Smart Contracts in the Real-World: Programmable Business Logic for the Digital Economy

There are a number of real-world business processes that are being improved, made fairer, and a lot more transparent with the use of blockchain-based smart contracts. These automated contracts allow parties to commit to certain terms and conditions in order to carry out business transactions. The term “smart contract” was actually created by Nick Szabo, a computer scientist, legal expert, and cryptographer who is well known for his research in digital contracts and virtual currency. 

Although Szabo may have initially proposed the concept of smart contracts, it wasn’t really until 

Ethereum (ETH) became widely adopted that these programmable contracts gained significant adoption globally. With its initial version released in mid-2015, Ethereum co-founder Vitalik Buterin and his colleagues showed everyone that it was possible to provide a Turing Complete cryptocurrency platform. 

This means that it is not only possible to transfer monetary value in a decentralized manner, like with Bitcoin, but you can also build advanced borrowing, lending, and staking solutions on distributed ledger technology (DLT) networks. While these capabilities have the potential to significantly improve the existing financial services sector, there’s a sharp learning curve for creators that needs to be addressed.

Many people may have the vision and creative ability to develop powerful decentralized applications (dApps), but they might not necessarily have the knowledge, expertise, or technical know-how to write smart contracts. That’s because computer programming requires people to have the ability to write highly technical, time-consuming, and tedious source code. You have to pay attention to every detail, because even a tiny mistake such as missing a semicolon can lead to hours of debugging since the program won’t execute properly or as intended.

Building Sophisticated dApps without Writing Any Source Code

That’s why many Fintech firms have been launching no-code or low-code development platforms. These software development environments allow creators to easily build sophisticated applications without requiring in-depth knowledge of computer programming languages. So if you have a great idea, then it can become a reality without learning how to write code or know all the technicalities of writing smart contracts.

There are a number of solutions currently available in the market that allow people to work with blockchain-powered apps and smart contracts so they can create dApps that meet their business requirements. 

Transient is a globally-accessible smart contracts marketplace that is focused on promoting greater blockchain adoption by enabling non-coders to develop and easily manage smart contracts. Users – both individuals and businesses – are able to use the relevant dApps on the Transient marketplace to launch self-executing smart contracts for a wide variety of use-cases in just a few clicks.

As mentioned on Transient’s official website, they are offering the “Amazon of smart contracts” to end-users. They’re developing an ecosystem built from the ground up to accelerate blockchain or DLT adoption across nearly every aspect of industry and everyday life.

With Transient's marketplace, it's possible for freelancers, small businesses, and enterprises to solve a wide range of problems, the company explains.

Creating Low-Code/No-Code Blockchain Agnostic Solutions

The developers further noted their core tech stack is built with interoperability in mind, meaning that they're focused on blockchain-agnostic solutions so users can build across several different chains.

The platform acts as a channel between on-chain, off-chain and multi-chain transactions - which connects legacy and emerging technologies (Emtech) in a seamless manner. The Transient team also revealed that they've developed their foundation product, TSC-Core, and finalized development of their first dApp. Its design provides scalability and the ability to enable "bolt-on" products with ease, the company claims. 

As noted by the developers:

“The main target of TSC-Core is to make the process of building a Smart Contract available for non-coders. By simply filling a form, you give us the information we need and we give you the power of participating in the blockchain market. Kind of revolutionary and useful, right?”

The Transient team also notes that the user interface (UI) and user experience (UX) have been designed to make it very simple and beautiful for people to develop their next-gen contracts.

The development team also mentioned that after their Mainnet goes live, by the end of October, then people will be able to use the solutions “anywhere, anytime.” Earlier this month, the Transient team confirmed that they've secured $1.2 million via an IDO through Genesis and Lemonade.

No-code or low-code solutions may be useful for startups that are planning to carry out a private fundraising event. Instead of sharing the details of their wallet addresses for accepting payments, they are able to create an easy-to-use platform, with a smart contract to take care of the process of receiving the funds of investors. The investor will then be able to navigate to Transient and make a payment, without there being any “room for error,” the developers claim.

In another scenario, a company could provide a service that receives payment in cryptocurrency. A smart contract with the amount and time expiry should help with removing the requirement of creating and providing many invoices to get the payments. The payee would simply access Transient and make the payment before the contract’s expiration date.

It’s also possible to use Transient’s TSC-Core for streamlining rental agreements. 

Any technology enhancement that makes it easier for individuals and organizations to harness the power of smart contracts, without having to write complicated source code, could also eliminate a lot of human error from the process. 

Even experienced programmers have been writing source-code that contains many vulnerabilities. As widely reported, there have been numerous incidents during which millions of dollars have been stolen due to bugs in smart contracts. This doesn’t mean we should stop creating these types of applications. Instead, we should look for ways to make the process more robust, secure, and accessible to a wide range of users, not just computer programmers or application developers.