roshinabraham

[roshinabraham]

Blockchain development roadmap

The concept of blockchains technology is set to revolutionize not just the finance or healthcare industry but many aspects of business, government, and even our personal lives.

So what exactly is blockchain?

The blockchain is a chain of time-stamped digital records, known as blocks, which are linked together cryptographically. Since every record that goes into the blockchain always stays there, it can be traced anytime, and nobody can tamper with the blocks of information.

The technology comes with the following benefits:

Decentralization: Removes single points of failure from the system.

Transparency: Makes it possible for every member of the network to access the data simultaneously.

Trust: Achieved through mass consensus.

Related article on What to know before implementing blockchain in your business

Steps involved in a blockchain development process

Now let us look into the stepwise process of developing a blockchain roadmap and understand the blockchain development process.

Step 1 - Identify the problem and goal

The basic step is to define a problem statement, meaning, you should know the problems a proposed solution is expected to solve. Ensure that the blockchain solution will benefit your business abilities. Analyze whether you need to migrate your current solution to the blockchain, or you require a new application to be developed from scratch.

For example, if you are a food supplier and looking to build a blockchain-based supply chain application, you should understand the multiple use-cases of the application and how it is going to benefit your business and the consumer.

Related article on Unchaining the food, retail supply chains with blockchain

Step 2 - Identify the suitable blockchain platform

A blockchain platform is required to build a decentralized application without having to create a blockchain from scratch. Building a blockchain from scratch requires thorough research and takes months to years to develop successfully. Therefore, you should build a blockchain app on top of a blockchain platform that meets your business requirements. This platform depends on the consensus mechanism and the problems it has to solve.

Some of the blockchain platforms you can choose on the basis of their functionality and mechanism are:

Ethereum

Hyperledger Fabric

Hyperledger Sawtooth

Step 3 - Blockchain ideation

In this step of the blockchain development process, you need to evaluate, formulate, and prioritize use cases for blockchain experimentation. Find what technology components should be added as off-chain or on-chain entities on the blockchain ecosystem.

Create a roadmap of the product that will help you to build an application within a decided deadline. You should come up with a blockchain model and conceptual workflow of the blockchain application. Also, decide if the application needs to be developed on a permissioned or permissionless blockchain network.

Step 4 - Developing a proof-of-concept

A proof-of-concept is a way to demonstrate the practical potential of a blockchain project and it can either be a theoretical build-up or a prototype. In Theoretical Build-up, each project requires theoretical cases so that users could understand the applicability and viability of the product. Proposals can be created to explain the project’s parameters. After creating theoretical build-up and receiving feedback, a prototype is designed.

Step 5 - Visual and technical designs

Start creating UIs for each software component. Design APIs that will be integrated with user interfaces to run an application at the back-end. Visual designs are created to give a look and feel to the application, whereas technical designs represent the application’s technology architecture.

Step 6 - Development

Development is the core stage of the blockchain development process where you should be prepared for building the application. In this specific stage, you either have to develop or integrate APIs for particular use cases of the application. The application is built under multiple versions. The application is developed under different phases. It should have the potential to upgrade according to the new business requirements and prioritization.

For example, if you have to upgrade the smart contract, later on, you should be able to deploy the new contracts seamlessly. Design and develop the application in a way that adding or upgrading components does not affect the existing application.

Related article on How secure is your smart contract?

Closing thoughts

When you are done with all these steps, you can generally land up with a solution according to your needs. The decisions related to all stages should follow the objectives you want of the solution alongside the desired infrastructure. Completely new blockchain solutions could lead to a long and comprehensive blockchain development process. However, you can also opt for existing blockchain platforms that can support the resourceful development of blockchain applications.

Therefore, blockchain has the potential to disrupt countless industries and how organizations operate within them. The technology is real and it is being evaluated seriously by many enterprises and government agencies to enhance and streamline operations.

[roshinabraham]

What value does Blockchain add to your platform?

Thanks to the recent popularity surge of digital cryptocurrencies like Bitcoin, the term “blockchain” has gone from obscure technical jargon to one of the most bandied buzzwords in business and financial news.

So, what is Blockchain?

Blockchain allows for the creation of a decentralized public record of digital information. It is the first digital technology that offers a way for unsecured parties to refer to a common, indestructible(append-only) digital record.

Why should you adopt blockchain technology in your business platform?

There are many advantages to implementing blockchain technology. To a large extent, it can help improve operational efficiency and productivity levels.

The main benefits associated with this technology are:

Trust

Decentralized structure

Improved security and privacy

Reduced costs

Speed

Visibility and traceability

Individual control of data

Tokenization

Applications of blockchain technology

Blockchain applications are far more than just bitcoin and cryptocurrency. With its ability to increase transparency and fairness while also saving businesses time and money, technology is influencing a wide range of industries in many ways ranging from contract enforcement to tedious government office works.

Here are some of the practical applications of blockchain technology:

Financial services: Compared to traditional transaction systems, blockchain-based transactions happen at a much lesser time and are fully transparent.

Cryptocurrency: A shared distributed ledger that is cryptographically encrypted stores the ownership records of the individual coins.

Healthcare: From secure health record management, medical staff credentialing, drug traceability to fraudulent activity detection in clinical trials, blockchain revolutionizes the way healthcare data is managed.

Smart contracts: Form of digital agreement that helps you exchange digital currencies, shares, land properties, or anything value-added between two or more parties without an intermediary service.

Supply chain: It can improve traceability of consumer goods or finished products during delivery and can help better trademarking of consumer goods or finished products.

Real estate: One of the major advantages of using blockchain in real estate is that it could be used to greatly improve the land registry process.

Closing thoughts

One of the roadblocks to blockchain adoption is business leaders’ mixed reactions to the importance and significance of blockchain technologies. But whatever their stance, it cannot be denied that there are businesses that have realized billions in cost savings by implementing blockchain technology. With use cases spanning from financial applications to fashion and healthcare, it would not be surprising for blockchain technology to be adopted even beyond the pandemic.

[roshinabraham]

How to build a blockchain application from scratch?

As Tyler Winkelvoss states, “Blockchain is a mathematical framework that is free of politics and human error”. Blockchain technology fills in the requirement for a transparent, reliable, independent, automatic, immutable, decentralized, and indestructible network. 

What are blockchain apps and dApps?

A computer application built using distributed ledger technology is generally referred to as a blockchain application whereas a dApp is a decentralized computer application that runs on a peer-to-peer network and functions just like a normal app and offers similar functions. 

Example of how a blockchain technology is  used in the farming industry.

Related article on Unchaining the food, retail supply chains with blockchain

How does a blockchain application work?

A blockchain runs on a peer-peer network that shares data among its peers, by storing business data chronologically in blocks which means that any change occurring in a blockchain network (for instance, in a bank transaction or a data exchange), is shared with all members in the network. Thus everyone has a record of this action across all connected devices in the network. These blocks of data are then stored in a network chain, and once the information is added to the network chain, it can’t be changed.

Some of the popular blockchain technology solutions widely used are:

• Spotify

• IBM Food Trust

• Matchpool

• Accucerts

• Coinfactory

Take a look at the some of the benefits of blockchain apps:

Public verification 

Transparency 

Privacy 

Integrity 

How to build a blockchain application from scratch?

Identify a niche for your business

Appropriate workflow design for blockchain integration

Proof of concept

New or existing blockchain

Public and private

Consensus mechanism

Actual development work

Related article: What to know before implementing blockchain in your business

Conclusively, blockchain can resolve issues relating to lack of transparency, censorship, misuse of power as well as poor security. As many companies these days are choosing Blockchain app development for the innumerable benefits that they have to offer, the use of dApps is going to be even more widespread. 

Are you looking for a Blockchain development company to assist you in developing Blockchain-based applications?

Accubits is one of the top Blockchain development companies, with years of diversified experience and significant expertise. The diverse expertise of the team has helped 450+ clients around the globe.

Schedule a one-on-one discussion with our blockchain expert to discuss your blockchain needs, doubts, and concerns.