Top 5 Smart Contract Platforms In 2024

The blockchain industry is booming due to increased funding, especially from venture capital, and growing interest in blockchain technology. 

Many sectors like banking, cybersecurity, and government are embracing blockchain for various purposes like payments, smart contracts, and digital identities. 

This rapid growth has led to a demand for effective blockchain platforms. As the blockchain landscape continues to evolve, many smart contract platforms stand out for their innovative features, security measures, and potential to revolutionize decentralized applications and smart contract functionalities.

In this blog, we’ll explore the top five smart contract platforms and highlight the best blockchains currently in use.

What Is A Smart Contract? 

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts automatically execute and enforce themselves when predefined conditions are met, eliminating the need for intermediaries and enhancing the efficiency and transparency of transactions. 

Smart contract platforms provide the infrastructure and tools necessary for developers to create and deploy these digital contracts on a blockchain network. Smart contract platforms play a pivotal role in the broader adoption of decentralized technologies and the shift towards more transparent and automated transaction systems. 

They enable the creation of trustless and tamper-proof agreements, reducing the reliance on traditional legal systems and intermediaries. Additionally, these platforms contribute to the growth of decentralized finance (DeFi) by supporting various financial services such as lending, borrowing, and decentralized exchanges through smart contracts.

Top 5 Smart Contract Platforms In 2024 That Are In Demand

In the rapidly evolving landscape of blockchain technology, various platforms offer robust environments for the creation and execution of smart contracts, providing unique features and capabilities. The top smart contract platforms include the following:

1. Ethereum

Ethereum is at the forefront of smart contract platforms, being widely recognized for its innovation. While Ethereum is commonly associated with its native token Ether (ETH) and the ERC-20 standard, it stands out as one of the most significant projects in recent decades. 

I. Benefits of Using Ethereum Smart Contract Platform

Since its launch in July 2015, Ethereum has experienced substantial growth, serving as the primary choice for developers. The platform facilitates smart contracts across diverse applications, ranging from online games to Initial Coin Offerings (ICOs). 

Ethereum’s smart contract platform boasts a high degree of standardization and support, offering developers clear rules through which they can streamline the development process and minimize risks. 

Ethereum holds the largest market capitalization among smart contract platforms and is committed to continuous improvement. Additionally, Ethereum has introduced its smart contract programming language, Solidity, enhancing standardization and simplifying contract setup.

II. Challenges With the Ethereum Smart Contract Platform

However, Ethereum is not without its challenges. In recent years, the platform has faced security issues, with researchers identifying vulnerabilities in approximately 34,000 Ethereum-based smart contracts. While Ethereum has been proactive in addressing flaws in its own code, including the release of ERC223 and ERC777 updates, challenges persist with the code 

developed by smart contract developers on the platform.

III. Features of the Ethereum Smart Contract Platform:

Ethereum, a leading blockchain platform, is renowned for its powerful and versatile smart contract capabilities, enabling decentralized applications (DApps) to operate seamlessly.

No setup fees: Setting up contracts on Ethereum is free, with transaction costs incurred through gas charges.

Token standard: Ethereum employs the ERC-20 standard for tokens, providing a widely accepted framework for creating and managing them.

Dedicated programming language: Ethereum has its own smart contract programming language called Solidity, designed to facilitate the creation and execution of smart contracts.

Developer guidelines: Ethereum offers clear and defined guidelines for developers, contributing to standardized and secure smart contract development.

Innovative development community: Ethereum boasts a cutting-edge development community that actively contributes to the platform’s evolution.

Abundant literature and support: There is a wealth of literature and support available for Ethereum, making it easier for developers to access resources and assistance.

Highly skilled developers: Smart contract developers often possess experience using Ethereum, emphasizing its prevalence and popularity in the development community.

IV. Drawbacks of the Ethereum Smart Contract Platform

The Ethereum smart contract platform, while revolutionizing the decentralized application landscape, is not without its drawbacks, presenting challenges that range from scalability issues to potential security concerns.

Network congestion: The Ethereum network often experiences congestion, leading to delays and slower transaction processing times.

Higher costs: Compared to other platforms, Ethereum transactions can be more expensive, especially during periods of high demand.

Security concerns: Ethereum has faced scrutiny due to security issues identified by developers. Numerous vulnerabilities in the Ethereum code have been discovered. Additionally, poor-quality smart contract code has left many contracts susceptible to exploitation by hackers.

2. Hyperledger Fabric

Hyperledger Fabric, positioned as a primary competitor to Ethereum, is a significant player in the blockchain space. Launched in December 2015, the Hyperledger project is an open-source initiative established by the Linux Foundation. Its primary objective is to facilitate the development of blockchain-based distributed ledgers.

Under the Hyperledger umbrella, various frameworks are actively being developed, including Hyperledger Burrow, Hyperledger Fabric, Hyperledger Sawtooth, and Hyperledger Indy. Each of these frameworks serves distinct purposes within the broader goal of advancing blockchain technology.

I. Benefits of Using Hyperledger Fabric Smart Contract Platform

Hyperledger Fabric stands out as a robust smart contract platform and a viable alternative to Ethereum. Developed in collaboration with IBM, it operates as a permissioned blockchain infrastructure, specifically designed for the execution of smart contracts, known as “chain codes.”

Similar to Ethereum, the Hyperledger Fabric community has created a set of highly valuable tools, including Hyperledger Composer. This suite of Javascript-based tools simplifies and streamlines the process of smart contract development, enhancing efficiency for developers.

Hyperledger Fabric supports smart contract development in various programming languages, such as JavaScript, Go, and others, providing developers with flexibility. Unlike Ethereum, which primarily uses Solidity, this multi-language support allows developers to choose the language that best suits their preferences and expertise.

One notable feature of Hyperledger Fabric is its permissioned network structure, ensuring that all participants in the network have known identities. This characteristic makes it an ideal choice for companies aiming to create smart contracts while adhering to data protection laws that require participant identities to be disclosed.

II. Challenges with Hyperledger Fabric Smart Contract Platform:

One notable limitation of Hyperledger Fabric is its absence of a native token system. While this configuration comes with certain benefits, it does impose restrictions on the types of smart contracts that can be seamlessly deployed on its platform.

Companies intending to create smart contracts involving payment transfers, such as those associated with Initial Coin Offerings (ICOs), may find Ethereum and similar platforms more suitable for their needs due to the absence of a native token system in Hyperledger Fabric.

III. Features of the Hyperledger Smart Contract Platform:

Hyperledger, a collaborative effort under the Linux Foundation, offers a robust smart contract platform with distinctive features designed to meet enterprise-level requirements for privacy, security, and scalability.

Open Source and Cost-Free: Hyperledger is an open-source platform, available for use without any associated costs.

Permissioned Membership: The platform operates on a permissioned membership model, ensuring controlled and authorized access.

IBM Support: Hyperledger is backed by support from IBM, adding credibility and resources to the platform.

Multilingual Contract Coding: Contracts on Hyperledger can be coded using a variety of programming languages, offering flexibility to developers.

Reliable Performance: The platform is known for its dependable performance, providing a stable environment for smart contract execution.

Plug-in Component Support: Hyperledger supports plug-in components, allowing for the integration of additional functionalities and customization as needed.

IV. Drawbacks of the Hyperledger Smart Contract Platform

One limitation of the Hyperledger Smart Contract Platform is the absence of a token system. Unlike some other platforms, Hyperledger does not inherently support a built-in token mechanism, which may be a consideration for projects or applications that rely on tokenization.

3. Stellar

Established in 2014, Stellar stands as one of the earliest smart contract platforms. Maintained by the Stellar Development Foundation, it has garnered recognition as one of the most captivating blockchain startups. Recent positive developments, including notable instances of major companies integrating the Stellar platform into their established infrastructure, have fueled industry experts’ belief that the Stellar network is poised for significant growth and adoption.

I. Benefits of Using Stellar Smart Contract Platform

Stellar finds prominent application in companies seeking to streamline international payments. In a significant move in late 2017, Stellar formed a partnership with IBM and KlickEx to introduce a cost-effective method for conducting cross-border transactions in the South Pacific region.

In the realm of leading smart contract platforms, Stellar stands out for its simplicity and user-friendly nature, potentially offering a more straightforward experience compared to Ethereum, although not as elementary as Nem. Notably, Stellar is purposefully designed to facilitate uncomplicated smart contracts, with a focus on applications such as Initial Coin Offerings (ICOs).

II. Challenges with Stellar Smart Contract Platform

The Stellar smart contract platform, while offering various advantages, also faces specific challenges that impact its widespread adoption and functionality.

Limited Smart Contract Functionality: Stellar’s smart contract capabilities are relatively basic compared to some other blockchain platforms. It may face challenges in accommodating more complex and intricate smart contract scenarios, limiting its applicability for certain decentralized applications.

Competition and Market Awareness: Despite its capabilities, Stellar faces competition from other well-established blockchain platforms. The challenge lies in gaining widespread market awareness and recognition, especially when competing with more prominent players in the blockchain space. Efforts are required to enhance visibility and attract developers and businesses to adopt the Stellar network.

III. Features of the Stellar Smart Contract Platform

The Stellar Smart Contract platform offers a robust set of features that enhance decentralized application development and streamline the execution of programmable agreements on the Stellar blockchain.

Ideal for Initial Coin Offerings (ICOs): Stellar proves to be well-suited for Initial Coin Offerings, providing a conducive environment for fundraising events.

Cost-Effective: In comparison to Ethereum, Stellar is notably inexpensive, offering a more budget-friendly alternative for users.

User-Friendly Platform: Stellar is recognized for its simplicity, providing a straightforward and accessible platform for users and developers.

Optimal Performance: The platform exhibits good performance, meeting expectations for efficiency and reliability in smart contract execution.

Industry Recognition: Stellar is well-regarded within the industry, earning positive acknowledgment for its features and capabilities in the realm of smart contract platforms.

IV. Drawbacks of the Stellar Smart Contract Platform

The Stellar Smart Contract Platform may not be the most suitable choice for endeavors requiring intricate smart contract development. Its capabilities may be better aligned with simpler use cases rather than more complex and sophisticated contract scenarios.

4. Nem

NEM (New Economy Movement) was introduced on March 31, 2015, and stands out among developers due to its utilization of Java, one of the most widely employed programming languages globally. The platform’s choice of Java as its primary programming language enhances its accessibility and appeal to developers familiar with this widely adopted language.

I. Benefits of Using NemSmart Contract Platform

NEM stands out for its exceptional accessibility, eliminating the need for programmers to learn platform-specific languages like Solidity. This feature enhances user-friendliness and widens the pool of potential developers.

An additional advantage is that NEM utilizes Java, a well-established programming language known for its robustness. Compared to newer platform-specific languages such as Solidity, Java has fewer security vulnerabilities, contributing to a more secure development environment.

NEM has recently introduced the Catapult or Mijin v.2 updates, recognized by security experts as a significant enhancement that positions it as one of the most secure smart contract platforms available. This development has been acknowledged as an industry milestone, introducing new capabilities for blockchain database functionality, as stated by NEM.io Foundation President Lon Wong.

One of NEM’s major strengths lies in its high scalability. Unlike Ethereum, which can handle approximately 15 transactions per second, NEM boasts the capability to manage hundreds of transactions. This scalability factor has led developers to increasingly migrate to NEM from other platforms like Ethereum, making it a compelling choice for those seeking efficient and scalable blockchain solutions.

II. Features of the NEM Smart Contract Platform:

NEM offers a robust smart contract platform distinguished by its unique features and capabilities, empowering users to engage in secure and efficient decentralized transactions.

Java-Based Creation: NEM’s smart contract platform is built in Java, providing an interface that is user-friendly and easy to navigate.

Platform-Agnostic Programming: NEM supports a platform-agnostic approach, eliminating the need for developers to learn and use a specific programming language tied to a particular platform.

Scalability: NEM’s smart contract platform is designed with scalability in mind, allowing for efficient expansion and adaptation to growing demands.

Outstanding Performance: The platform demonstrates excellent performance, ensuring that smart contracts execute efficiently and reliably.

III. Challenges with Nem Smart Contract Platform

The NEM (New Economic Movement) smart contract platform, while offering innovative features, faces several challenges that impact its widespread adoption and effectiveness in the blockchain ecosystem.

Limited Development Community Size: NEM faces a drawback in having a smaller development community compared to other platforms, potentially impacting the breadth and speed of platform advancements.

Few Tools Availability: Another challenge is the availability of fewer tools for developers on the NEM platform, potentially hindering the ease and efficiency of smart contract development.

IV. Drawbacks of the Nem Smart Contract Platform:

NEM’s use of off-chain code contributes to its lower decentralization level. This design choice may raise concerns about the platform’s overall decentralization compared to alternatives that utilize more on-chain processes.

5. Waves

Waves was introduced in June 2016. This open-source platform was designed with the objective of overcoming prevalent barriers hindering broader blockchain adoption, particularly focusing on enhancing speed and scalability. Waves seeks to provide solutions that address these challenges, making it a notable player in the landscape of smart contract platforms.

I. Benefits of Using Waves Smart Contract Platform 

Similar to Ripple, Waves has positioned itself as a platform specializing in facilitating token operations, making it an excellent choice for conducting Initial Coin Offerings (ICOs). The process of creating personalized tokens on this platform is remarkably swift and straightforward, requiring minimal technical knowledge. This ease of use ensures that users can effortlessly engage in token creation within a matter of minutes, further enhancing the platform’s accessibility for a diverse user base.

II. Features of the Waves Smart Contract Platform

The Waves Smart Contract Platform boasts a robust set of features that enhance blockchain functionality and facilitate the seamless execution of decentralized applications (DApps) and smart contracts.

Suited for ICOs and Crowd-Sales: The Waves Smart Contract Platform is well-suited for conducting Initial Coin Offerings (ICOs) and crowd-sales, providing a conducive environment for fundraising activities.

Minimal Background Knowledge Required: Creating personalized tokens on the platform is straightforward and accessible, demanding very little background knowledge. Users can easily engage in the token creation process without extensive technical expertise.

III. Challenges With Waves Smart Contract Platform

The Waves Smart Contract Platform, while offering various benefits, faces specific challenges that impact its widespread adoption and effectiveness.

Limited Smart Contract Functionality: One challenge is that the Waves Smart Contract Platform may have limitations in terms of the complexity and range of smart contract functionalities it supports. This could pose constraints for users seeking more intricate and advanced smart contract capabilities.

Growing Competition and User Adoption: Another challenge lies in the increasingly competitive landscape and the relatively smaller user base of the Waves platform. As the blockchain space evolves, attracting and retaining users becomes crucial, and Waves may face challenges in expanding its user adoption amidst the competition with other smart contract platforms.

IV. Drawbacks of the Waves Smart Contract Platform

The Waves smart contract platform offers a range of features, but like any technology, it has its drawbacks that users should consider.

Limited Versatility: The Waves Smart Contract Platform exhibits limitations in terms of versatility, potentially lacking the broad range of functionalities offered by more comprehensive platforms.

Small User Base: As of now, the platform has a relatively modest user base, which may impact the diversity and scale of interactions within the Waves ecosystem.

Top 5 Smart Contract Development Companies To Look Out For In 2024 

In this section, explore the top five smart contract companies aimed at offering a comprehensive range of smart contract development solutions for your business.

1. Idea Usher

Idea Usher stands at the forefront of smart contract development, offering comprehensive blockchain solutions globally. With a focus on transforming ideas into reality, the company leads in crafting secure, scalable, and customizable smart contracts tailored to diverse client needs. 

Providing end-to-end solutions, Idea Usher excels in conceptualization, design, deployment, and ongoing support. Security is a top priority, and their expertise spans various industries, showcasing successful projects in finance, healthcare, and supply chain. The company’s commitment to continuous innovation ensures clients receive cutting-edge smart contract solutions, positioning them as industry leaders.

2. Token Minds

Specializing in tokenization solutions, the company plays a pivotal role in driving digital transformation for businesses across diverse industries. TokenMinds distinguishes itself through a commitment to innovation and client satisfaction. The company’s expertise lies in crafting customized smart contract solutions that cater to the unique requirements of each client. As the demand for tokenization continues to grow, TokenMinds is well-positioned to lead the way, providing cutting-edge solutions that contribute to the evolution of decentralized ecosystems.

3. Prolitus

Prolitus distinguishes itself by offering a comprehensive suite of services that go beyond smart contract development. The company provides a range of blockchain solutions, including auditing and consulting services, contributing to the overall security and effectiveness of decentralized applications.

Clients benefit from Prolitus’ holistic approach, which addresses various facets of blockchain integration, from conceptualization to execution, positioning the company as a one-stop destination for businesses seeking robust and reliable blockchain solutions.

4. AetSoft

Aetsoft provides a comprehensive range of smart contract development services, encompassing consultation, design, deployment, and ongoing support. With a focus on diverse industries, including finance, healthcare, and logistics, Aetsoft tailors smart contract solutions to address specific sector challenges while prioritizing user-friendly interfaces for enhanced accessibility. 

Backed by a seasoned team of developers with profound expertise in blockchain technology, Aetsoft’s solutions have resulted in client success stories, showcasing increased operational efficiency, improved security, and enhanced transparency. Their forward-looking approach and dedication to continuous innovation position Aetsoft as a key player shaping the future of smart contract development.

5. Kellton Tech

The company provides end-to-end blockchain solutions with a strong emphasis on driving digital transformation. Renowned for their commitment to innovation and scalability, Kellton Tech offers a holistic approach to smart contract development, ensuring solutions align with both immediate needs and long-term strategic goals. Beyond development, the company provides strategic consultation, tailoring smart contract solutions to seamlessly integrate with clients’ overall business strategies.   

Kellton Tech delivers transformative smart contract solutions, as evidenced by client success stories citing improved efficiency, reduced operational costs, and enhanced transparency. Positioned for the future, Kellton Tech maintains a focus on innovation, continuously exploring emerging technologies and industry trends to keep clients at the forefront of digital innovation in an ever-evolving business landscape.

Conclusion

Smart contracts represent a groundbreaking tool with the potential to revolutionize various processes by decentralizing them. The exciting aspect is their ability to significantly enhance existing solutions without posing a direct threat to governments.

For business owners considering smart contract development, it is a wise investment given the growing popularity and future prospects of smart chain technology.

However, navigating the world of smart contracts requires expertise in blockchain development to select the right platform and methodology that aligns with specific business needs.

Looking To Make A Smart Contract Platform Of Your Own? 

If you’re considering creating your own smart contract platform, Idea Usher is here to guide you through the process. With our expertise in blockchain technology and smart contract development, we can assist you in designing and implementing a robust platform tailored to your specific needs. Our team of experienced developers understands the intricacies of blockchain and can help you navigate the complexities involved in creating a secure and efficient smart contract ecosystem.

Contact Idea Usher today to embark on your journey to create a powerful and reliable smart contract platform that aligns with your business objectives. Our team is ready to collaborate with you, offering expertise and support at every stage of development to bring your blockchain vision to life.

FAQ

Q. What is a smart contract?

A. A smart contract is a contract existing in digital form on a blockchain, enabling the facilitation of agreements and, at times, exchanges between two parties. Its applications range from formalizing property transfers to automating processes like supply chains.

Q. Which is a good smart contract platform?

A. A recommended smart contract platform is Ethereum, known for its robust capabilities in developing and hosting smart contracts. Ethereum offers its own dedicated smart contract language, Solidity, facilitating the process of smart contract development.

Q. Where can I find smart contract developers?

A. If you’re seeking skilled smart contract developers for your project, consider turning to Idea Usher. They have a team of experienced developers who can help bring your smart contract ideas to fruition.

Q. How To Choose a Blockchain Platform for Your Business

A. When choosing a blockchain for a project, carefully consider the aspects such as security, degree of privacy, rate and value of transactions, decentralization, rate of acceptance of a particular platform and scalability.