What is the right Blockchain Development Process to build Blockchain Apps?
Undoubtedly, the blockchain is changing the way people perform business operations. Whether you are an entrepreneur, innovator or a tech enthusiast, you should understand the blockchain development process if you are planning to build a blockchain app for your business.
According to some research, finance and tech companies alone invested $1 billion in blockchain in 2016. Blockchain has been progressing rapidly from an esoteric technology to research and development for governments, universities, MNCs and financial organizations.
Once you understand the potential of blockchain to get rid of middlemen and complicated procedures, you can implement it in your business organization by building blockchain applications.
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So, let’s figure out the right blockchain development process to create a blockchain app.
A short and step-by-step guide to the Blockchain Development Process:
1. Come up with an idea
Before implementing or building any solution, what matters the most is the idea behind it. It would be ideal to define the issues and decisions that determine why you need a blockchain solution.
Ensure that investing time and resources in the blockchain makes sense for your business.
Conduct a benefit/cost analysis to ensure that the blockchain is a good idea to make improvements in your business operations.
2. Choose an appropriate consensus mechanism
You require a consensus mechanism to validate transactions and maintain the records on the blockchain platform. A wide range of consensus mechanisms can be found including Proof-of-work, Proof of Elapsed Time, Proof of Stake, Delegated Proof of Stake, Byzantine Fault Tolerant and much more.
Choose the one that meets your business and application requirements in the best way.
3. Select a blockchain platform
Building a blockchain solution from scratch can be really difficult. Therefore, you can select a blockchain platform that allows you to make blockchain apps quickly and efficiently.
From Ethereum to Hyperledger Fabric, Hyperledger Sawtooth, Hyperledger Indy, Hedera Hashgraph, EOS, and NEO, you can find a lot of blockchain platforms. Make sure to select one that meets your business requirements.
4. Architecture Design
Blockchain solution can exist in a hybrid model, in-house or on the cloud. You may get multiple options for software and hardware configuration including operating system, size of the network, memory, processors and so on. It is highly recommendable to use a cloud framework for blockchain apps as it can support agile working.
At this stage of the blockchain development process, you need to select the right blockchain solution for your business from the following blockchain types:
Permissionless: Cryptocurrencies like Bitcoin where anyone can be a miner on the network.
Private Blockchain: A network for internal business purposes. For example, contract management systems in pharmaceutical companies and hospitals.
Permissioned Blockchain: A network that allows data to be shared between only network participants based on the provided permissions.
Hybrid Blockchain: The combination of both private and public blockchain that reaps the benefits of both the approaches.
5. Visual and Technical Designs
After you plan everything, start designing user interfaces for every software component. Come up with the visual and technical designs that would give overall look and feel of the blockchain application you are going to build.
It is recommended to consider the GDPR compliance when designing user interfaces to ensure security and privacy of data. You can start the development process once you are ready with the designs.
6. Developing and deploying a blockchain app
It is the crucial stage of the blockchain development process where you get prepared for creating the application. You need to build APIs for different use cases of the applications to add the business logic to it.
An application is created under different phases, including pre-alpha, alpha, beta and release candidate. To make it available for the end-users, you require deploying it on the application server.
Before deployment, ensure that the app runs perfectly on the testnet. Once the app is tested on the test network, you can make it live by deploying on the cloud server and app/play store.
If you have technical skills and the ability to create the blockchain application, go step by step and implement the above blockchain development process. Otherwise, look out for the right blockchain development company to help you with the blockchain development.
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