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How Can You Integrate Smart Contracts in Your Business Operations?
Pini Raviv | Mar 26, 2018 | 16:00
Smart contracts have quickly become one of the must-have business innovations of 2018. The trick, however, is finding out exactly how you can integrate this powerful blockchain-based technology into your workflow without having the completely demolish several year’s worth of IT expenditure to do so. Here are some things you need to know before integrating smart contracts into your business.
The Right Developers are in High Demand and Short Supply
Blockchain development has only recently gone from being a hobbyist pursuit to a serious skill that developers should possess. This means that the supply of competent blockchain developers is vastly lower than the number of companies looking for them.
For businesses, this means it may be more cost-effective to train programmers familiar with Java and related languages. With the rapid rise in applications surrounding these technologies, a small investment now will return dividends in increased opportunities and productivity later on.
There are a Plethora of Java-based Blockchains Available
The last several years have seen the rise of dozens of independent blockchains ranging from the whimsical Dogecoin to outright frauds such as OneCoin. Beyond currency, numerous applications have been found for everything ranging from smart contracts to secure reporting of specific metrics (such as moisture content in farm soil.)
When deciding how to integrate this technology into your business, see what others in your industry have discovered. Jelurida’s platforms are flexible enough to work in any situation as long as you know what you need.
Nxt
Developed from the ground up to provide businesses and independent developers with a comprehensive framework to develop open source software, NXT stands as a testament to the potential to incorporate blockchain technology for businesses worldwide.
The service has multiple “levels” depending on client needs, ranging from an open source public chain for hobbyists and smaller developers to licensed chains that can be customized in according to specific privacy and security metrics.
The introduction, open source, version is perfect for companies that feel that blockchain technology can improve their efficiency but do not want to invest too much in testing. You can easily go from a small beta to working with a private bespoke version with ease, thanks to the nature of the platform and Jelurida’s team of expert programmers.
Ardor
While the Nxt Blockchain Platform is designed for integral-usage, the Ardor Blockchain Platform is meant to be utilized by a diverse array of employees, managers, contractors, and ancillary third-party individuals that routinely interact during business hours.
It is designed to specifically address issues commonly found in traditional blockchain implementations. For instance, “child chain transactions.”
These are the smaller transactions that crop up in smart contract implementation and are rarely needed after the project has been fulfilled. For instance, do you need to know when someone took and finished a project when you have the time stamps for completion and the time it took? Keeping every detail simply makes the total blockchain larger and harder to audit if it came to that. Ardor provides you with the opportunity to trim unnecessary entries, thus keeping the total ledger small enough to be quickly updated throughout the entire user base.
Control the Blockchain
Being able to control the material hosted on the blockchain provides companies the opportunity to integrate smart contracts into their daily operations without fear of confusion caused by mistakes. This will enable, when fully integrated into the marketplace, companies to collaborate with each other in a manner that increases productivity while also guaranteeing the highest level of accountability and transparency possible.
Jelurida is a blockchain development company focused on providing businesses throughout the world the opportunity to embrace blockchain technology without compromise. From being able to control what is kept in the blockchain to determining the limits of its integration in the company, Jelurida makes it easy to integrate the latest in digital communication and accountability technology without wasting time or resources.
Jelurida’s goal is to provide businesses access to technology in a manner that leaves IT professionals secure in the knowledge that the software will be maintained and improved over the long term. Thanks to the open source nature of the Nxt blockchain, even if the company completely changes direction a vibrant community will step in to make certain that installations worldwide can still operate effectively and safely.
How are you integrating blockchain and smart contract technology into your business? Are you relying on outside developers or training in-house talent? Let us know in the comments below.
Images courtesy of Shutterstock, AdobeStock
