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Every day, a new application emerges in the market of Decentralized Technologies; some analysts believe that blockchain has the ability to reach 1.4 billion people in the insurance industry alone by 2023. When discussing blockchain technology and its evolution in recent years, one specific use should be mentioned: smart contracts.

Smart Contracts are widely recognized as the foundation for the automation of the whole blockchain development process. Simply said, smart contracts are agreements between buyers and sellers that are self-governed and contain specified terms that are predetermined by the contract itself. In Layman’s terms, smart contracts are contracts that are smart. Instead of words, they utilize code, which is then distributed via a blockchain network system.

Smart contracts, Non-Fungible Tokens, have piqued the public’s curiosity recently. At the beginning of 2021 alone, more than 2 billion dollars were spent on NFTs, representing a 2,100% increase when we compare that with 2020. Here is a quick guide that you can refer to when selecting from a variety of smart contract development companies.

Smart contract development is similar to software development in many ways. Blockchain and smart contracts are written in Java, JavaScript, C++, C#, Python, Node.JS, Perl, Golang, and other languages. Blockchain developers have some distinct traits, however. The staff must know specific technologies and tools. Smart contracts on the Ethereum blockchain need knowledge of EVM, EBaaS, PaaS, IoT, decentralized technologies, peer-to-peer networks, consensus mechanisms, and other tools. Moreover, the chosen development business must have the expertise and knowledge to create the required contract on the chosen blockchain. The third main selection factor is the outsourcing model. When creating smart contracts, look for the following traits, as they make up the best solutions:

– A fixed cost. Customers on a tight budget may appreciate this option. There is no flexibility, that is, no opportunity to adjust the project after it has commenced. The contractor only accomplishes what is specified in the employment contract.

– The Captive Unit A software corporation hires, trains, and manages a programming crew. The consumer is exclusively responsible for setting the objective and paying the salary. This is the best option for managing large projects.

– A skilled squad. An outsourced business assembles a team of programmers that satisfy the project’s specifications and will work on it both during production and maintenance of the final product. This is best for launching a sophisticated project that requires development and maintenance after deployment, such as when offering complex web services.

– Build Operate Transfer (BOT). As implied by the name, this strategy entails employing a team of programmers, developing and launching a product, and then transferring it to a third party. Suitable for launching franchise initiatives, for example, if there is a wish to create a network of payment services under the given name in different countries, with these services operated by local enterprises.

Taking into consideration the selection criteria given above, we’ve narrowed down a list of the top five smart contract development firms.

Bc.team

Without a doubt, this firm is firmly placed within the top rankings. This is one of the most notable companies that focuses on applying cutting-edge blockchain technologies to many types of businesses and demonstrates that the future is today.

The organization offers a wide range of solutions to assist your company in dealing with commercial rivalry. With a truly global capacity, Bc.team has completed more than 50 successful projects from 15 different countries. Moreover, the company takes an innovative approach to projects using the ‘Agile Method’; a proven and effective way of delivering projects on time and to standard. 

Cygnet Infotech

Cygnet has offices in UAE, Australia, India, the US, and SA. Simply put, they provide mobile solutions. Smart contract development includes blockchain integration, dApp development, cryptocurrency production, and ICO solutions. They provide digital identity and proof-of-concept solutions too. 

Evercode Lab assists businesses in the research, creation, management, deployment, and maintenance of unique software solutions. In terms of blockchain smart contracts, the team has prior expertise in designing crypto wallets, mobile crypto applications, and dApps. The Evercode online telemedicine solution, The Evermarket e-commerce marketplace, and The EverCourse e-learning platform are among their software offerings. 

Ava Labs developed Avalanche and Ryval, a token marketplace. The latter gives the public a multibillion-dollar investment class without the use of the blockchain. Avalance lets companies build Solidity-based smart contract apps. Moreover, the Avalanche Virtual Machine allows development on private and public blockchains.

Eleks offers consulting, engineering, and optimization. The organization can assist in conceptualizing designs for bespoke app development. They provide R&D services to create a product and construct online, mobile, data warehousing, and BI solutions. They serve a variety of vertical markets, including logistics, Fintech, healthcare, insurance, IT, media, agriculture, commodity trading, and professional services. Its clients include Aramex, AVG, and IXM, among others. 

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