Blockchain technology has found its place in the world of business. It is being used for more than just financial transactions, as it ensures transparency and improves security while exchanging robust information.
If you are looking to develop a blockchain app for your business, this blog post is perfect for you. We will walk you through everything that you need to know about developing blockchain applications from understanding how blockchains work, to setting up your environment so that it can be built with ease. If you want a quick and easy introduction as well as a more in-depth article on building an app from start to finish then we have got you covered!
Let’s start with the basic knowledge of blockchain applications.
Blockchain apps or DApps are decentralized applications. A blockchain primarily offers the exchange of information, money, or data without the involvement of a centralized server. This makes it suitable and relevant for various businesses in today’s time and age.
All members serve as the users’ and mini servers at the same time who are responsible for verifying and sending data. This is a general idea as to how blockchain works. Let’s discuss this in detail.
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Blockchain is an immutable chain of records called “blocks” that contains:
The development of blockchain from scratch can take months and even a year as it requires research and time. The time to discover, research, execute and implement an idea can take time and consideration of resources as well. But, worry not, there are options available that can cut the time considerably.
Open-source blockchains are available in the market that simplifies the development process. This shortens the time period to build a blockchain app and implement it successfully.
“A blockchain is a network that shares all data among its peers, storing this data chronologically in blocks”. This simply means that once something happens in the blockchain network (a transaction or data exchange), it will get shared with all the members of the network and they will be able to track it on their devices too.
The blocks of data are stored in the form of a chain and once something gets added to it, it can’t be changed later on. This makes it secure and extremely difficult to penetrate.
You will need a few gigabytes to a terabyte of storage space for developing a blockchain.
A permissionless blockchain can be accessed by all members across all devices. Every user can access the code, verify transactions, interact with other members and stay anonymous. Case in point, Bitcoin.
A permissioned blockchain gives access to only authorized users. It has set rules and regulates the transactions between network members. All members have roles and permissions and this type of blockchain works efficiently in organizations.
– It means the refinement of the idea before taking it to the next level. You should conduct feasibility studies and market research to check your options.
Competitor and market research –
Thorough research before starting the development process will save you from problems later on.
Analyze the available options –
You should analyze the available options and move forward with the one that has the most potential.
The platform for the application –
Choose a platform to launch your application beforehand to be able to fulfil their criteria.
Development process –
Once you are done with all the above steps, you should move on to the development phase which means putting all that work into practice.
Deployment and maintenance of the application –
You should consider maintenance and deployment of the application as an important step from the start.
Developers and innovators are researching ways to incorporate blockchain into financial services, healthcare, supply chain and retail, government, and other industries to transform the rather traditional look of industries. Following are the ways which make blockchain valuable and beneficial:
“Online identity and reputation will be decentralized. We will own the data that belongs to us.”
All updates to data and transactions get verified by all the network members. While not all the members have access to data, a copy is stored on every device for the network users to have a look at. This improves transparency across the network.
It gives every user the access to check if the system is working properly. Each transaction is confirmed by the verifiers who are peer users of a blockchain.
A blockchain is a decentralized system as mentioned above with a high level of transparency assured. The transactions among all network members and interactions are kept anonymous at all times.
It guarantees that no data gets changed and assures data protection.
Cost reduction is a unanimous goal shared by all businesses. By using blockchain, you don’t have to employ third parties to establish trust as every member has access to data and can keep a track of it.
These are benefits of blockchain and now we will move to discuss some of the benefits that developing blockchain applications hold in 2021.
Banks have introduced mobile applications to let customers use an online banking system but these applications don’t guarantee a perfect transaction system in some cases. But with blockchain applications, this problem ceases to exist as it allows the customers to set up a blockchain wallet and that too in just five minutes. This allows customers to buy things using cryptocurrency without having to pay any extra fee for it.
Cryptocurrency users can value a robust system to keep track of the price changes instantly. It is more convenient to buy and sell cryptocurrency with a mobile app while keeping track of the price fluctuations. The cryptocurrency market is extremely volatile but has tremendous potential for growth. This explains the popularity of cryptocurrency exchange apps.
Banking apps and confidential data protection often have been seen struggling with security issues. Mobile applications are vulnerable to cyber hacking attacks and money can be stolen from accounts as a result of these attacks. This isn’t the case with Bitcoin, for example, as all data is decentralized and each member of the network has a copy of all chains. Also, a blockchain based messaging application can ensure the protection of confidential material being shared on the application.
These are roughly the sketch of steps that need to be followed while developing a blockchain application. Thorough research and undertaking all the possible steps prior to starting the development process is important to avoid problems later on.
If you’re an entrepreneur looking to venture into the blockchain industry or a startup looking to make the transition, we have experience dealing with both and will be happy to assist you with whatever you need. Contact us at ARFASOFTECH for other information.