Since the introduction of blockchain people have been trying to solve this enigmatic development and seeking the potential to utilize it for their benefit. Every tech enthusiast has observed the power of blockchain and its rapid expansion towards unrevealed success. During and after the pandemic many companies shifted their mode of conducting business to digital platforms.
So here is a guide exploring the concept in depth. We are selecting a particular segment in which it has excelled our expectations and made an imprint on every technophile’s mind; Blockchain App development or utilizing Blockchain for developing an application.
- Since 2018 90% of U.S, Asian and European banks have shown reasonable interest in blockchain and its services, says Fortunly.
- The market size of Blockchain Technology is expected to grow at a CAGR of 82% till 2028. According to Statista.
- According to grandview research the market size of the Blockchain industry is sitting at 5.92 Billion U.S dollars which is quite astonishing.
The Basics of Blockchain App Development
While some companies and industry giants utilize blockchain services as a feature or characteristic in their project there are others who have dedicated DApps built to perform extensive data transfer operations. However both are greatly benefited by its secure and safe nature. The difference between DApps and normal applications with regards to blockchain app development is the level at which they are being operated, their purpose and way of transferring digital assets without the disruption of any details and information. So let’s dive deep into the world of blockchain and discuss the technology in great detail.
Type of Blockchain Systems
So far the blockchain has been divided into two services: the Network based service and Cryptocurrency Support. In these one can further sub divide the Network services part into two possible categories:
- Permissioned – Well the name clearly provides us an explanation why it is called a permissioned one as the information or a distributed ledger is not available for public access. Multifactor authentication limits the user from gaining access to certain services and features.
- Permission less – It allows multiple users who wish to acquire services from the blockchain network. However it does not make the network any more insecure as the services are only open for limited participants which is decided by the one who implements the service.
Cryptocurrency based Solutions
- dApps – The decentralized app service consists of digital applications that are being operated on a blockchain network. They are not centralized and that makes their data stream more secure as nobody holds the ultimate leash as well as responsibility to alter the data. Another benefit of dApp is that they eliminate the possible interference of third party service providers.
- Crypto Exchange – There are companies determined to create trading platforms for exchanging crypto currency these platforms, solutions, and software utilizes blockchain technology at its finest as it keeps the relevant information safe and secure.
- Wallets – It acts like a storage unit but not just a typically check in and punch out storage unit. It can store your cryptocurrency quite efficiently with a high standard of security features. There are public and private keys, it’s easy to use, has low transaction fees and allows the user to transfer multiple types of currencies all across the globe.
Factors to consider for app development
To get in the game one must be clear with all the prerequisites.
- Nature of the platform
Determining the platform for your service is quite crucial to understand as implementing your whole service on a dedicated platform will decide your next step towards providing the services.
- Adoption Rate
Adoption rate is a crucial aspect when you want to conduct business using a newly introduced technology. You can innovate and invent several technological products as well as services but if it’s not recognized by the consumers there is no point.
Evey innovation needs to adhere to this quality to keep serving its purpose efficiently and to not deteriorate with time. So make your service scalable to adapt to the market changes.
Languages to consider
Simplicity can be considered one of the simplest programming languages out there as it does not complicate the whole process. Simplicity has been utilized by many emerging and developing companies due to it being technically reliable and secure.The language eliminates most of the limitations that can be observed in other languages. It can help you to fabricate reliable smart contracts that work on basic attributes of blockchain.
Primarily used for developing smart contracts for running Ethereum-based projects now it has been able to efficiently spread its application. The language is highly influenced by Java and C++ and provides an ABI interface making it accurate ,flexible and compatible.
Industries to Target
Finance companies always aim to achieve utmost transparency so it becomes convenient for them to track down the information about the asset. By infusing the primary elements of blockchain with Finance industries; plethora of Fintech companies have emerged from the last few years.The core benefit of using the technology in Fintech and Finance industries is it will promote better transparency, security, performance and operability.
The technology will make ripples of changes across many industry niches and Government sectors will be one of them.The technology will allow the government sectors to keep unaltered records secure. It can provide benefits including Proof of Ownership, Smart contracts, Validation of documents, Patent Protections and much more.
It will allow the user to be as benefited by the services they receive as much as the healthcare system is being profitable. The main field of operations in which blockchain will technically excel is maintaining the Electronic Health Records (EHRs). Which will eventually lead to celerity, scalability and security.Successfully implementing the service will eradicate the need for multiple interfaces, limits for storing data, backup downtime and much more.
Once blockchain successfully integrates with all of the technologies currently functional it would be entitled a disruptive technology in a positive way. This technology will surely need mass recognition and should be understood completely to enable you in this rapidly developing industry.