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Smart Contract Development Guide for Business Owners

This article was originally published at: https://www.blog.duomly.com/smart-contract-development-guide/

As a business owner, you may have heard of the term "smart contract" and wondered what it is and how it could benefit your business. Smart contracts are digital contracts that use blockchain technology to automate the negotiation and execution of transactions.

If you'd like to learn more about smart contract development, please read our guide on how to get started. In it, we'll teach you the basics of smart contract development and how to apply it to your business.

1. What is Smart Contract, and why should you care about it?

A smart contract is a digital agreement between two or more parties, which stores terms and conditions and the consequences of breaking it. They are enforced by computers running the code to check what has happened and then executing agreed-upon rules.

Smart contracts make transactions secure, transparent, and auditable since no third party is involved in modifying the contract according to its own needs. As the technology is decentralized, it also removes all sorts of fraud and interference from outside parties with transactions.

As a business owner, you may now wonder how smart contracts can actually help your company.

Read our article about Smart Contract to learn more about this new technology and how it could benefit your business: What is Smart Contract

2. How can Smart Contract be used in your business?

There are three main reasons business owners should consider smart contract technology.

First, smart contracts can automate transactions between your company and clients. These could be anything from financial operations to even more sophisticated actions, such as putting delivery or shipment information into the agreement to execute it automatically upon receiving goods.

Secondly, these self-executable contracts are secure because they can't be modified. Even if someone could break into the system, the terms and conditions of an agreement stay unchanged.

Finally, smart contract technology saves time since there is no need to pay third parties for their services. Moreover, it's faster because everything is done automatically by computers running the code without any delays.

3. Why should you invest in Smart Contract development now rather than later?

Despite all the benefits smart contracts offer, many business owners are still reluctant to embrace them. They claim the smart contract is a new technology, and there's no need to learn more about it.

However, not learning about this technology now could be harmful when businesses that implement smart contract development will gain an edge over their competitors.

One of the main reasons to embrace smart contract development is that it's the future. With its benefits and great potential, smart contract technology is here to stay.

Not only will your competitors start using smart contracts going forward, but you'll also be at a disadvantage because customers could decide not to work with a company that doesn't offer this new technology.

In conclusion, smart contracts are an incredibly useful tool that could improve your business significantly. To be ahead of the curve and beat your competitors, you need to start learning more about this amazing technology as soon as possible.

4. Technologies used in Smart Contract development

Several technologies are usually used in smart contract development.

First, blockchain is a decentralized digital ledger that records all transactions made over the network. 

Second, cryptography is the method of secure communication used to send messages between different parties. 

Third, it's good to know Ethereum Blockchain.

Since smart contracts are written in Solidity, knowing this programming language is extremely important.  

Another factor that influences the job of a smart contract developer is knowing how to work with different tools like web3.js or Ethers.js. These are open-source libraries that help developers interact with the Ethereum blockchain.

5. How much do Smart Contract developers make?

Full-Time Smart Contract developers make an average annual salary of $80,000. However, it can be as low as just under $60,000 or as high as around $400,000 per year. This highly depends on the industry and country you're working in. 

For example, a smart contract developer that works for a healthcare company could make less than someone who works for a financial services company.

Smart contract developers can either work as full-time employees or freelancers and get paid according to their skills and expertise.

Freelance smart contract developers can charge anywhere from $50 to $200 (the best paid make much more than that) per hour, depending on their skills and experience. 

Some developers may also charge a fixed amount for a project rather than by the hour. 

It's important to remember that freelance rates can vary greatly. Hence, it's always best to get quotes from a few different developers before deciding.

6. How much does it cost to create a Smart Contract project?

The price to develop a smart contract project can vary greatly depending on many factors.

For example, companies that offer smart contract development services can have more resources and thus be able to complete more projects. Moreover, the number of features offered by the application also influences the final price. 

Additionally, some developers may include extra fees for additional features, while others may not.

Before selecting a company to work with, you should always get in touch and ask how much it will cost to develop your particular project. 

A smart contract developer could charge anything from $50 to $200 or more depending on what's included in the service.

7. Is it hard to find Smart Contract developers?

Since the demand for smart contract developers has grown exponentially, it's becoming harder to find one. 

Companies are constantly looking for professionals with specific skills and knowledge in blockchain technology, cryptography, or Solidity code. 

Due to this high demand, more companies are trying to hire people that fit into this niche. However, not everyone has the necessary knowledge and skills to develop smart contracts.

8. How do I find Smart Contract developers?

Finding a smart contract developer may be challenging. Still, it's very important to do your research and see what others say about them. 

For example, you could try using popular services like Upwork or Fiverr that have thousands of different professionals from all over the world available for hire. 

In addition to these global platforms, you could also use local services focused on the country you're operating in.

Another option is to work with a recruitment agency, which can help you find someone based on your needs and budget.

Don't forget to ask for references and speak to people that have used this professional's services before. 

In addition, a smart contract developer should always be willing to share a portfolio with previous projects they've developed in the past. 

This information is essential and can help you make an informed decision when hiring someone for your project.

If you need help finding or hiring a smart contract developer, please contact us. We have a team of experts who can help you get your project up and running.

www.labs.duomly.com

Thank you for reading, \
Radek from Duomly

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