Bureaucratic system workers, who work with the database, will soon be replaced by blockchain! With the hundreds of inventions has been evolving every day, the way we live in the world has changed towards better livelihood. A very recent talk of the town is Blockchain, not only the business professionals but also common people have started discussing it. But, what exactly is behind in this kind of permeating? So, we are going to see blockchain, its benefits and the steps to follow to build a blockchain app through this blog.
What is Blockchain?
As said in the beginning, blockchain is going replace the digital database system and instead of that, the information can be stored in the series of blocks. The decentralized database can be linked with previous blocks. The information of every transaction can be updated at all the devices simultaneously. With the risk-free transactions and safe data ledger, the blockchain will be tracking and maintaining data by using the distributed database. Bitcoin is the first decentralized digital currency, which is functioned by using blockchain technology.
Benefits of Blockchain Applications
Blockchain application is just a matter of a second! When you develop a blockchain app as your own, you no need to wait for hours to create bank accounts for transactions. With blockchain application, you need to spend just 5 minutes and you can perform transactions anywhere in the world. In this technology, there are no broker and banks involved. This makes everything easier and safe.
The best traits of using blockchain technology are the decentralized and the transparent transaction. Bitcoin reduces the stress over inflation, as it doesn’t involve in printing money. Moreover, the government is looking to add restrictions of cash circulation. With these moderations are being expected, bitcoin comes as decentralized and provide comfortable transactions despite the distance of countries.
3. Unmatched Safety Level
Another reason that supports the usage of bitcoins is the unmatched safety level it provides. The data is stored in the series of blocks which is highly difficult to tamper. Bitcoin transactions are performed by smart algorithms and cryptography of the highest level so that it is highly protective of scammers. If you still worry about the skilled hackers, you have another way called “Cold Keeping”, which is completely impossible to steal.
4. Public Verifiability
Creating a blockchain mobile app allows anyone to verify correct system working. Each transaction is being confirmed by verifiers in a distributed ledger.
5. Privacy and Integrity
Privacy and integrity are the critical systems in any system. But there is a conflict between keeping privacy and transparency. When the system is centralized, privacy becomes certainly easier, but in a decentralized like blockchain, the transparency becomes prior.
Steps to Develop a Blockchain App
Figure out Strategy
To commence the blockchain application development, first and foremost, figure out the application strategy, which suits your business. Being knowledgeable about the creation of application and the reasons for creating the applications credits you with the successful output. If you want a blockchain app built as your own, make sure you are aware of primary goals.
Understand How You Are Going to Handle
While you are in the developing process, you must decide how you want to handle the blockchain database. It can be either public or private or hybrid. When the database is activated as public, anyone can access the transaction history. Private infrastructure doesn’t require cryptocurrency mining whereas hybrid platform private and public Blockchains.
Analyze the Solutions Available
After a deep analysis, we have compiled available solutions in the below section,
- For running a public blockchain, you must go with open blockchain like Ethereum/Bitcoin.
- If you want to create a private blockchain network, you must install blockchain software and run it privately without third-party access. Additionally, you will have options of creating a private network with partners and trusted peers.
- You can go to cloud base solution provider such as IBM, BlueMix, Amazon Web Services and Microsoft Azure, which provide Blockchain as a Service (BAAS)
- Starting a public blockchain network enables anyone to become a node
Use a Proof-of-Concept Approach
To create a blockchain app, you must test your idea with a Proof-of-Concept approach. It offers the easy ways to test the business outcome. Since POC is not so expensive, a thorough follow-through is enough for data migration project to become a success. You must confirm that the success measurement criteria are clearly defined, before starting a Proof-of-Concept approach.
Blockchain Software Development
Develop to a specific platform/to a cross-platform framework and which tools you must use are the two critical decisions, which you should make while the initial stage of the development process. Deciding what must be chosen is highly critical that everyone must take care of. Both of them have development advantages and challenges.
Launch the Application
The final stage of developing a blockchain app is to run it in the production. Now it is ready to be sold on the app store or Google play after successfully testing it with user acceptance.
Along with the plethora of technology emergence, the changes and innovation continue to grow up. The blockchain is one such technology that certainly conquers the future fund transactions.
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