Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on blockchain-based solutions. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, we are taking a look at 5 promising startups developing smart contract solutions.
Heat Map: 5 Top Emerging Smart Contract Startups
Using our StartUs Insights Platform, covering 1.116.000+ startups & emerging companies, we looked at innovation in the field of blockchain. For this research, we identified 1.063 relevant solutions and picked 5 to showcase below. These companies were chosen based on a data-driven startup scouting approach, taking into account factors such as location, founding year, and technology among others. Depending on your specific criteria, the top picks might look entirely different.
The Global Startup Heat Map below highlights 5 startups & emerging companies developing smart contract solutions. Moreover, the Heat Map reveals regions that observe a high startup activity and illustrates the geographic distribution of all 1.063 companies we analyzed for this specific topic.
Second State – Virtual Machines
Smart contracts employ the transparency of blockchain technology to provide a safe and secure platform for many kinds of agreements. Self-executing and self-enforcing contracts are bound by specific terms and conditions, that are particularly difficult to tamper with. Automated virtual machines that support various public blockchains enable startups to develop innovative smart contract solutions.
The US-based startup Second State develops virtual machines for blockchain smart contracts in leading public blockchains including Ethereum, Polkadot, and CyberMiles. The startup uses BUIDL, an Integrated Development Environment (IDE), to develop and launch decentralized applications (dApps) on the Ethereum blockchain. This environment provides developer tools for decentralized apps and a search engine for smart contracts, as well as blockchain as a cloud service.
Tenderly – Smart Contract Monitoring
Manual interventions such as troubleshooting while creating a contract, or debugging code, reduces the time spent on monitoring and analysis of contract details. Systems that enable automatic troubleshooting for bugs allows the user to focus on the terms and conditions of various smart contracts in the blockchain. Startups work on developing automation solutions for simplifying the monitoring of smart contracts.
Serbian startup Tenderly extracts real-time data from blockchain contracts with the help of a custom Ethereum Virtual Machine (EVM). This system allows users to set alerts and notifications when certain functions are brought into the contract, as well as when a blacklisted caller tries to get in touch with the contract. The startup extracts blockchain data and analyzes it utilizing customized visual graphs, further enabling the monitoring of smart contracts.
Superblocks – Smart Contract Deployment
The explicit detail in which smart contracts record the terms and conditions of a contract provides greater transparency in the system. Coupled with advancements in blockchain technology, users are now able to deploy transparent and self-executing contracts quickly and efficiently. Startups develop automated smart contract development platform solutions that minimize the need for technical blockchain expertise for the customers.
Swedish startup Superblocks automates the development process of blockchain applications and makes it more efficient. The startup provides complex applications that have customizable scripts and procedures required to successfully develop and launch dApps. The automation results in the reduction of skill-based errors that are otherwise a hindrance at almost every stage of development.
Feelium – Decentralized Platform
Although straightforward smart contracts have simple terms and conditions, more complex contracts have multiple event-related outcomes and conditions. This increase in complexity requires standardization and complex language, that Ethereum provides, to seamlessly process transactions. Open source decentralized platforms use simple functions that define these terms and conditions. Startups develop decentralized platforms to provide easier access to blockchain technology.
Singaporean startup Feelium provides a decentralized platform for smart contracts and escrow services. The startup is looking to bring smart contracts to the general public by enabling secure agreements between parties, especially in cross-border personal transactions. Feelium is a global medium for the trade of decentralized products and services that are simpler, faster, and more secure.
Once Sync – Farming Smart Contract
Cash crop farmers across the world are increasingly more open to the concept of digitization. Blockchain offers a secure digital record of various payments for farmers, enabling them to eliminate middlemen and enjoy higher incomes. Startups develop blockchain solutions that help farmers get a line of credit, while also managing and handling their transactions.
Kenyan startup Once Sync provides smart contracts to agricultural farmers in Africa with the help of blockchain technology. The startup helps process the payments of farmers such as from online transactions and smartphone-based money. The data is collected in the startup’s platform, Shamba records, where it is stored securely. Advanced analytics and machine learning algorithms later help identify potential farmers to provide them with credit.
What About The Other 1.058 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence and enable you to achieve your goals faster. The 5 smart contract solutions showcased above are promising examples out of 1.063 we analyzed for this article. To identify the most relevant solutions based on your specific criteria, get in touch.