Blockchain is a decentralized and transparent database of digital files stored in different blocks. Such information is accessible only with the approval of all the participants present in the network, known as nodes. These blocks are connected through a hash function, a process of assigning hash codes for each block and information entry. Such hash codes work as digital signatures, designed for the enhanced security of information.
Blockchain technology is gaining a lot of momentum because it has a lot of undiscovered potentials. Even though it is mainly for financial transactions, it can secure many other things like stock exchanges, title deeds, identities. And this is the exact reason for the growing demand for Blockchain application development. Its an excellent solution for developing mobile apps and can reduce intermediaries by eliminating unauthorized access.
Blockchain technology is gaining a lot of momentum because it has a lot of undiscovered potentials. Even though it is mainly for financial transactions, it can secure many other things like stock exchanges, title deeds, identities. And this is the exact reason for the growing demand for its application development. Companies can get blockchain development services by 9series for excellent expert support and complete transparency. Its an excellent solution for developing apps and can reduce intermediaries by eliminating unauthorized access.
How Developers Can Build a Robust Blockchain-Based Application
A recent report by Upwork indicates that Blockchain is one of the fastest-growing technologies, even surpassing Machine Learning. It is a complex development process, but an intuitive user experience can definitely take your business to another level. The most important question before developing a Blockchain-based application is – which problem is it going to solve for your business? Once you have answered it, following are some of the critical things to consider before developing such an application:
Ensure that Your Organization Needs it
The current scenario boasts of a pretty stable investment by the companies in Blockchain technology and processes. A recent report by PwC highlights that almost 77% of the executives surveyed in 15 countries have Blockchain projects in the pipeline. Even though it contains a disruptive power, an organization first needs to establish what they need – a Blockchain or a database? The only factor that differentiates these two from each other is that the latter is controlled by someone. Since Blockchain isn’t managed by someone, an organization doesn’t need a trusted party to run it. It can be run by everyone simultaneously.
Even if a Blockchain isn’t required, building a database makes perfect sense in most of the cases of transferring assets or supply chain management. The three crucial aspects that need consideration for Blockchain are – editing rights to nodes, no privileged trusted party, and no trust between the nodes. If all these aspects give results as suggested, then Blockchain might be a good option. Even then, deploying a trusted third party is feasible if it doesn’t increase operational costs.
Determine Which Departments/Areas Might Benefit
Blockchain is transforming many industries and business sectors by altering the way different departments carry out their operations. They can use it in Accounting for solving overwhelmingly complex tax calculations. Blockchain’s transparent nature can help in making all the computations precise and accurate. Visibility of all the transactions can also assist auditors and reduce their work on validation of transactions. They can focus more on investigating and allocating services towards cybersecurity.
According to Juniper Research, web and mobile marketers are estimated to lose $44 billion to fraudulent activities, by 2022. Implementing a Blockchain for marketing purposes can help in reducing click frauds and ensure that marketers reach their target audience effectively. It will also help marketers in monitoring the money flow and tracking investment from the original to the final source.
Similarly, it can help in streamlining all the coordination between recruiting new talent, evaluation, compensation and termination. Plus, the professionals can easily identify the credentials of candidates by going through their data. And that is because they will have an increased level of control over the data that gets verified by parties. It will also decrease the possibilities of receiving inaccurate candidate data from third-party organizations.
Interoperability and Technological Setup
Technological setup is probably the most significant part because it will determine the parties who will have the rights to read and write the information entries. Accordingly, a public network would be accessible for everyone while a private one would have restricted access rights. When it comes to editing rights, an organization needs to grant permission for some nodes to validate the information. And this compels you to assign some centralization. Blockchain doesn’t require anyone’s approval when a new validating party wants to enter. However, here, the question of centralization is determined based on who holds the higher level of degree.
Interoperability is a vital step for a smoother flow of communication between participants and even other Blockchains. It requires developing interfaces and routes before a particular project starts. For example, a Blockchain built by a healthcare agency has to be inter-operated and inter-connected with pharmacist and chemist chains to set the communication flow smoothly. Organizations can also implement Blockchain-as-a-Service (BaaS) that is provided by a Cloud service provider. Providers like AWS, Azure provide hosting services that keep a Blockchain running for a fixed fee.
Choosing the Right Blockchain Application Development Company
Before choosing a suitable provider, organizations need to identify a consensus method that they would be using. Consensus method is a process of authenticating a transaction based on proof of work, Stake, Elapsed Time, Delegated Stake, Fault-Tolerant. Today, most platforms are open-source. Hence, choosing a platform totally depends on the problem you need to solve based on a consensus method. Most popular open-source platforms among which you can select today are Ethereum, Quorum, Hyperlerdger, IOTA that offer smart contract functions along with developing decentralized apps and ICO. Similarly, you can also choose Blockchain development languages like Python and can also consider mobile app development using Vue.js.
Due to the complex nature of Blockchain processes, it becomes crucial for organizations to receive professional expertise by the companies providing custom mobile app development. Such services offer reliable end-to-end Blockchain mobile application development and implementation by speculating, classifying and shortlisting the most viable solutions. As technology advances, many roles like risk management, analytics and process management will also emerge. Smart contracts will almost become a necessity and Blockchain development will be combined with AI and IoT. Hence, Blockchain possesses immense potential for optimizing the operations of individual firms and creating a secure and stable business ecosystem.