Bob Greifeld, Nasdaq Chief Executive once quoted that “Blockchain is the biggest opportunity set we can think of over the next decade or so.”
We can certainly sense the vibe of this new happening in the technical world, which is mentioned by Bob Greifeld. It's been quite a good time since the community is well acquainted with it but the craze never seems to die down. People in tech towns are still talking about blockchain and cryptocurrencies. How companies are all over this technology for support, since it is not only a famous one but a very effective one as well. One of the most demanding in the technological world.
The stats show that the amount of expected growth in blockchain will cross 15.9 billion by 2023 and it was captured at 1.5 billion in 2018. Such an enormous change. What made Blockchain Development a big shot? What qualities are the qualities? How can firms ensure their growth? Merits that can be availed through blockchain? But before getting answers to these it is important to go through with the terminology: Blockchain.
Discover More About Blockchain
In technical words, Blockchain is a detailed chart of digital reports that are stocked in a configuration of the chain while using cryptography. The records are called ‘block’ and the technology supporting it becomes ‘blockchain’. You must’ve come across the word “cryptocurrency” or maybe “bitcoin”; certainly, a very important part of blockchain technology.
To elaborate in easy words the blockchain is a database of stored digital data, paired in a hash function, that helps the blocks to process. Aware of the fact that numerous software development corporations are in a constant effort to invest in blockchain technology, it would be better to comprehend every aspect of blockchain development. A prepared team can achieve the highest, hence here is a constructive and detailed guide for firms and developers. We made sure to cover all the important aspects that are needed to be cared for before working with blockchain and its sectors.
Categories in Blockchain
The sector of blockchain development is divided into two types of categories. On one hand, it is based on the network and on the other it is based on cryptocurrency support. Let’s collect knowledge over it-
Solution Established on Network
This solution category is branched further into two sections-
Category 1 – The Problem-Free: Permissionless Blockchain
Bitcoin is the best example that will suit this category well. In this type, no permission is needed while accessing the library of data. Anyone can make a way to network and can spark interaction with anyone in the network. All this can be accomplished even while putting one’s identity.
Category 2 – The Closed One: Permissioned Blockchain
It is very evident by name that this type will not come without any approval. It is known as a closed ecosystem that can be accessed only after the personnel authorization while entering the database. All this can be achieved under a set of rules and provided guidelines.
Solution Established on Cryptocurrency Support
Like the previous category this section, the section is divided further into two precise parts; the cryptocurrency-established blockchain and the non-cryptocurrency-established blockchain.
Category 1 – The Cryptocurrency Established Blockchain
The type of blockchain deals with solutions that depend upon cryptocurrency. There are several well-known solutions in the industry-
- Cryptocurrency Wallets - used in giving and take of the currency
- Cryptocurrency Exchange – used for trade of the currency
- Initial Coin Offerings - (ICO) operate with the creation and trading of the currency
- Decentralized App – deals alongside an app to help with multiple users
Category 2 – The Non-Cryptocurrency Established Blockchain
In this portion of the category, the solutions are not supposed to depend on cryptocurrency. Rather, they are established on a database that is branched across numerous nodes and computing machines, known as “Distributed Ledger Technology (TDL)”. One point to note; no central authority has rights over these nodes and machines hence anyone can change them accordingly.
The Journey of Blockchain Development Through Different Levels
The blog is in the prime stage, gathering your attention for further journeys. This part of the blog will emphasize stages or levels of development; platforms for blockchain; MVP development and its benefits.
Stage 1) Formulate the Primary Objectives
This blockchain technology appears steady and famous as well. But one should make it clear before starting any development process. For a notion of the fact that 35% of startups fail miserably because of a lack of a primarily clear vision for the project. Hence make sure to follow up on these questions while forming your goal:
● Does your firm really need a blockchain app?
● What will be your accomplishment?
● What will be your ultimate objective?
● What measures can be used for the procedure?
Answers to this question will help the business to build a precise and systematized plan for development. The deeper you’ll make it clear the better you will create.
Stage 2) Choose a Platform After Comparing
Numerous platforms are there for your firm, which can assist the business in blockchain development. But the real challenge is to select the best one for your firm's needs. Let's take a look over some of the famous blockchain platforms- Cardano, Polkadot, Solana and the last Ethereum. Here is a chart for more understanding of their representation in different aspects.
Before selecting any platform make sure you go through these key points, important for blockchain development-
● Expenditure sector, while using the platform,
● Majority of the platform,
● Performance of the platform,
● Category of the platform,
● Alliance mechanism of the platform,
● Community and development tools,
● A frame of guidelines,
● Skilled Contract Characteristics
A clear conception will not only help in focusing on the best but will help in producing it better.
Stage 3) Set a Blueprint for Your MVP
MVP is the abbreviation used for Minimum Viable Product and it also shows the crucial features of the application built in a sober design and on short terms. MVP is known to be based on the principle of the “Build-Measure-Comprehend" which is quoted by Eric Ries in his creation ‘Learn Startups’. The formation of MVP is dependent on several major aspects-
● Initiate documentation and detail the ideas: Keep your eye on whether your product is in demand or whether not, will it be significant in consumers’ view or not. Conduct a questionnaire or interview to get a hold of the market. Make a move with your and rivals, identify their strengths and weaknesses. Find out the possible risks in the market. Try to construct a commodity roadmap for better understanding.
● Formulate evidence of the idea: To gain technical as well as business possibilities it is beneficial if you can organize a proof of the idea. To create one, you can aim for no-code remedies. Build various screens of the application and review if it's usable. If there is any issue make sure to correct it with the team as such features are very important for an MVP.
● Speculate regarding UI/UX designs: If the proof of the idea is well-prepared then, it’s a high time to design the approach. Minimal graphics should be focused, suitable color schemes and such related points should be taken care of in this stage. Use UI/UX designs, designers all together to create the layout you desire.
● The last stage, Technical Enactment: Connect with the development experts. Why? Well, the app you are creating needs front-end to back-end support. Hence go with a team that can assure their professionalism in the sector and build the application with perfection.
Conclusion
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away from the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
~Vitalik Buterin, Co-Founder of Ethereum.
With the above statement, we can conclude that indeed blockchain is one of the fastest-growing technologies among others. More and more firms in the market are trying their hand in blockchain development. With the provided guidelines in the blog, you can enhance your chance in this developmental experience. For business transformation, this is a bang-on technology. Hopefully, the blog covered all the important sectors that can help you resolve your queries.