
The basic principle that drives blockchain technology is its decentralized and immutable nature, which enables users to make contractual agreements and execute them through the use of Smart Contracts. Smart contracts are self-executing programs that carry out the terms of the agreement written in code.
With smart contracts, there is no third party involved in the contract making, and the contracts get completed in a matter of minutes instead of weeks and months. Additionally, since smart contracts are created on blockchain, they are highly transparent and cannot be altered.
Due to these reasons, smart contracts are increasingly being used in business environments.
In this article, you will learn the 10 reasons you need to hire a smart contract developer for your project.
1. Increased Efficiency
You will never believe how much time it takes to get things done manually and how much time is saved when you use smart contracts to streamline and automate processes. In one study, a group of workers spent a total of 7,912 hours and 2,895 person-hours to develop a smart contract that manages their finances.
In contrast, a group of employees spent only 10 hours and 9 person-hours to develop the same contract. What does this mean for you? It means that you are using less of your time and resources to do things and more of it is going toward making your life easier.
A good smart contract developer is an integral part of your team. This team member can make life easier for you by automating tasks, doing what you already do, and increasing your productivity.
These are all tasks that should be done anyway, so why not just give them to someone else? Smart contracts make it easy and convenient to work in any industry.
For example, the process of setting up and managing an e-commerce platform with smart contracts may sound complex, but it really isn’t. You will still need to create the business processes that are involved, but smart contracts take care of the rest of the repetitive tasks so you don’t have to.
Also Read: Top 10 Reasons to Outsourcing Blockchain Development Services in 2022
2. Reduce Security Risks
Some of the most widely used platforms to implement smart contracts do not encrypt data or require the smart contracts to be open-source. This means that your data can be compromised without you knowing.
Even when the platforms are open-source, they still do not require all files to be public. This puts you at risk for data leaks and security breaches. To be safe, it is important to use platforms that can be completely transparent.
You can do this by using smart contracts created by companies that are well-known and trusted for their ability to create open-source smart contracts.
3. Gain Better Control of Data
A lot of people do not realize that data is the most important thing in the world. It is true that you need data to run a business. But you cannot manage that data yourself, at least not all of it.
You need a smart contract developer to design smart contracts that can control access to all your data. If you manage access to your data yourself, you will only be able to control some of the data. Not only that, but you may choose not to share some of it.
Even if you are sharing the data, you will likely have some of it with friends or family members. You will not be able to control access to that data, so the only way to make sure the data is secure is to put it behind the walls of a smart contract.
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4. Reduce Fraud
Some of the best, most secure smart contracts are created by the world’s leading smart contract developers. While some are created by companies that you might expect to create fraud-prone smart contracts, some of the best and most secure are created by companies that you might not have even considered.
The reason is that they are among the most well-known for their transparency and security. Using one of the best, most secure, and most transparent smart contract developers will not only ensure that your data is secure, but you will also be able to ensure that your smart contract operates in a way that is transparent to all involved.
5. Save Money
If you run a small business, it is essential to look for ways to save as much money as possible. By automating your business and moving the mundane tasks of running a business to your smart contract, you will be able to save money in a number of ways.
First, you can reduce payroll. When you outsource certain functions, your payroll can be reduced. Second, you can reduce office rent or utility costs. The best smart contract developers will also use the best platforms to create smart contracts.
These platforms are always improving their capabilities and adding new features. If you develop your smart contract on a platform that is unable to process your contract or has a poor user interface, you will end up paying for that feature that you did not even need.
6. Improved Customer Service
Most smart contracts are supposed to be for business, but that does not mean you have to outsource your customer service to a different platform. Your customer service, whether it is live chat or through email, can still be managed by your company.
If a customer wants to provide feedback on the process that was created by your smart contract, they can do that through your website, email, or chat service. By creating your own company platform, you can ensure that your customer service operations are always on your end.
Also Read: Top Blockchain Development Company in USA
7. Simplified Business
When you build your business from the ground up, you will have to spend a lot of time and resources on paperwork and recordkeeping. By creating a business that automatically processes payments, you will be able to simplify your recordkeeping and paperwork.
Your team will have to create processes that are automated in order to accomplish this. However, this will all take less time than what you would need to have your team create them manually.
If your smart contract is not open-source, your business will be more prone to data breaches, and you may end up being sued because of that. Open-source smart contracts can make your business open to more legal scrutiny than it would be without them.
8. Improved Business Transparency
If you want to ensure that your business is as transparent as possible, you should be using a smart contract that can create transparent smart contracts. Some of the most famous smart contracts use the concept of the DAO to create transparent smart contracts.
However, this concept will not be suitable for your business. Instead, you should look for a solution that has its own version of the DAO. You can even use the DAO of that solution to create a version of the DAO to use with your smart contracts. This will allow you to create smart contracts that are perfectly transparent.
9. Protect Your Employees
Even though your team will not be on the other side of the contract, you still have the right to monitor them. They should not be able to run away with your data or create contracts that do something unethical.
You cannot always do this, but you can check the integrity of the data created by the team that created your contract and look for any unethical behavior. Your team is still your employees. They can do wrong, just as you can, and you do not need to give them a free pass to do it just because they create a smart contract.
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10. Increased Productivity
When you hire a smart contract developer, you will be able to gain access to their knowledge, which is one of the best ways to save your time. While the smart contract is being created, you will not need to deal with the documentation or creation of the process.
You can let the team do that so that you have more time for other things. The smart contract developer will also be able to review your data to ensure it is secure and is using it in the way you intended.
If you decide to look for a separate smart contract developer, you will have to create the processes and data that is to be used by the contract. This can be a waste of your time and resources.
Conclusion
These are just 10 reasons why you need smart contract developer. While you might think that you can do it on your own, it is essential to hire a team that has the knowledge to create great smart contracts for your business.
By working with a professional smart contract developer, you will be able to save a lot of time, money, and resources that would have been used to create smart contracts that do not work correctly.
