Blockchain – Where Success Begins

Blockchain is a shared ledger that often facilitates the process of recording transactions and tracking assets in a network of businesses. It’s important to note that an asset can be tangible, such as a house, car, land, cash, or intangible, including patents, copyrights, or branding. In simpler terms, any value can be tracked and transacted on a blockchain network, reducing risk and costs for all involved parties.

Why Is Blockchain Important?

Businesses often rely on information, and the faster and more accurate it is, the better. Blockchain is ideal for delivering such information. Why do we assert this?

Simply put, blockchain provides real-time, shared, and completely transparent information. This information is stored in a registry and can only be accessed by authorized members. A blockchain network can track orders, payments, production, and many other essential details. Members share a clear vision, allowing you to view all transaction details from start to finish, providing opportunities and trust.

Why Build Applications on Blockchain?

As mentioned earlier, blockchain is a data storage method, making it suitable as a replacement for a traditional database. It offers useful features in building application architecture, and data stored on a public blockchain cannot be altered and can be easily accessed by any internet user.

What Are the Advantages of Blockchain Applications?

• Easy Transactions: Setting up a blockchain wallet takes very little time, allowing you to buy things with cryptocurrencies without paying certain fees.
• Positive Experience in Cryptocurrency Exchange: It’s much easier to buy and sell cryptocurrencies through a mobile application, as the process is very quick. The cryptocurrency market is continuously growing, making such exchange apps increasingly sought after.

How to Build a Blockchain Application?

1. Clarify Your Idea as Clearly as Possible

Like in most businesses, regardless of the industry, the idea is the first thing that should come to mind before actually starting a blockchain application. Evaluate if you truly need such an application in the initial phase. Consider the problems you want to solve and start formulating the idea.

2. Research the Competition

Carefully look at the existing market and analyze what solutions you could have at your disposal. Since the market is far from being saturated, you will surely find the optimal niche for yourself or learn how to do the same job better than the competition.

3. Explore Your Options

There are three ways you can technically build a blockchain application:

1. Use an open blockchain for your application;
2. Create a private network using blockchain software;
3. Build your own blockchain network on the most suitable platform.

4. Choose the Right Platform

In this article, we present two platforms you can confidently choose for your blockchain project. The first is Ethereum, the most well-known platform that allows you to develop a blockchain application and create your own language. The second platform is Hyperledger, optimal if you need a corporate tool in the data exchange process within your company. Hyperledger is certainly the saving solution.

5. Start the Development Process

This process will look different depending on various aspects you need to consider:

1. Interaction strategy;
2. Which language and platform to choose for the project;
3. The process will also depend heavily on whether you connect to an existing blockchain or create your own blockchain.

Further, we will discuss in more detail the development, which will be built from the following elements that you need to implement correctly.

• Business Analysis: A business analyst will extract requirements, expectations, and objectives during an interview and create a technical specification. This document will describe every detail of the development process.
• Design: Design can cost you between 8% and 20% of your total development budget, depending on complexity.
• Preparation Stage: This involves setting up the development environment, architecture, and backend.
• Development and Quality Assurance: These two steps happen as a continuous process. Before implementation, the application is checked by an engineer to ensure it works correctly.
• Implementation: To guarantee success, such an application must comply with the rules and conditions of the App Store and Google Play Store. After implementation, it is advisable to analyze performance data and simultaneously analyze users.
• Maintenance and Support: This stage includes library updates, operating system updates, as well as implementing new features and even modifying the application according to business needs.

In conclusion, blockchain is a powerful technology, and although everyone is constantly discussing it, few companies have had the courage to integrate blockchain into their businesses. Thus, you have the chance to enter an unsaturated niche with your own blockchain product.

Such an application is more secure compared to other applications, offering fast transactions, transparent data storage, and ensuring that data cannot be altered. Blockchain technology is continually developing, and you can easily apply it in various ways within your company.