Currently, blockchain is the hot talk in the town. Most of the people talk about blockchain technology and its use cases in this real world. But still, some people aren’t aware of this advanced technology and how it helped many industries to survive by making a huge amount of profits. Industries like supply chain management, healthcare, banking, finance, and other big sectors.
These industries already started to use cutting-edge blockchain technology. So that it increases trust and reduces their work. If you are new to this technology, then your mind will be popped with a question. What is blockchain technology and why most of the startups use blockchain technology for their business?. Here you have answers to all your questions. Just keep on reading…!
What is Blockchain Technology?
Blockchain technology is a complex technology used in different use cases in the blockchain industry. In other words, a blockchain is a digital coding built inside the software. It stores all the digital information and data in a protective way. This technology gives tightened protection to your data and information. As the name suggests, digital information is completely stored in blocks and chains.
We can also say that Blockchain is a secured decentralized technology. It is completely used by big blockchain development companies all over the world. It maintains the record for all the transactions which happen between the decentralized network. By using blockchain technology, the third party can not track or ease your transaction. As the cyber-attacks are rising every day in this digital world. so the blockchain technology is the real protection for your digital data. Also, makes it difficult for hackers to extract the data and information. When you use blockchain, only authorized persons can access the data.
Blockchain technology records and secures the digital data by the use of cryptography. We can also use blockchain as a tool for developing a digital currency (cryptocurrency). This technology applied to develop many decentralized transactions and blockchain applications for many industries. Each information stored in the blockchain is distributed in public. Also, every user has a copy of the blockchain. This made many enterprises and startups involved in blockchain technology.
Steps to Build your own Blockchain-based Platform
Step 1: Identify the suitable use case
There is a huge hype created for blockchain technology around the world. Experts in the blockchain space say that blockchain technology makes the world corruption-free. Also, they are saying that it can end poverty from the world. Unfortunately, these all are myths. So, step 1 is to identify a suitable blockchain use-case that gives your business a complete idea.
There are 3 factors in which blockchain has gained more excellence:
- Data Authentication & Verification: This means that blockchain technology provides immutable storage, encryption, and digital signatures.
- Smart Contracts: Smart contract is a tiny program that is completely developed by using advanced blockchain technology. It contains all the rules of negotiations in terms of the agreement. Here users can perform transactions without the involvement of any third parties or middlemen.
- Smart Asset Management: It consists of issuance, payment, escrow, and other aspects. A smart crypto asset is more like a tokenized version of a real-time asset such as gold, silver, real-estate, or any other real-world assets
Step 2: Identify a perfect consensus mechanism
In the initial stage, blockchain technology is used to develop the cryptocurrency (bitcoin) as a consensus mechanism. But, today many new technologies are evolving around the globe. With the advancement of blockchain technology, there are more distributed ledger systems that offer consensus mechanisms. such as
- Deposit based consensus
- Proof of Stake
- Proof of Elapsed
- Federated Byzantine Agreement
- Simplified Byzantine Fault Tolerance and more are there.
So, You can choose the best consensus mechanism according to your business requirements.
Step 3: Select the correct platform
As for now, the crypto marketplace is filled with many blockchain-based platforms. Also, most of them are considered to be open source or free. So you have to select the correct blockchain platform according to the consensus mechanism. which you have chosen in the last step.
Here are some of the most prominent blockchain-based platforms. which you can consider for your blockchain business development.
- Chain core
- Open chain
- Hyperledger Fabric
- Domus tower blockchain
- Hyperledger Sawtooth Lake
- Elements blockchain elements
- Symbiont assembly
Step 4: Design the blockchain instance
Blockchain-based platforms need perfect planned configurations for the following elements.
- Permission (Regulation License)
- Asset issuance
- Asset re-issuance
- Key management
- Atomic exchanges
- Address formats
- Native assets
- Block signatures
- Key formats
Here some elements may change at run-time but some can not change. So it is very important while choosing these parameters.
Step 5: Building the API’s
Currently, some blockchain-based platforms come with in-built APIs. but some don’t come with in-built API’s. There are some crucial factors of API that you would need for your blockchain development are given below.
- Generating addresses and key pairs
- Advanced Smart contracts
- Data authentication and hashes
- Performing audit-related functions
- Smart asset lifecycle management that consists of payment, issuance, retirement, escrow, and exchange.
Step 6: Design the user and admin interface
In this step, you need to select the advanced programming languages for developing your own blockchain. You should also need to select the external databases as well as servers.
Step 7: Adding future tech
You can enhance the power of blockchain solutions by integrating some advanced technologies. Such as
- Artificial intelligence
- Data analytics
- Internet of things
- Machine learning
How much does it cost to build a Blockchain-based Platform?
When coming to the cost of blockchain platform development. You must consider the following scenarios:
- Developing a blockchain-based platform with a team.
- Hiring a professional blockchain developer for your blockchain business development.
- Hiring an experienced outstanding blockchain development company in the blockchain industry. In order to develop a customizable advanced blockchain-based platform.
When working with a team of blockchain developers is quite expensive. but the benefit is you can have complete control over your blockchain platform development. However, it is up to you, If you are already an expert in software development. On the other side, hiring a freelance blockchain developer. So it could be the least expensive way, but also it could be riskiest. So, hiring a freelancer developer is good for small blockchain projects.
Developing your blockchain-based platform with a genuine blockchain development company could be the best option. if your project is big and requires a lot of functionalities. Blockchain development companies are well experienced in offering blockchain services. So that they can help you in every step right from scratch to deployment. The cost of blockchain development is less here compared to the team of developers.
Also, there are some other factors that are responsible for blockchain development cost:
- Type of blockchain application you need
- Number of People involved in the blockchain development process.
- Advanced Project management tools.
- The complexity of the project.
- Third-party tool subscription cost.
Benefits of Blockchain-based Platform Development
- Secure, private, and efficient transactions
- Completely transparent
- Reduces your work and increases trust
- Auditing and record tracking
- Completely peer to peer network
- Reduction of cost by avoiding third parties or middlemen
- high level of protection during the time of transactions.
Where can you get the Best Blockchain Development Services?
You can get all the reliable blockchain services in the Zab technologies. Zab technology is the first-class blockchain development company across the globe. We provide new innovative blockchain solutions to enterprises and startups. We are expertise in offering blockchain development services with perfect outcomes. Also, our blockchain development services will help you to build your own blockchain applications.
Zab technologies so far delivered more than 60+ blockchain-based products with advanced technologies. We help you to develop cryptocurrency exchange platforms from scratch. also, by using our premium cryptocurrency exchange software with advanced trading features. Some of our blockchain development services are
- Initial Coin Offering development
- IEO launchpad
- Security Token Offering development
- Altcoin creations
- Cryptocurrency wallet development
- ERC20 smart contracts development
- Decentralized applications
If you are planning to start a unique blockchain business, then choose us for the first-quality product outcomes at a reasonable price.