Characteristic, Concept & Platform of Blockchain App Development
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You must be living under the rock if you haven’t heard about the term ‘Blockchain’ yet. In the past few years, various sectors such as finance, healthcare, manufacturing, and education, have jumped on the blockchain bandwagon to profit from its unique characteristics, avail better opportunities and reap substantial benefits.
Why so? Blockchain technology promises benefits in terms of credibility, transparency, trustability, collaboration, organization and identification.
Blockchain is developing at breakneck speed but the ship hasn’t sailed yet. You can still incorporate blockchain development into your brand and offer blockchain app development services to future proof your company.
In this blog, we have discussed what is blockchain technology, how does blockchain work, concepts that are important for blockchain development and much more so that you can benefit more and more from this technology.
Blockchain or popularly known as ‘The Internet 3.0’, is a shared digital chain of blocks where each block contains data of value confirmed by all nodes in the network. It is not controlled by any central authority.
‘What the internet did for communications, blockchain will do for trusted transactions.’
- Ginni Rometty, CEO of IBM
Each block in the chain has its hash value and of the previous block as well that acts as a unique identification so that no one is able to tamper with data stored in it. The information stored on the blockchain is totally safe from being deleted or changed. Instead, a new block must be linked to the chain to update any stored information.
5 Unparalleled Characteristics Of Blockchain App Development
All the information in the blockchain is distributed across local computers, called nodes. Moreover, no single entity has control over the data, users interact with each other for one-to-one dealing without any third party involvement.
In case, any of the devices shut down or staff go unavailable, accessing or restoring the information in real-time becomes quite difficult.
Thanks to its openness and immutable nature, nobody can add, edit or delete the content stored in the system.
It ensures better accountability and a bond of trust between the stakeholders; who can take care of everything in real-time. Both the parties are immediately notified about the completion of transactions, that adds an unprecedented layer of convenience and credibility.
3. Protection of Personal Data
Though some public blockchain are open, encrypted and publicly accessible, the access can only be approved to specific users by the owner/manager.
This way blockchain development companies offer transparency and flexibility while ensuring the data protection.
Every time, whenever the exchange of goods is recorded on a Blockchain, data is present to bring to notice the origin of the goods. This fivefold security prevents any chances of fraud in exchange-related businesses. It also verifies the authenticity of the traded assets.
In industries such as healthcare, blockchain development can be of great help to keep track of the supply chain from the manufacturer to distributor and provide definitive proof of ownership.
5. Smart Contracts
In layman terms, smart contracts in blockchain development is a digital program that allows buying or selling things without paying any commission to the third party.
Being a self-automated contract, smart contracts are programmed in such a manner that the actions are taken on their own once the associated terms of the agreement are met. This eliminates the need for intermediaries and makes the transactions trustworthy, economical and time-efficient. On the whole, smart contracts are the building blocks for blockchain application development.
Knowing the basics of this decentralized technology is not enough. The picture is much bigger before you move to blockchain development. Let’s discuss some of the basic concepts which are significant for every blockchain enthusiast hoping to sell out blockchain development companies and make it big.
Important Concepts Necessary for Blockchain App Development
Security & Encryption- Private key, Public key pair and Secure Hashing Algorithm.
Data Structures- Associative array, Linked List, Hyperledger and HashTable.
Networking Concepts- Socket programming and Multi-threading.
4 Foremost Platforms that Support Blockchain App Development
Ethereum is a well-known, open-source blockchain-based public platform founded by Vitalk Buterin. It uses EVM to offer the run-time environment. It is flexible, adaptable and uses PoW (Proof of Work), making it the most preferred choice for every blockchain app development company to build a blockchain app.
EOS is a blockchain platform that allows the development of dApps (decentralized apps), smart contract capability, decentralized storage of business explanations and hosting services.
3. Hyperledger Sawtooth
It is an open-source platform used to create, execute and launch distributed ledgers (DL) to maintain records in a decentralized way.
Designed by J.P. Morgan, Quorum is an open-source DLT and smart contract platform based on Ethereum. It provides enhanced transactions, contract privacy and better performance in blockchain application development.
How to Get Started with Blockchain Application Development?
Now that you are familiar with important concepts, blockchain consensus algorithms and top blockchain development platforms, let’s discuss the factors you need to look out for when getting started with blockchain application development:
1. Nature of Platform
Some blockchain platforms work on cryptocurrency while some rely on smart contracts. Determine the most appropriate one for your business to make the process simple.
2. Smart Contracts
Know whether you need a smart contract or not.
3. Consensus Protocol
Blockchain networks cannot function without consensus algorithms. Identify the right consensus protocol such as Proof of Work, Proof of Stake, etc. to make your blockchain application development process easy. Whether you are a learner, have just started in the digital world or an established blockchain app development company, it is important to be well-versed with the different blockchain consensus algorithms as a result of which a blockchain platform is chosen to build a dApp (decentralized application).
Staying clear on whether you need to include the use of cryptocurrencies in your application or not is another important factor to find the right platform.
5. Public/Private Network
Think about the kind of network you want – open access for all or the participation of authorized users only. Decide and choose the platform and go ahead with your blockchain application.
Now that you are well-acquainted with the basics of blockchain development, you are likely to implement it in your business. If you have a blockchain app development idea, hire Ads N Url, the best blockchain app development company.
Our experts will not only help you with the evaluation of your blockchain development project but also draw out a successful implementation strategy to help you become a torchbearer in the blockchain space.
To have a deeper understanding of blockchain development or avail blockchain app development services to enhance your business operations, connect with us to discuss your requirements.
For more information read:What are Decentralized or dApps?