How to Develop Blockchain App in 2024? A Detailed Guide for Startups
As William Maogayer aptly puts it, the future might shift from asking “Is it in the database?’ to “Is it on the blockchain?” in no time. But, don’t you think this is how the world operates now? Blockchain surely has been rapidly revolutionizing every sector, from finance to supply chain management, becoming the backbone of our new digital era. However, many misunderstand the core concept of blockchain technology, thinking it is only about digital finances and currencies. If you look closely, they go beyond that, creating a secure, transparent, and decentralized environment.
Speaking of blockchain, this tech has been fast evolving in past years and has witnessed tremendous changes. There is also a prediction that by 2030, the global blockchain market is expected to skyrocket. This value might reach to a whopping $1,235 billion, with a Compound Annual Growth Rate (CAGR) of 82.8%. So, I guess your plan to develop a blockchain application development is not going to be a mistake. Moreover, many might have made this Blockchain App development sound like a daunting task. But with the right guidance, it becomes an exciting journey capable of driving fruitful results. As for this, I hope this blog will act as a right guide making it simple to understand from concept to how to develop a blockchain app and deploy it efficiently.
But first, let me give you a little reminder of .…
What Are Blockchain Apps?
Blockchain application are decentralized apps that are built by leveraging the blockchain networks. Many are attracted by their decentralized and scalability nature. The core strength of blockchain is its data storage mechanisms. The data are stored in the blocks in chronological order and chained together, which cannot be altered or deleted. This immutability nature eliminates the risks of scams and security breaches making it a get-to-go option. The blockchain application might sound this beneficial but you might wonder,
Benefits of Developing a Blockchain App
In today’s fast-paced world, the human brains race to streamline their operations with high-tech security. In those scenarios, blockchain stands tall with the potential advantages it possesses. You might already understand the benefits of developing, but allow me to once again remind you what developing a blockchain app would do for you
Security
Building a blockchain application ensures data integrity and prevents tampering, making it a desirable option for sectors (especially finance) that require additional security protocols. Compared to traditional applications, blockchain apps are more secure with their cryptographic techniques, and consensus algorithms to mitigate the risks of fraud.
Cost efficiency
Implementation of blockchain technology reduces operational costs by streamlining the process. Also, smart contracts self-automate the entire functioning eliminating the need for intervention of intermediaries. This results in minimizing the need for spending a huge chunk of money in the name of maintenance and support making them a cost-effective solution for business.
Transparency
Developing a blockchain application offers high transparency through its immutable ledger, where every transaction is permanently recorded and verifiable by all network participants. The decentralizing control and enabling all to access the same data, blockchain fosters trust. This makes it an essential path for businesses seeking to build credibility.
Scalability
Ever worried about how the application will cope with a surge in users and activities? In that case, blockchain application development plays a pivotal role. They are designed for businesses to handle an increased number of users on the platform without compromising the performance. The scalable feature efficiently processes large volumes of data, ensuring seamless operation.
Futuristic Adoption
Seeing the tremendous growth of blockchain and blockchain-based services leaves a strong impression that the future definitely features blockchain. Thus, to stay at the forefront of the future technological advancement investing in blockchain apps is one way to go. This ensures that the businesses are ready to adapt to long-term success with futuristic innovations.
The advantages and potential the blockchain possesses are really a big deal. With unparalleled security, transparency, and efficiency the extent they reach is endless. But, practically speaking, building a blockchain app isn’t all sunshine and rainbows. It’s kind of challenging to just straight up learn coding and become a blockchain developer, right away. There are many serious things to consider before jumping to build one. (which we are going to cover in the next section obviously). That’s why startups go with Blockchain Development Company, where well-trained professionals would take care of the entire process for you.
Factors to Consider for Blockchain Application Development
Developing a blockchain application is more than mere coding, it needs a detailed strategic plan. Here are key considerations to ensure your blockchain application thrives,
- Deciding the target audience
- Cost & Budgeting considerations
- Legal & Regulatory Compliances
- Revenue Generation Strategy
- Testing & Quality Assurance
- Security mechanisms that are to be incorporated.
- Adopting Technology stacks.
- Best Developer team for support and assistance
However, developing a blockchain application thoroughly will leave you with great benefits, but it is significant to think about the above-mentioned factors before going with it. Now, let’s explore how to develop a blockchain app effortlessly.
How to Develop a Blockchain App? — A Simple 8-Step Guide
Blockchain technology is revolutionizing industries, and mastering how to develop a blockchain application can position you at the forefront of this innovation. Here’s a 8-step guide to help you simplify the process of building a blockchain application in 2024.
Step 1 — Complete Market Research
Beginning to know how to develop a blockchain application, starts with detailed market research. Just as time flies, blockchain has engraved strong and tremendous changes, marking its hands on every aspect of numerous industries in this mere 2024. Before, delving into how to build blockchain applications it is important to understand how each industry has reshaped. This research helps in selecting the right industry that aligns with your business goals.
Step 2 — Drafting your business needs
Once you’ve chosen your industry, compile a list of competitors to analyze what sets them apart and unique. Apart from these, read reviews to understand the gaps in their services and business and position yourself to address these shortcomings. Develop a roadmap to define the target audience, tech stacks, feature incorporation, and strategic planning to distinguish your platform in the market.
Step 3 — Designing
The designing phase in the blockchain application involves both UI/UX and platform framework designing. Platforms with user-friendly interfaces that promise better user experience are capable of luring loyal users into the platform. Thus, design the platform by aligning with the project’s goals and the current market trends.
Step 4 — Development
Now comes this significant development stage, where you get to build the blockchain application. This includes integrating front-end and back-end components and incorporating necessary security protocols, features, and functionalities for efficient performance. Also, smart contract development, and setting up the blockchain network are done here based on your project requirements.
Step 5 — Testing & Quality Assurance
After the development process, the created blockchain application enters the critical testing phase. Conducting frequent testing under various circumstances will assist in identifying and resolving bugs, vulnerabilities, and glitches. Additionally, a series of quality checks is needed to ensure that everything in the platform works perfectly as intended.
Step 6 — Deployment
Once your application passes through the testing phase it’s finally time for the platform deployment. This step involves moving the built blockchain application from the testnet to the mainnet version. Depending on your business requirements, the platform is then smoothly launched.
Step 7 — Post-Launch Maintenance
Post-launch maintenance is a crucial element for long-term success. In this phase, it’s essential to check out the platform user’s review and address the queries regularly. Additionally, staying updated with market trends ensures your platform remains competitive. Also, monitoring security vulnerabilities and resolving them swiftly maintains the platform’s integrity.
Step 8 — Marketing Campaigns
As said before, a successful launch is incomplete without effective marketing campaigns. That’s why you should be involved in the industry’s best marketing strategies to promote your blockchain application to attract users. Utilize various channels, including social media, content marketing, influencer partnerships, and community engagement, to reach your target audience.
Although I might have explained this whole process in 8 different phases, each step needs to be intricately detailed with careful analysis. Now, as we delve into Blockchain Application Development, it’s essential to consider the technological foundation that backs it up. But wait a minute, the term “ tech stack” might have got you thinking about how much tech fluency you require for developing blockchain applications right? I got you covered on that too…
Tech Stacks to consider for Blockchain App Development
Developing a blockchain application requires a versatile technological infrastructure for a secure and scalable environment. Here are the essential tech stacks you need when building a blockchain application.
- React
- Angular
- Node.js
- Solidity
- Truffle
- Solc
- Hardhat
- Ganache
- Mocha
- MongoDB
Only by leveraging certain programming languages, tools, frameworks, and advancements your developed blockchain application will be able to march higher in the competitive market. Moreover, these are just like a drop into the ocean, there are numerous tech options for you out there. But choosing the ones that fit your business requirements is the better option.
How Blockchain Influence Today’s Industries?
Blockchain’s initial claim to fame in the world can be easily understood and justified, with its decentralized nature. This tech easily slashes the need for intermediaries, provides a secure ecosystem, and increases speed in processing. As a result, numerous sectors have competed and embraced the core functionality of the blockchain to their advantage. These industries have created numerous Blockchain money making opportunities. Some of those influencing sectors are,
- DeFi
- Finance & Banking
- Health Care
- Real Estate
- Insurance
- Education
- Supply Chain Management
- Entertainment & Media
- Energy
- Luxury Brand & Fashion
- Agriculture
- Law & Government
- Cybersecurity
- IoT (Internet of Things)
- Gaming Sector
Despite blockchain’s wide-ranging applications in various sectors, its most transformative impact has been with cryptocurrencies. Think of cryptos and blockchain as two halves of the same whole, they’ve been inseparable since the beginning, each enhancing the other’s potential. To truly understand the power of this combination, let’s dive into the top 5 industry-leading blockchain apps in the crypto sector.
Top 5 Blockchain Apps in the Crypto Market
Blockchain’s impact on various sectors might be intense, but its success in crypto is undeniable. This technology empowers you to create anything — from crypto exchange platforms and NFT marketplaces to ICO development.
Coinbase
Coinbase is a leading cryptocurrency exchange that provides a user-friendly interface for trading a wide variety of cryptocurrencies. In addition to trading, Coinbase offers secure digital wallets for storing and managing their crypto assets effortlessly. Also, the “Coinbase Earn” is a major attraction to the platform where users get to learn about cryptos and earn for doing so.
Binance
Binance is a well-known crypto exchange that operates on its own blockchain, Binance Smart Chain(BSC). This includes support for DeFi projects and NFTs positioning itself as a key player and a comprehensive app in the crypto industry. While primarily a crypto exchange, Binance encompasses a wide range of blockchain-based services, attracting many businesses to develop exchange app like Binance.
OpenSea
If you are active around the NFT topics there is no way you have never heard about the OpenSea. This is a renowned NFT marketplace, which runs on the Ethereum blockchain and is known for its vast array of digital collectibles. Its sleek and intuitive design played a prominent factor in driving in more users as it makes it easy for users to access and manage the platform.
Trust Wallet
Trust wallet is the go-to non-custodial mobile wallet for millions of crypto users worldwide, that supports a wide array of cryptos, providing a secure and user-friendly trading environment. In the Trust wallet, users can securely store, manage, and exchange their digital assets effortlessly, making it a versatile choice for crypto enthusiasts. Additionally, this is one of the popular blockchain clone app, where businesses Create Wallet like Trust Wallet to lure in more users.
BitPay
BitPay is considered as best among many crypto enthusiasts as the best Cryptocurrency Payment Gateway. This app enables users to make secure payment transfers effortlessly by supporting nearly 100+ crypto wallets and various cryptocurrencies. BitPay offers various plugins and incorporation of top platforms, with the motto of making seamless crypto transactions.
Now that we’ve explored the top blockchain platforms, let’s dive into the financial aspect of bringing your own blockchain application to life.
Cost included to Develop a Blockchain Application
On an average note, the cost of developing a blockchain application starts from a minimum range of $20,000 with a maximum limit of $1,00,000. However, this cost might fluctuate depending on certain factors like the platform used, tech stacks adopted, and feature integrations. Typically the primary cost component would cover elements from initial research to post-launch maintenance. Additional costs may be charged for the extra security measures, and integrating advanced features like smart contracts and for marketing campaigns.
While the investment may seem sizeable, the potential offered by blockchain technology can provide a significant long-term return on investment in the near future.
Wrapping Up
Knowing how to attract users and monetizing the app is a part of the process. The real game changer lies in how you are going to develop a blockchain app that stands ahead of others. Whether be it healthcare or finance, blockchain is steadily gaining a strong foothold and revolutionizing the way we do business. Currently, about 10% of global businesses, have integrated blockchain technology, and there’s no sign of this trend slowing down. Moreover, the future always looks bright for those who want to innovate and adapt. Remember great tech can fail with bad marketing, while basic tech can do well with good marketing promotions. So don’t get caught up in these trials and choose how you can outperform and what best you can bring to the table. You just have to be aware of how you are going to position yourself to make a difference.
