8 Steps to Start Blockchain Development and its Applications in Various Industries
Saran
September 15, 2020Author
Start Your Blockchain Development Application
The blockchain technology is indeed one of the best and ingenious inventions that the world of technology has come across in the recent times, changing the face of technological advancements and operations. A blockchain is defined as a distributed and decentralized digital ledger that is used to record digital transactions, without alterations of subsequent blocks.
Here is an eight-step guide for your blockchain development, helping you to get your app ready to use and deploy.
Problem and goal identification
The first step towards the development of an application is the identification of the problem that the app wishes to address. The goal which the mobile app aspires to achieve has to be identified and defined, such that it is easy to lay the foundation of the app. Blockchain has earned hype in the technology industry, along with various misconceptions among the people.
It is important that before investing in the blockchain, an in-depth analysis should be done whether investing in blockchain will be profitable for the company or not. The result of this in-depth analysis will determine to go forward with the blockchain development or not.
Choose the best mechanism
Choosing the best mechanism for the development of the blockchain technology has to be chosen before the development starts. Since blockchain is decentralized and distributed, hence all the members need to authenticate the transactions. This process of authenticating the transactions is known as consensus. For example, bitcoins have chosen proof of work as a consensus mechanism. It is on the business and the members to decide upon which mechanism they should choose. Some of the famous mechanisms include proof of elapsed time, proof of stake, Byzantine fault tolerant, delegated proof of stake, round robin, and many others. The business should consider their requirements and then choose the mechanism which defines your business perfectly.
Choose the most suitable platform
The blockchain platform assists you to build a decentralized application, without the need of creating a separate blockchain from the scratch. Most of these available platforms are open source, hence it is important to choose the consensus mechanism, based on the business problem that you need to solve. Many suitable platforms are available in the market to choose from. These include Ethereum, Fabric, Big-chain DB, Quorum, Hyperledge. Each of these platforms have their own pros and cons and hence, while you choose, it is important to check the pros and cons and their effect on your business.
Architecture design
The architecture has an important role to play in determining the success of the app. The blockchain solution can exist on the in-house model, on a cloud as well as on the hybrid model. The hardware and software configurations can also be chosen to be customized as per the required business configuration. The processor, memory, size of a disk as well as the operating system can be chosen to build the architecture in synchronization with the chosen platform and mechanism.
It is recommended that the cloud-based framework, be chosen as blockchain technology works best on cloud-based technologies. Along with these, you need to choose from the following types of blockchain solutions:
Permissionless
This is the kind of blockchain solution, like bitcoins, where anyone can become a miner. These are permissionless types of blockchain solution.
Permission
These include the government-run voting systems, banking, crowdfunding, land registration and other similar confidential systems.
Private blockchains
These include the blockchain solutions that run within a hospital or a pharmacy, managed by internal management systems, with access within that specific organization.
Public blockchains
Ethereum and other cryptocurrencies that are backed by assets, fall under the category of public blockchains.
Hybrid
This is a common platform for managing the shared KYC for banks.
Choose from the above-mentioned platforms, based on the business requirements.
API building
Some of the required APIs could be reused with the pre-built APIs, while most of them you have to build and create for your own business. Here is a list of some of the common requirements for the API:
Performing auditing functions Generation of key pairs Storage of information Retrieval of data Performing data authentication Management as well as a trigger of a smart contract such as payment, insurance, retirement.
Application configuration
A configuration of the blockchain application needs to be planned carefully such that the application can be successfully implemented. The key components for the application configuration include the user permission, consensus, address format, handshaking and many other parameters. It is advisable to opt for an expert solution if you are setting up the application configuration for the first time.
Designing the user and the admin interface
Finally, its time to design the user as well as the admin interface. In this stage, the decision of choosing the programming language is taken, along with choosing the server and the external database for the app. The design of the user interface, as well as the admin, should be made such that all features can be incorporated successfully, making them useful.
POC scaling
Since blockchain technology is a new one, hence it is recommended that the MVP be made initially, before developing the complete application with all the features. In this phase, it is important to identify any performance issues that occur and fix them successfully. Issues such as latency, memory glitches, crashes etc need to be identified and fixed.
Uses of Blockchain Application in Various Industries
Blockchain technology finds its use in various industries such as banking, cybersecurity, Internet of Things, government, unified communication, crowdfunding, health and many other industries. A detailed insight for each industry is given below:
Banking
Blockchain technology finds a wide use in the banking industry. With the implementation of this technology, fraud management, as well as the KYC project, is highly benefitted.
Fraud management
Fraud management and reduction of forgery are facilitated with blockchain technology. This is because, all information of the transactions are brought under a distributed ledger, with timestamp and batches of the specific transactions. This makes it difficult or almost impossible for the hackers to break through the chain without the timestamps, or the breach will be identified immediately.
KYC
The KYC (Know Your Customer) project is facilitated by the blockchain technology. The banking industry invests a huge amount of money on the KYC verifications. With the incorporation of the blockchain technology, this cost is reduced.
Cybersecurity
Cloud computing technology has captured a strong place in the mobile technology industry for the past few decades. However, using the cloud technology increases the risks of hacking and vulnerability, since all information is stored at a centralized location. This risk is considerably reduced with blockchain technology as all information is store at a distributed and decentralized location.
Internet of Things
Without the blockchain technology, the IoT devices had to communicate with them using a third party interface. However, with an incorporation of the blockchain technology, the IoT devices can connect to each other directly, without the intervention of the third-party platform.
Government
Many government projects all around the world have employed Ethereum blockchain platform for various projects, with has in-turn benefitted various nations all over the world, in decreasing the costs of government projects as well as making them less vulnerable.
Unified communication
Blockchain technology has made the communication much safer and reliable automated communication. While the chatbot technology has made a significant progress in the world of technology, the blockchain technology facilitates communication between the chatbots, with timestamped communication.
Healthcare
This uninterruptible industry is highly benefitted by the revolutionary technology of blockchain, thus ensuring secure communication and timestamped transactions.
Supply chain
Identification of the production process as well as the operations, and storing business information on the blockchain, helps inefficient supply chain management, along with ensuring the security of the information, with timestamped communication.
Ride-sharing
Ride-sharing often deprives the drives, from paying the right amount of shares to them, sighting lack of passengers. However, with blockchain technology taking control, a clearance between the brand and the drives, along with clarity of communication between the customers and the drivers is established, thus none of the parties can deny their role in the communication.
Message encryption
The end-to-end message encryption is taken to the next level with blockchain technology. The decentralized and timestamped messages, along with high-end encryption used takes makes the messages almost impossible to be hacked or intruded.
Keeping an account and tracing the ownership assets are a lot easier with blockchain technology. This helps in eliminating counterfeit products and thus enhances clarity in business.
The above mentioned all the industries have a significant use of blockchain technologies, thus expanding the scope of blockchain app development. Start your blockchain app development now and give a new dimension to your business, with high security, least exposed to vulnerability and easy tracking of the operations, with timestamped communication.
Nextbrain technology offers you the best blockchain development solutions, with the experts working on your project, helping you in getting the ultimate product delivered.
Saran
September 15, 2020 Author