Since the Bitcoin disruption in the cryptocurrency industry, Blockchain technology adoption has accelerated in many sectors. So promising are blockchain solutions that tech giant IBM is spending more than $200 million on research. 90% of European and US banks have also joined the club. Blockchain is interesting because it works well for the government, finance, insurance, personal identity security, gaming, and hundreds of other fields.
Gartner thinks that by 2028, blockchain technology will be widely used. This will make it possible for a digital business revolution to happen across all fillbusiness ecosystems. It will become technically and operationally scalable, so people who use it won’t have to worry about portability, interoperability, or scalability.
A common misconception about blockchain is that it can only be used to verify transactions or trade, store, or sell cryptocurrency. But the technology goes further than what you can see. The Blockchain Foundation gives the world the chance to make new social and economic models. It’s not limited to just crypto. Organizations, companies, computers, people, bots, and algorithms can transact and exchange information in real-time without any politics and conflict.
You can use Blockchain technology as a public way to do business and as a private way to keep records and do business within a company. First, let’s talk about what blockchain is and what it can do. Then we can talk about whether or not you need it.
How does Blockchain work?
Blockchain is a system for keeping track of digital information in ledgers, which are made up of blocks linked together like a Lego snake. Each block contains information in a decentralized, secure, and permanent way. A blockchain network links all of the blocks together using cryptography. Once the data is stored in the blockchain, nobody can tamper with it as it becomes decentralized, immutable, timestamped, and transparent.
The main benefit of blockchain is that it gets rid of the need for a third-party interface. It makes distributed nodes, which are the core building blocks of blockchain architecture. All of these nodes are connected in a peer-to-peer stack and share and sync information. If anyone wishes to transact, they don’t edit a block or node. They send a request to the network to be checked out and given the green light. you can always contact the website for special orders. This works similarly to popular helplines like Cox Customer Support. You can contact your online vendor’s customer support number for any queries or pre-orders.
In other words, blockchain is a system that uses peer-to-peer networks, public-key encryption, and distributed consensus to make sure that data is correct with a high degree of certainty, which increases trust. If you create your app on the blockchain, your solution will get all of the benefits of the blockchain.
What is a development of applications for the Blockchain?
Blockchain application development comes about the same as any other app. When making an app, blockchain is just another way to do things. You start by deciding the problem you want to solve. Who has to deal with it? Will it be available to anyone? Is there already a by-product on the market that can help? How will you compete with your competitors? Such questions will help you lay the foundation of your business model.
What’s interesting is that blockchain development company projects take longer to make than the average mobile app. So, talk to blockchain developers ahead of time to get an idea of how long it will take, especially if this is your first time. Now, let’s talk about the development of blockchain in depth.
Once you have a clear business plan, you can start thinking about how to use blockchain.
Outlining the main ways to build blockchain applications
There are different types of decentralized applications you can build from the blockchain. However, the approach you choose depends on the project’s end goal and the problem your application solves.
Platform Without a Center
A decentralized Platform means that you have to make your own token system like Bitcoin. You can start from scratch or split existing blockchains to make the platform. In a technical sense, what you do is build a platform that other people can use to make their own products. Bitcoin, Ethereum, and Hyperledger Fabric, etc., are real-world examples of blockchain platforms other developers build on.
Create a blockchain platform if your goal is to build a system and you want to give other people a place to build apps and services.
By forking existing blockchains like Bitcoin or Litecoin to make a new one, you can learn how blockchains work and how they can be used. You have the great chance to make yourself stand out in the blockchain ecosystem.
Downside: To build a blockchain from scratch, you need to know a lot about cryptography and p2p network programming. For a new platform to work, you need to be careful with its design, planning, and building of a community. The whole process may take up to hundreds of hours, and blockchain development is on the top.
Software Without a Center
In this method, you build software on a blockchain platform that already exists, such as Bitcoin, Ethereum, Hyperledger Fabric, or something similar. Your software works like a network that runs on a well-known platform that is not centralised. EtherTweet, for example, is an Ethereum blockchain-based alternative to Twitter. It’s a microblogging platform that doesn’t have a central hub. Only the person who posted the tweet can delete it.
Create a Blockchain software when: you want to address a particular problem with a definitive solution. Whether you’re making an app or an API, you have to build it on a specific blockchain.
Advantage: Cryptography and peer-to-peer networks are built into the Blockchain platform, so you don’t really need technical skills. Plus, you can use an existing community to your advantage and make a solution that fits your needs.
Downside: When you employ an existing platform, you also have to face its limitations and bugs.
Examples of Application Built using Blockchain
Civil: Digital Media, Journalism, Brooklyn, NewYork
The media company has made a blockchain-based media platform and decentralised how journalism is funded and news is checked. It is a safe platform that is owned and run by the public. The news and stories are published on the blockchain and never deleted or edited to forge information.
Doc.ai: Healthcare, Artificial Intelligence, Software, Palo Alto, California
The doc.ai platform collects a patient’s medical data from medical sources—pharmacies, doctor’s visits, emergency room stay, etc.—under an app. The app uses both blockchain and machine learning to give patients predictions about their health based on their medical records and research.
Supply Chain, Logistics, San Francisco, California, and other details are told.
The blockchain and IoT devices were used in the decentralised Chronicled ecosystem to make the supply chain more clear. It helps the pharmaceutical, commodities, and precious metals industries to track and trace every move their shipment takes.
Pursue on how Blockchain can transform the manufacturing industry.
Circle: FIntech, Boston, Massachusetts
It’s a p2p money transfer and cryptocurrency investment platform that lets users transfer money in different currencies without exchange rate fees.
See how Cryptocurrency exchange development and Blockchain Revolutionize Finance.
When should a startup or existing platform opt for blockchain product development?
If the technology works for others, it doesn’t mean it will be good for you too. You might be better off without it. How would you know that? That’s why in this guide, here are some cases to help you decide if Blockchain technology fits your needs.
How well does the distributed network fit in your environment?
You know blockchain is a chain of distributed ledgers. So, before adopting, dig into the pros and cons of distributed networks and if you are comfortable with that. Besides, Blockchain implementation does not come easy on pockets. Hence, you must examine if the advantages justify the cost of developing a blockchain app.
Is transparency essential for you?
Wherever information is traced, transparency may be required. However, if you use external services, then blockchain development might be heavy on you. Blockchain would be a great fit when you want to let every stakeholder verify the transactions and data stored or shared by your platform.
Does your system require correction or remove a record at any point?
Blockchain ledgers are immutable. So, blockchain is not for you if your system allows fixing mistakes or any record to remove.
Do you want to remove intermediaries?
Does your solution need third parties, or does removing them from the system help you solve a critical problem? You need blockchain if you want the solution to be self-governed, free from any centralised authority to improve the work process.
Are you working with digital assets?
Building an app on the blockchain is ideal when your business is associated with digital assets. You can even digitise physical assets as well. For example, you can transform the data of real estate properties into a ledger.
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Blockchain App Development Cost
Blockchain app development starts from as low as $30000. Nonetheless, like other mobile app development, the cost to develop a blockchain app also depends on multiple factors— Your blockchain app type, project requirements, complexity, app designing, coding, testing, and developer location.
Blockchain apps complexity level can be categorised as follows:
Low Complexity: Payment apps, Smart Contracts Development App
Medium Complexity: DApps developed on blockchain platforms, Hybrid blockchain apps, Semi-decentralized apps, Blockchain dApps
High Complexity: Blockchain platform development from scratch, A complete decentralised network
The Blockchain Future is bright!
Along with AI, IoT, and ML, Blockchain has gained tremendous momentum and appears as a promising technology for a secured future. Decentralization, transparency, trust, and security are at the crux of blockchain. The robust technology renders high processing speed, making the system self-sufficient and enhancing traceability.
Blockchain is shaping the business ecosystem through its solutions, including identity systems, world trade, smart contracts integration, cryptocurrency marketplaces, decentralised software, and more. Tech giants to government leaders and technology enthusiasts are rising in large numbers to support and fund Blockchain. Hope this blog will helps you decide whether you need blockchain development or not. Let us know if you want to know more about different blockchains.