Blockchain has been in the news for a while, but people are still very interested in building blockchains. Blockchain and cryptocurrencies are still popular topics of conversation. As this technology is in high demand, a lot of app development companies have started to work on it.
Don’t you believe us? Look at the facts for yourself. According to a leading report, the world will spend an estimated $15.9 billion on blockchain solutions by 2023, up from $1.5 billion in 2018. Companies in almost every business are trying to take advantage of the benefits that blockchain is expected to bring, and many are trying to use their own versions of blockchain and cryptocurrency. Also, more than 60% of the market value of blockchain around the world in 2018 came from the financial sector.
Every industry, from banking to media to healthcare to real estate to travel and tourism to even the government, is interested in the development of Blockchain apps. So, before we do anything else, let’s learn a little bit more about blockchain.
How does Blockchain work?
In simple terms, a blockchain is a list of digital records that are stored in the form of a chain using cryptography. These records are called “blocks,” and the way they are kept is called “the blockchain.” You’ve probably heard of cryptocurrency or Bitcoin if you’ve done business online. These are examples of blockchain technology.
Blockchain is just a decentralised database where digital records are stored in blocks and linked to each other with a hash function. The hash code of the previous entry is stored in the current block, and the hash code of the current block is stored in the next block.
Since most software development companies are trying to invest in this technology, an entrepreneur shouldn’t do blockchain development just because everyone else is doing it.
So, in this final guide to blockchain development services , we’ve gone over all the technical details you need to know, as well as tips and tricks for using this technology in your business. Let’s start by talking about everything in depth.
Different kinds of blockchain solutions
There are two main types of blockchain solutions:
Taking into account
Based on the network, there are two more types of blockchains:
Blockchain without permission
Bitcoin is the best example of a blockchain that does not need permission. In this case, you don’t need permission to access any database, and anyone can access the network or start a conversation in the network while keeping their identity hidden.
Blockchain with permissions
Permissioned blockchain is more like a closed ecosystem where only people with the right permissions can access the database and only if they follow the rules.
Based on the Support for Cryptocurrencies
Based on whether or not they support cryptocurrency, blockchain solutions are further broken down into cryptocurrency-based solutions and solutions that don’t support cryptocurrency.
Blockchain is based on cryptocurrency.
These kinds of blockchain solutions are based on cryptocurrencies, as the name suggests. Some of the most popular blockchain solutions that use cryptocurrency are:
Wallets are used to send and receive cryptocurrency.
Crypto exchange development, also called Digital Currency Exchange (DCE) systems, are used for trading cryptocurrencies.
Initial Coin Offerings (ICO), also called Initial Currency Offerings (ICO), is a way to make and sell digital currencies.
“Distributed app” (Daap): Dapp development services work on apps that multiple users can run at the same time on a on P2P network.
Blockchains that don’t use cryptocurrency
These solutions don’t need cryptocurrencies to work. They are based on Distributed Ledger Technology (DLT), which is a database that is spread across many nodes and computers. The most important thing is that these nodes or ledgers are not controlled by a single group. They can be changed by anyone.
How to Choose the Best Blockchain Development Platform
There are many blockchain development platforms on the market, such as IOTA, Hyperledger, Multichain, Quorum, and many more, from which you can choose the one that best fits the needs of your project. But here are the main things to think about when choosing the right blockchain development platform:
Nature of Platform: You can choose the best platform for developing your blockchain solution based on your needs. Some platforms use cryptocurrency, while others use smart contracts or more than one cryptocurrency token.
Smart Contracts: A smart contract helps you keep track of your digital transactions without a third party. They are contracts that run themselves and process, verify, and enforce any action stored on the blockchain system.
One of the important things to think about when choosing a platform for your blockchain development is how it works with cryptocurrencies. You need to be very clear about what your project needs and make sure you know if it will use cryptocurrencies or not.
Network: Again, just like with the type of project, you need to think about what kind of network you want for your project. Do you want a public network, where anyone can make changes, or a private network, where only people with permission can make changes?
Now that you’ve decided what kind of platform you want for your project, you’re ready to start making your blockchain app.
How long and how much it costs to build a blockchain
There are many things that affect how much it costs to make a blockchain app, and time is one of the most important ones. So, it’s best to talk to a blockchain app development company about your project. They’ll be able to tell you exactly how much it will cost. But here is a table that shows how many hours a development company spent on each step of making your blockchain app.
How to Put Blockchain Development to Work in Your Business?
You probably want to know how to use blockchain technology in your business now that you know more about it. Even though blockchain has unmatched potential and can be used in your business in many different ways, here are some of the most common ones:
For Business Deals
Digital currencies are one of the most common ways to use blockchain technology in your business. These are not only safer and faster, but they are also cheaper than other options. This technology is already being used to move money by companies like Abra, Bitwage, and Coinpip.
The Cloud Stores
Blockchain technology can also be used to give your customers a place to store files in the cloud. They are not only fast and easy to use, but they are also very safe.
Since Smart Contracts
One of the most common ways that blockchain solutions are used is through smart contracts. Smart contracts are used by many businesses to get around laws and lower the costs of their transactions. This is the main reason why businesses like to use these contracts: they are reliable and can’t be broken.
Notaries
Blockchain development can also be used to create and verify notaries because this technology is secure. Some businesses on the market offer notary services that use the user’s image or video shared through blockchain.
For Supply Chain and Logistics
Logistics and supply is a long and difficult process with a lot of moving parts. If something goes wrong, it changes a lot of things. Blockchain technology can be used to handle all of these problems and make the process easier. Blockchain solutions are very useful for everything from making payments to storing data. If you are also in the logistics and supply business, you can hire blockchain developers to make a solution for your business that fits your needs.
Ending Note
Blockchain is one of the technologies that is growing the fastest right now, and more and more businesses are trying to use it in their work. Depending on the type and nature of your business, you can hire professional IT services and have a blockchain solution built just for you. This is one of the best technologies for businesses that want to make the switch to digital. It not only speeds up the whole process but also makes your transactions much safer.
We hope this article answers all of your questions and doubts about blockchain development. If you still have questions, feel free to get in touch with us at any time, and we’ll be happy to talk to you.
