In a competitive marketing landscape where technological innovations rule the roost, Blockchain is a name of unmistakable identity as a promising technology for startups and legacy institutions alike. The application of Blockchain is getting broadly pervasive across industry-leading enterprises, ranging from financial institutions (JP Morgan, Santander) to tech leaders (Microsoft), and even national governments (Singapore, Dubai, Brazil).
The unabated growth of Blockchain is largely attributed to its inherent quality of being a decentralized and distributed ledger featuring immutability and transparency. Meaning, Blockchain delivers peer-to-peer, distributed intermediation that rules out the involvement of a centralized authority to manage a Blockchain network. Moreover, it is highly impenetrable.
However, like most cutting-edge technologies with some unique quirks that many early adopters face along the way, choosing Blockchain solutions also requires a great deal of consideration even for the savviest business leaders.
What Are The Use Cases Of Blockchain Technology?
- Smart contracts – Real-time and Blockchain-based smart contracts automate agreements between two parties without intermediation.
- Internet of Things (IoT) – Integrating Blockchain technology into IoT devices would significantly reduce data breaches.
- Money transfer – Blockchain is expected to facilitate lightning-fast transactions in real time to save both time and money.
- Trade finance – To streamline and simplify trade finance deals across borders for enterprises.
- Logistics – Blockchain’s data transparency can help logistics businesses build greater trust and transparency within the industry through automated efficiency in data sources and processes.
- Medical field – Blockchain technology can help the healthcare industry streamline the processing of massive medical data and manage data encryption problems.
The application of Blockchain technology also facilitates data authentication, recordkeeping, and smart contract execution, which essentially endorses its significance in broad application areas.
How Do You Plan for Blockchain Projects Promising Great ROI?
You need to analyze the capabilities of Blockchain technology, such as tokenization, decentralized identity, smart contracts, digital signature, and distributed immutable ledger. Why? It will help you understand how to build the perfect solutions for your target customers by recognizing the capabilities of Blockchain technology.
Moreover, choosing the right ones demonstrating the real capabilities of Blockchain technology will result in translating your application into a powerful product for solving a real problem.
Ask yourself how you ideate the business process as a decentralized network. Understand that decentralized networks are radically different and far better compared to existing business processes involving various steps, intermediaries, and costs.
What About the Scalability? How Would You Plan to Scale Your Application?
You can find scalability concerns present in decentralized public Blockchains somehow. That’s because a decentralized ledger across user devices to carry out verification, security, and redundancy consumes much processing power.
For example, Visa can process nearly 24,000 transactions per second, whereas Ethereum Blockchain technology is limited to just 20. It doesn’t mean to say that the lack of ability to scale is immutable in Blockchain technology but it narrows down, in due course of time, when it matures.
What you need to understand, if you are searching for an option to scale in the short term, is to leverage some famous private Blockchains, say, for example, IBM’s Hyperledger Fabric – a modular and flexible Blockchain framework for enterprise Blockchain platforms for building enterprise-grade applications and industry solutions.
To ensure robust controls over transaction speed, gatekeeping permissions around access and transactions come in handy, as doing so will also restrict the bad actors and scale more effectively.
What Do You Need to Set Up a Blockchain Development Team?
While the market lacks a sufficient number of skilled Blockchain developers to meet the increasing demand, the good news is most Blockchain app development is similar to a typical web application development. However, it doesn’t preclude the necessity of having a Blockchain expert in your development team to guide the project to its successful outcome.
Also Read: Top 10 Software Development Trends
What About the Tech Stack and Tools to Integrate With?
Since a Blockchain app doesn’t require dependency on Blockchain platforms, one of the toughest challenges is to integrate your Blockchain elements with the rest of your traditional tech architecture using legacy frameworks and tools, such as Truffle, Hardhat, Brownie, Alchemy, and Solidity.
You need to understand that the Blockchain tech stack refers to platforms and underlying protocols essential for building a Blockchain application. On the other hand, a technology stack, in software development terms, refers to components and tools for building an app.
The tech stack should be chosen in accordance with your business needs and project requirements. Don’t forget the services and integrations your Blockchain project will need to work as expected. You need to put together a development team and ensure efficient resource management to lead the Blockchain project development to fruition.
What accounts for a successful Blockchain app development?
Well, it is when your project’s goals and architect are perfectly aligned, with a comprehensive roadmap detailing your resource requirements and technical needs.
Building a solution with Blockchain involves creating shared, immutable, and distributed ledger technology that records transactions and tracks assets; both physical (i.e., real estate, money), and nonphysical assets (i.e., copyrights) within a network.
Considering the challenges in Blockchain development, mostly decentralization and scalability, we gather it requires proper understanding and insights that what you are going to build aligns with your business goals.
Don’t forget to ask yourself some vital questions, such as –
- How much data storage I would need for a seamless workflow? Do I need a dedicated place to store data?
- Is my business suffering from a transactional slowdown?
- Do I require third-party authorization for data control and authentication?
We have discussed some fine points about what you should ask before you consider building a Blockchain solution.
Also, if you are looking for a trusted partner that can help you walk through the processes regarding Blockchain app development, consider Binmile a qualified resource. We are a distinguished brand of global repute in the field of software and application development services. Tech assistance provided by us to thousands of clients from different industrial verticals helped them bring forth automated efficiency in their business operations, build stunning apps, and improve business visibility.