Blockchain App Development
Blockchain app development is important for numerous industries because it eliminates the need for a central server to mediate exchanges between users. In a blockchain network, every member serves as both a user and a mini-server, taking responsibility for verifying and transmitting data. This decentralized structure opens up a wide range of possibilities for businesses. Let’s delve deeper into how blockchain operates.
By simply changing its name to On-Line Blockchain PLC, a UK-based organization, On-Line PLC, experienced a significant surge in traffic, increased investor proposals, and a remarkable 394% surge in share price. The impact of blockchain technology on businesses is evident when considering the following statistics:
- In 2017, the blockchain market was valued at approximately $339.5 billion. Forecasts suggest it will surpass $2.3 billion by 2021.
- Dot Com Infoway predicts that the global blockchain market will reach a worth of $20 billion by 2024.
- According to Grand View Research, the global blockchain technology market was valued at USD 3.67 billion in 2020, with an expected compound annual growth rate (CAGR) of 82.4% from 2021 to 2028.
- Anticipated blockchain growth stands at 42.8% per year until 2022. This surge is largely attributed to blockchain adoption in money exchange and the increasing interest of major banks in developing cryptocurrencies like the Utility Settlement Coin (USC) to enhance cross-border transactions.
- A report indicates that 71% of business leaders utilizing blockchain believe it will be instrumental in advancing technology, prompting widespread support for industry standards.
Given these staggering statistics, it becomes evident that the development of blockchain applications and the undertaking of blockchain projects are becoming increasingly prominent as focal points for numerous startups and established businesses alike. Industries ranging from manufacturing to media, telecommunications, finance, banking, healthcare, energy, real estate, and even the government sector are displaying keen interest in engaging with blockchain application development.
Are you ready for the revolution known as Blockchain App Development?
Let’s Understand The Different Types of Blockchain Systems/Solutions
The process of developing a Blockchain application begins with categorizing the type of Blockchain solution –
- Cryptocurrency support
- Network
Blockchain types are categorised based on Networks:
When discussing blockchain development according to network structures, you can opt for either permissionless or permission blockchain solutions.
Permissionless Blockchains allow the entire network to be publicly accessible on all computers and devices. Anyone can access the code, start running a public node on their local devices, initiate interactions within the network, and verify transactions, all while remaining anonymous. In summary, a permissionless blockchain is decentralized, equally accessible, and anonymously available. Examples include Bitcoin and Ethereum.
Permissioned Blockchains denote a closed ecosystem where only authorized participants can engage based on their specific roles. These blockchains operate under a set of rules governing transaction implementation to address the needs of a particular organization, such as database management or auditing. An example is Multichain.
Indeed, there are two primary types of blockchain, but when considering permissions, they further classified into four categories: public and permissionless, public and permissioned, private and permissionless, and private and permissioned.
Enterprises are primarily seeking a private and permissioned blockchain network, which can also be referred to as a consortium blockchain.
This type of blockchain system offers essential functionalities of blockchain architecture, such as automated data synchronization, immutability, management of multiple permissions, process automation, and robust privacy and security features. These capabilities enable the development of more efficient and data-driven business models at a reduced cost.
Things to Consider for Blockchain App Development
Platform Nature: Some blockchain platforms are based on cryptocurrencies, while others rely on smart contracts or utilize multiple crypto tokens. Identifying the most suitable type will simplify the process of developing blockchain applications.
Smart Contracts: The next consideration is determining whether you require a smart contract. A smart contract is a self-executing protocol stored on the blockchain system that processes, validates, or enforces trigger-based actions.
Consensus Protocol: Various blockchain development platforms operate on different consensus protocols, such as Proof of Work, Proof of Stake, Proof of Elapsed Time, Proof of Burn, and others. Therefore, identifying the appropriate platform based on the consensus protocol is also advantageous.
Cryptocurrency: Another crucial consideration in the development of a blockchain app is determining whether the use of cryptocurrencies is necessary for your mobile application. This factor also significantly influences the selection of the appropriate platform.
Public/Private Network: Consider what type of network you desire – whether it’s one where all users can freely make changes or one where only authorized users can participate. Based on this decision, select the platform and begin developing your blockchain application.
Adoption Rate and Functionality: It’s essential to assess the adoption rate and community support level of a particular blockchain. The adoption rate refers to the extent to which a specific blockchain innovation has been implemented. Opting for a technology that has been widely adopted is a prudent choice compared to selecting one with low adoption levels.
Adoption Rate and Functionality: Evaluating the adoption rate and community support level of a specific blockchain is crucial. The adoption rate measures the extent to which a particular blockchain innovation has been implemented. Opting for a technology that has achieved widespread adoption is a wise decision compared to choosing one with low adoption levels.
Languages to Consider for Blockchain App Development
The technology stack for creating blockchain-based software depends on your requirements and team capabilities. Various programming languages can be utilized for blockchain development. Below are your options; some are widely used, while others are less popular but still effective:
- C#
- Python
- Java
- Solidity
- Go
- C++
- Michelson
- Plutus
- Scilla
- Rholang
Simplicity: Simplicity is employed for smart contracts blockchain development. This language is user-friendly, incorporates static analysis, and is considered an advancement from basic cryptocurrency languages such as Ethereum Virtual Machine (EVM) and Bitcoin Script.
Solidity: Solidity is a statically typed programming language designed specifically for building smart contracts that operate on the Ethereum Virtual Machine (EVM). Using Solidity, you can effortlessly implement self-executing business logic within smart contracts, ensuring a tamper-proof and authoritative ledger of transactions.
Development of Blockchain Applications: What amount of time and cost is involved?
With all this information, you may be wondering about the most common question: How much does it cost to develop a blockchain application? Well, determining the exact cost is challenging as the blockchain development cost varies depending on the required efforts. For instance, if you aim to create a blockchain wallet, the average time required would be:-
Similarly, for the development of any other blockchain application or system, the time and effort needed will vary.
With this reference, you can get a preliminary estimate of the funds required. However, do not consider this as your final quote. The cost of blockchain app development varies based on various factors. Therefore, it is advisable to consult with blockchain development companies to determine the precise breakdown of blockchain app development costs.
Before initiating discussions with development firms, assess if blockchain technology is relevant in your industry. Here is a compilation of industries where blockchain has demonstrated significant utility.
Finance: Blockchain initially entered the finance sector through fintech. The technology’s inherent features, such as transparency and decentralization, have significantly boosted its adoption in the finance domain. This has led to the emergence of a new decentralized finance (DeFi) and open finance ecosystem, empowering fintech software development solutions.
Healthcare Sector: The healthcare sector has a close and direct relationship with blockchain technology. Healthcare organizations utilize blockchain not only to decentralize vast amounts of data but also to mitigate numerous instances of hacks and security breaches that occur due to the absence of a decentralized system.
Real Estate Sector: In the real estate sector, the substantial volume of data and paperwork involved makes it an ideal candidate for blockchain technology adoption. Additionally, the smart contract feature proves to be particularly useful in an industry that handles numerous contracts.
Supply Chain: Blockchain has a profound impact on the supply chain department of operation management. The technology enables the supply chain industry to eliminate loopholes in the system and achieve complete transparency across all supply chain processes, from order procurement to delivery.
How Blockchain Provides Benefits in Various Business Processes
Now that you’re acquainted with the tech world of blockchain, you might be eager to integrate blockchain technology applications into your business. Do you already have a plan, or are you still contemplating how to leverage blockchain for profitable business transformation?
For Financial Transactions:
As the backbone of Bitcoin and other cryptocurrencies, blockchain technology is poised to revolutionize transactions. The elimination of intermediaries will not only accelerate the process but also enable secure fund transfers at a significantly lower cost. Real-life use cases in firms such as Bitwage, Abra, and Coinpip demonstrate the utilization of blockchain for fund transfers and payroll management.
As a Decentralized Cloud Storage Solution:
You can also leverage blockchain technology to offer your customers faster, more convenient, and secure cloud storage solutions. To do so, you would need to select a reputable Blockchain-as-a-Service (BaaS) provider.
Smart contracts:
Smart contracts offer a means to circumvent regulations and reduce costs for a variety of financial transactions. Moreover, these contracts are secure and tamper-proof, ensuring their reliability.
For Notary Purpose:
Blockchain development can also be considered for the creation and authentication of notary services.
For supply chain management:
Since the supply chain involves the exchange of components among multiple entities, a failure at one end can disrupt the entire process. To address this issue, blockchain technology can be utilized to create secure and immutable audit trails, allowing stakeholders to track the entire processing chain. Interested in real-life examples?
In the digital identification process:
Blockchain can be employed to establish immutable, indisputable, and secure digital identities, leading to reduced fraud instances and a seamless sign-in experience.
For rewards and loyalty programs:
By removing intermediaries, blockchain facilitates retailers in efficiently engaging their customers with gift cards, rewards, and other loyalty programs at a lower cost.
CONCLUSION:
We trust you found this guide to blockchain app development helpful! If you have any further questions or need additional assistance, feel free to ask.
Get ready to embrace the changes in your app development ideas and refer to Duple IT Solutions, a trustworthy and reliable company that deals with Blockchain App Development. They will help you expand your decentralized journey.
