Last Updated: 26 Aug 2021 | 8 min read | Category: Blockchain Solutions |
Whenever someone thinks about mobile applications powered by blockchain technology, wallets for cryptocurrency, decentralized exchanges, and loan platforms for peer-to-peer transactions are a few things that come to mind. Of course, these are nothing more than the iceberg’s tip. The real deal goes much deeper. After all, nobody had the faintest idea that it’s possible to run a fintech application or a distributed healthcare service where both providers and consumers have equal rights on how to aggregate data and share the same. Today, due to the presence of DLT or distributed ledger technology, app developers can build such solutions.
The constant development of new blockchain projects led to chaotic situations, to say the least. Everyone wants to try their hands at developing a blockchain-powered mobile application. Therefore, the only possible way of surviving, thriving, and succeeding is to cook up a meticulously planned and technologically error-free solution. Of course, it won’t happen overnight. It requires you to work hard and conjure an in-depth strategy. It also includes seeking out a professional and recognized blockchain application development company.
About four years ago, GitHub had more than 86,000 projects associated with blockchain technology. As you probably know, GitHub is the biggest collaboration platform for software programs. Currently, it has a user base comprising more than 24 million people. Also, Deloitte estimated that GitHub has been working on more than 8,000 new blockchain-based projects since 2009, the year when the creators of Bitcoin published the code of the same. However, only 8% of all those solutions managed to remain afloat. The rest drowned within a year after launch. Understandably, most of those systems ended up becoming derelict, while the others failed to reel in substantial results.
Then, in 2017, a trustworthy ICO tracker organization introduced more than 900 ICO projects. During the earliest days of 2018, more than 46% of those projects went down the drain. These figures may seem forbidding at first, but, as already mentioned earlier, it takes a lot of hard work to create a blockchain-based solution. So, how should you go about it, especially when you have to do more than just find out and hire a blockchain application development company?
Indeed, you can come up with a blockchain solution that will be effective and utilitarian, and you simply need to adhere to the seven steps elucidated below.
The first thing you need to do is to find and select an appropriate niche. Those who tried to build blockchain solutions in the past are perfectly aware of the challenges of pinpointing a creative yet reasonable application. If you explore possible business or organization use cases, you may think that you can execute a distributed ledger, regardless of the industry. After all, insurance firms, banking establishments, and agencies that deal with intellectual property rights are already using blockchain solutions.
However, you need to analyze every existing project before moving ahead with yours. Just because the field of logistics can reap the advantages from the chances created by blockchain doesn’t mean you should build an application for this industry. The world won’t thank you for being part of a wagon of similar projects attempting to fix the same issue. You should take your time to seek out a niche that has problems and no solutions.
Once you manage to find a niche where blockchain can make a difference for the public while making the venture profitable for you, take a moment to securitize whether you require a blockchain solution at all or not. There can be other ways of solving the problems affecting that niche. Projects may incorporate writing impressive and all-inclusive whitepapers beautified with eye-catching visuals. Stakeholders, such as journalists and contributors may think they’re incredible too. However, within a few months or so, the project fails. Does it sound mysterious? In reality, it’s not weird or inexplicable at all.
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The company simply fails to describe why it chose blockchain to build its mobile application. You should hire on demand blockchain developers only for organizations lacking an efficient centralized solution. Even if a solution does exist, it has to be fast, inexpensive, reliable, and transparent. Therefore, blockchain-based applications will benefit only such industries. For other industries, blockchain will be nothing more than an over-engineered solution. So, it’s better to think twice about your approach and how you plan to integrate blockchain into your strategy.
If you believe that blockchain is the best tangible solution, you should move forward with your project. Just make sure the technology can offer the fastest and most pocket-friendly way of solving significant problems affecting the niche you chose. Once you get down to business, you need to choose between building a new blockchain from scratch and using an existing one. Before you decide to go with the first method and ask technology experts how to create it, you need to prepare yourself to dedicate at least a few months to the development of the project.
It takes time to create the nodes, the instance, and ascertain configuration for multiple elements, including asset issuance & reissuance, block signatures, and more. Apart from that, you’ll also have to build all APIs, as well as design interfaces for the administrators and users. Besides, the process incorporates selecting an appropriate programming language, such as JavaScript, Node.js, Java, Python, or something else, along with external servers and databases. If you don’t want to deal with all these things, it’ll be safer to resort to a prebuilt blockchain. The rest of this write-up will provide information assuming that you’ll choose the second option.
Now that you’ll be using an existing blockchain, you won’t have to spend too much time programming it. However, you’ll need to decide on the blockchain type, which can be public or private. This selection is crucial as you have to know which one will work for you. These two variants differ significantly, and you have to pick one based on your exclusive requirements. Public blockchains, for example, are extremely slow. Just think of Bitcoin that takes almost ten minutes to display that it concluded a transition.
Public blockchains are also costlier and consume too many resources. Then again, if you want transparency, you can’t let these drawbacks prevent you from choosing it. Private blockchains, on the other hand, aren’t as expensive or slow. The catch, though, is that it won’t allow anyone to become part of the network to inspect transaction histories or generate new blocks. It won’t give you better transparency or anonymity, either.
If you consider using public networks for your blockchain solution, you need to select the right consensus mechanism. It’s just an algorithm that lets independent participants put their faith in each other. The most preferred and used protocol is the one used by Bitcoin – Proof-of-Work.
Whenever a user generates a block and considers adding it to the chain, every other member can inspect it to see whether it’s worth adding or not. If the participants think it’s okay, the new block will find its place on the chain. Of course, everyone needs to agree that the information is valid first. Other than Proof-of-Work, you should also look into Proof-of-Authority, Proof-of-Stake, and delegated Proof-of-Stake. Other consensus mechanisms also exist, including Byzantine fault-tolerant, deposit-based consensus, proof of elapsed time, etc. When you hire on demand blockchain developers don’t forget to ask about these mechanisms. They can tell you more.
When it’s about analyzing a platform suitable for your project, you should prioritize the ones with the largest market capitalization. These include Ripple, Stellar, Bitcoin, NEM, Litecoin, Ethereum, Bitcoin Cash, NEO, Dash, Cardano, IOTA, and Monero. Every platform, apart from Ripple, is public and they operate on the Proof-of-Work protocol. Now, you don’t have to pick one of these exclusively. This point aims to prove that selecting such platforms is significantly broader than others. Regardless, you must build your project on a platform that resonates with your objectives.
In the end, you need to decide whether you should pick smart contracts for your blockchain app solutions or not. It also happens to be the most crucial aspect. Smart contracts are nothing more than computer protocols. They allow users to issue assets, transfer the same, or automate specific processes. Think for a moment that you chose to implement this system in the field of insurance. You hope to provide smart homes with IoT-powered gadgets that will be able to keep tabs on gas leakages, temperature, or something else.
These devices, when linked to an insurance agreement, can define the reimbursements the homeowner will receive in case of a fire outbreak. Understandably, during dire situations, IoT trackers will get to the bottom of the cause and ensure the homeowner receives an appropriate compensation initiated by smart contracts. Blockchain technology allows you to remove the middlemen from the process and increase its speed and efficiency.
Also Read: Blockchain Solutions: A Boon Technology, Today And Tomorrow
After completing these steps, you’ll have a solution in your hand that you can delegate to the providers of blockchain app solutions to build an app for. Every decision you make on every stage has to be in accordance with the goal you expect to achieve, as well as the network’s structure. If you wish to gather members that will operate independently, a public blockchain powered by the Proof-of-Work protocol should do the trick.
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