A blockchain is defined as the digital ledger of transactions with copies distributed across a network of computers connected to the blockchain. Each blockchain contains multiple transactions. Whenever a new transaction is added, a record containing information about that transaction is added to each participant’s blockchain.
Blockchain is an innovative system that records information in a way that makes it difficult or impossible to hack or compromise the system. According to a study, the blockchain market size is expected to grow from 4.9 billion in 2021 to 69.04 billion in 2027, at a CAGR of over 56%.
A blockchain is a decentralized peer-to-peer (P2P) network made up of blocks of data. These blocks added to the blockchain in chronological order form a digital transaction block. Each block contains and stores the number of every transaction that takes place on the blockchain. Whenever a new transaction occurs, a record is added to the ledger.
Adding a new block to the blockchain needs communication and verification between nodes. All participants in the P2P network must accept new locks to register. Different types of consensus are used, such as Proof-of-Work, Proof-of-Stake, and Proof-of-Authority.
The recorded data cannot be changed without changing all subsequent blocks. Therefore, all changes on the blockchain are visible to all participants. In today’s competitive market the, blockchain app development services are needed for every single business. A report says the blockchain technology market could reach $7.59 billion by 2024. Therefore it’s time to learn how to build blockchain apps in 2022.
Here are the steps to build a blockchain application,
Have you got an idea for a blockchain application, but have you thought through it? Before delving into the blockchain application development process, ensure your idea is a solution to a prevalent problem in your company or industry. Evaluate ideas, design workflows, and prepare a roadmap for post-development activities. You also need to decide whether to build your application on an unlicensed network.
- Allowed Network – This network allows the owner to decide who can join the network. Also, very few members can validate blocks.
- Unauthorized Network – This network has no restrictions on network participation, and anyone can check blocks. Bitcoin and Ethereum are based on permission less networks.
Apart from that, you also need to decide on programming languages for the front end, server, and external database.
Choosing a Blockchain Platform
The next step is to choose one of the blockchain platforms and create an app. This depends on the problem the app solves and the consensus mechanism. The platforms you can choose from are
- Ethereum – The Ethereum platform is probably the most popular. You can use Solidity as a language to create smart contracts and blockchain applications in your own ecosystem.
- Ripple – Ripple supports up to 5 transactions per second, making it ideal for creating financial instruments. The platform makes it easy to send money anywhere in the world and connect with payment providers and banks.
- R3 Corda – This platform is ideal for healthcare, supply chain, retail, finance, and trading companies looking to build blockchain-based apps. The Corda platform is used to create permissioned blockchains and can be easily integrated with legacy systems as well.
Consider Your Options
From a technical view, we should consider the four options necessary to build a decentralized application. These four methods are
- You have an option to create a private network for your application.
- You can also build applications using open blockchains.
- Choose the best platform to build your blockchain network.
- Choose a blockchain-as-a-service provider such as Amazon, Microsoft, or Azure. Integrate cloud services into your app using cloud services from your BaaS provider of choice.
Hire a Blockchain Application Development Company
If you have an in-house team, you can start the development process after going through the first three steps. However, if you are not hosting a blockchain developer, you will need to find and hire a blockchain app development company with experienced blockchain application developers. You can find many app development companies on the internet and other platforms like LinkedIn, Clutch, etc. You can also find many blockchain developers at events and conferences like hackathons that are held regularly in different cities. Select a few companies, look at their experience, customers, and previously built blockchain applications, and schedule a meeting with them to learn more about development costs and quality of service.
The development process differs depending on whether you create your own blockchain or use an existing one. However, the development process consists of the following stages.
- Analysis – In this phase, technical specifications are created after analyzing the business requirements. A technical specification is like a blueprint for a development plan and process, with details about the people involved, the frameworks, operating systems, and libraries used.
- Design – The next step in the development process is app design. The blockchain application development company you hire creates an app design based on your business needs. Depending on the complexity, design costs are 8% to 20% of total development costs.
- Development – During the development phase, the frontend, backend architecture, and APIs are set up by developers. At the same time, QA engineers test the app for errors and bugs to deliver a well-functioning app.
- App Launch – The app is deployed according to the required rules, launched in the app store, and analyzed for performance.
- Support and Maintenance – If you are hiring a blockchain application development company, we will support the developers after launch. B. To implement required updates or new features.
Now that you have understood about how to build a blockchain application step by step, you are ready to build a blockchain-based application to take your business to the next level. If you don’t have an in-house development team, it’s best not to hire a freelancer, as you risk delays and poor-quality work. Hire a qualified blockchain strategy professionals from a reputable app development company that provides professional services and builds high-quality blockchain applications for your business. If you are looking for the app development services, then get in touch with Sky Potentials.