Blockchains are records of chains, also referred to as blocks. They contain financial information such as monetary data, files, and transaction details which are ‘chained’ together by hashes.
Blockchain technology is among the most prominent and digitally transformative technologies currently available.
Not only is it useful in carrying out financial transactions efficiently, but it also provides tangible benefits where other business operations are concerned. One of the key reasons for its popularity is the unmatched security it proffers. In addition to that, the swiftness and seamlessness that are possible when exchanging information are undeniable.
Developing an efficient Blockchain usually requires efficient research and time, which can take years. But there are also open-sourced Blockchain resources available for developers and business owners to use, which can help simplify development processes.
In this guide, we will outline a start-to-finish process on how to create a Blockchain application. Let’s begin with understanding why and when you should invest in Blockchain implementation.
- 4 Important Reasons To Adopt Blockchain
- When Is The Best Time To Use Blockchain?
- How to Develop the Perfect Blockchain Application?
- Final Words
The Real Value of Blockchain: 4 Reasons to Adopt Blockchain
Blockchain adds enormous value to a business, and companies across government, retail, healthcare, and other industries are keen to encash on this opportunity to implement productive and transparent solutions to scale their operations.
Here are the top reasons why Blockchain is increasingly favored:
Using Blockchain helps transactions become transparent. It is a ledger that all members of the same network can access without making any changes.
To proceed with any developments, all members have to arrive at a consensus. This way, Blockchain maintains transparency and efficiency.
2. High Speed
Since Blockchain is automated software, it simplifies transactions. Gone are the days when transactions had to be paper-based, which was time-consuming and frustratingly inaccessible.
Blockchain, on the other hand, consists of a single ledger online that can be quickly and seamlessly accessed by all the members of the same network. Being an automated software, it is also error-free.
3. More Traceability
If you work for a company that manages products exchanged through a complex supply chain, you know how difficult it can be to trace an item back to its source.
However, when you record the supply of products from one location to another on the Blockchain, you obtain a complete audit trail that shows where an item came from and follows each stop along the way. Data history maintained on the Blockchain application vouches for product authenticity and, thus, prevents fraud.
4. Reduction In Costs
For most organizations, cutting costs is a top concern. Because the network participants validate everything on the network through a consensus, you do not require mediators or third parties to build trust while using Blockchain.
Since everyone will have access to an immutable version of the documentation, you will not need to examine it in order to complete the transaction. While it is vital to understand how Blockchain might help your business, it is also crucial to recognize when you should use it.
Relevant Read: Top blockchain applications in different industries
When Is The Best Time To Use Blockchain?
Here are a few questions to ask yourself to understand if you need Blockchain apps for your organization:
Do you need to store data?
If your organization deals with huge chunks of data that require meaningful storage solutions, then Blockchain is for you. You can easily manage it using an application since Blockchain does this on a single ledger. The data is shared transparently, and users are not allowed to change it without prior permission.
Do you possess auditable data?
If your data consists of data and transactions that need to be updated regularly, then you should highly consider Blockchain. It maintains a perfect record of all the transactions, which will be helpful in the long run.
Does your work require high speeds?
If you are looking for a centralized system that processes information within milliseconds, then, Blockchain is not for you. However, while Blockchain is slower in comparison, it is much more secure. You have to determine whether you prioritize speed over security.
Relevant Read: How Much Does It Cost to Hire An Ethereum Developer?
Are you comfortable with a central authority controlling your data?
There may be a variety of reasons why organizations may prefer third parties. They may be advantageous in some cases. However, due to a lack of openness, the third-party authority might cause trust concerns.
With Blockchain, data is managed by numerous parties, and information is validated using a consensus mechanism that has been agreed upon. If you are concerned about privacy, Blockchain can be used to grant read-only and write-only access to a certain party.
Building an effective Blockchain requires a lot of research and dedication. Hence, you should only build one if your business requires it. Hopefully, these questions will assist you in determining whether or not Blockchain is truly necessary for your business.
Let’s move on to developing our Blockchain application.
Don’t Hire Us Until You Learn How We Can Help You Develop Your Blockchain Application & Grow Your Business.
How to Develop the Perfect Blockchain Application?
Developing a successful Blockchain consists of six steps:
1. Identification of the Goal
The first step is to identify the need for Blockchain, the goal, and the problems you wish to solve with it. The Blockchain app you develop needs to suit your business; you cannot implement just any Blockchain.
For example, suppose you have a retail business and are looking to develop a Blockchain-based application. In that case, you need to analyze your business requirements and what you intend to achieve (customer satisfaction, financial security, etc). Based on this, you can determine the platform that will help you attain your goals.
2. Choosing the Right Platform
You must create your Blockchain application keeping your business model in mind. For this, you can begin with choosing the right platform for your business.
Perhaps an ETH-based application can be used to create a decentralized system or a corporate-based like Hyperledger to exchange data within your organization is better suited for your business. Some other popular platforms are Ethereum, R3 Corda, and Ripple.
3. Blockchain Ideation
Once you figure out the Blockchain platform that is suitable for your business application, the next step would be to identify technological components that can be used in the Blockchain ecosystem.
Create a roadmap and draft the requirements of your business to create it within the stipulated time. As a creator, you can also figure out programming languages as well as servers you wish to use.
4. Creating Conceptual Proof
This step helps understand the practical use of the Blockchain. The concept could either be in theory or an actual prototype. We begin with the theoretical build-up, where we create proposals that explain the project in detail.
This is crucial as you will receive vital feedback to base your future development processes. Following that, you can create a prototype that consists of info such as sketches, designs, product testing, etc.
5. Visuals and Technicality
Once you have the entire application planned, you can move on to creating UIs. This includes having to design APIs which will be integrated with the UI to run the application.
A visual appeal is necessary to impart a distinct feel to your app. Therefore, getting the UI/UX design technicalities is critical for success.
6. Development of Blockchain
In a bid to build a scalable and sustainable application, various iterations of the app are created and thoroughly tested until one gets approved. We then move to the next stage, where developers test it again with white-box techniques.
The software that gets approved after this is called the Beta version, a term we are all familiar with. It is still in the testing phase at this point, and hence, may still have bugs.
When it finally moves to the production phase and is ready for delivery, the app will undergo extensive testing to detect and eliminate bugs. Before the application is released online, businesses can choose which version to deploy.
An application must be hosted on the main chain once it has been provisioned. If the Blockchain application is a hybrid one, i.e., it incorporates both off-chain and on-chain business entities, you must deploy it to a cloud server as well as the app store.
Bear in mind that your application should accommodate any new business demands and prioritizations in the future.
This depends on the quality of your blockchain development company, from Blockchain developers, UI/UX designers, software testing professionals, and project managers.
Here are cutting-edge Blockchain development tools you can use in the development process:
- Remix IDE: Remix IDE is one of the best Blockchain development tools meant for smaller contracts. It can be added to your browsers such as Mozilla Firefox and Google Chrome. Through the browser extension, you can write and debug the application code using Solidity, a programming language.
- GanacheCLI: GanacheCLI is a NodeJS package that is a customizable Blockchain emulator. Using this, clients can easily get an overview of transactions and test chain events.
- Solium: Sodium guarantees that Solidity has no loopholes. It formats the code in such a manner that it eliminates the risk of security and vulnerability.
- Metamask: This wallet connects your browser with the ETH Blockchain. It can even be installed on Google Chrome or Mozilla Firefox as a browser extension. You can use it to save Ether and ECR20 keys, apart from buying and selling them.
If you need help in developing your blockchain application, feel free to contact our blockchain experts.
Blockchain applications are becoming more prominent by the day as they are more secure and convenient to use. They provide ease of transactions apart from excellent record-keeping.
Blockchain development usually takes a few months to build the app, after which it goes through rigorous testing before the final launch.
To build the perfect Blockchain app, it is important to dedicate adequate time and research and leverage the best development resources to meet your goals.
We hope this helps!
Rajamanickam Rajan is the director at Skein Technologies, a leading IT solution company in India. He has 10+ years of experience in developing application using IBM Worklight hybrid, native applications for IOS and Android systems.