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Blockchain is all ready to set up a new era in healthcare, the financial sector, and supply chain, and more and more another sector that even can not be expected by you and me. It has been reported by CB Insights that multinationals like Walmart and Pfizer have already built blockchain pilots for the safety of their food and medicine tracking.
ICOs which are basically based on this blockchain concept it has already gained $2B+ funding and that too in 2017. The big amount isn’t it?
So, now you must be thinking that what is this blockchain and how one can earn from it? First of all, before thinking of earning from it, you will have to focus on how you will build a blockchain, and before that, you will have to learn what is Blockchain?
You could be anyone reading this article, You could be an entrepreneur, founder, the manager also inventor, or innovator. This guide is a perfect guide for everyone, So go through it thoroughly. Without further ado let’s get started with our first and foremost question?
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What Is A Blockchain?
Blockchain is a chain of blocks, but in this case, digital blocks. To be more specific these digital blocks belong to the digital records and data. Identically these data are linked together cryptographically.
The main benefit of blockchain is that your data can be traced every time but it can never be tempered by anyone. Not only this Blockchain technology comes with other benefits too. Which are discussed below.
Decentralization
It removes every single point of failure in the system.
Trust
This is the biggest benefit in the market. To be honest every market work on 60% of the trust. Blockchain builds trust through transparency and decentralization.
Security
They keep your all data safe and provide you with the perfect security you require for your records.
Guide To The Sassle Free Blockchain Development
Identify The Problem You Need To Solve
To use blockchain you will have to define a problem statement. Somewhere you will have to know what is your problem and what are its expected solutions.
You will also have to think about your investment in money, labor, and time. Because this blockchain method should be worth the time you spend, not suddenly but gradually. An idea could help, migrate your current application to blockchain technology rather than building a whole new application.
Once you have identified your problem statement, now you will have to look for solutions in that field. The right platform will provide you with the right solutions.
Look Out For The Right Blockchain Platform
In Blockchain technology you do not choose the top platform, you choose the right platform. You can go for the Ethereum blockchain platform, which is the most suitable platform for every kind of problem.
There are other platforms too. Such as Hyperledger Sawtooth, Hyperledger fabric, etc. It is advisable that you choose your building platform very wisely. Because once you start building on one platform it won’t be able to migrate somewhere else.
Ideation of Blockchain
Brainstorming comes next after you have solved your problem. You will have to generate ideas regarding your business requirements. There are 3 codes to this step of blockchain development.
1) Evaluate
2) Formulate
3) Prioritize
You will have to decide what is going to be an on-chain entity and what is going to be an off-chain entity. First of all, prepare a roadmap of your product and when you are managing to launch the different versions of your applications.
With road mapping your blockchain technology, you will also have to think about the front-end programming language, servers for your applications, and also external databases.
After the ideation is completed you will have to develop a proof of concept.
Development of a proof-of-concept
Proof-of-concept demonstrates the blockchain project practically whether in the form of theoretical build-up or it also can be a prototype.
There are stages of this proof-of-concept by which you will b able to build a proof-of-concept easily and without wasting your time.
Theoretical build-up
Your every project should be more viable for customers or users and you will be able to do this with theoretical build-up. You can make parameters to teach the productivity of your concept to your users.
Prototype
By theoretical build-up, you will have the ideas that what is needed to be upgraded, also you will get feedback from stakeholders so now you will have to build a prototype that contains information architecture, mockups, designs, sketches, and much more.
Once the PoCs are approved you may start working on the visual and technical designs of your applications.
In this stage, you will have to build APIs with a development perspective.
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Why API is important in blockchain technology
Storing the data.
- It generates pairs of keys that can be mapped to a specific address.
- Managing smart contracts to run your business seamlessly.
Before the ready-to-launch application, the application goes through different phases noted as Alpha, Beta, and ready-to-launch versions.
Also if you are building an application that has both on-chain and off-chain solutions then you will have to launch it on cloud servers as well as AppStore/Play Store.
Pro tip: Design your application in such a way that the upgrade won’t affect the actual application.
Conclusion
This article will help you get the details about blockchain development and how you may develop a blockchain for your application. From Identification of your problem to the development of a proof-of-concept, this article is the perfect guide to building blockchain technology. Blockchain development is going to be the new trend of a new era.
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