Solutions Based on Blockchain Development
Even though blockchain is mostly associated with cryptocurrency and finance, blockchain software development can be used to create some life-changing products in pretty much any industry. Just look at our healthcare blockchain project for a successful example! Incode Group is very excited to be working with blockchain and today we’ll talk about our blockchain development services and what you can use them for. From fintech to government blockchain development, no stone will be left unturned.
Incode Group is a software development company with a focus on blockchain and cloud technologies. We’ve created blockchain solutions for hospitality, healthcare, commerce, and fintech and will gladly provide a free consultation for your blockchain project.
What Is Blockchain Software Development
It’s the process of creating solutions that rely on blockchain fully or partially, using the technology to store data, reinforce security, or process transactions. By integrating this decentralized ledger in your products, you not only deliver quality but take advantage of futuristic solutions that you can’t achieve otherwise. Of course, the blockchain development cost is going to be higher than that of a regular solution but you’re paying for quality and security.
There’s not much to set blockchain development apart from regular services other than the fact that true experts on it are harder to find. The blockchain development lifecycle is relatively similar to the regular one, though the overall development might take longer due to the extra rigorous testing that has to be done. Blockchain development leaves no room for mistakes, which means more time is spent on creation but fewer headaches will be had when you actually use the product.
Also, just like with regular software, there’s some difference in services provided depending on your type of project. For example, private blockchain development services are, most of the time, much more complicated as private networks with the technology are intended for highly secure transactions. It’s a less widespread option since it’s not as glitzy as public blockchain. However, it’s a great choice for enterprises concerned about data leaks and fraud. Public solutions also have their merits, especially if you want an ambitious and hypeworthy project. Besides, the public blockchain development cost tends to be lower than that of private blockchain solutions. As a blockchain development company, Incode Group has tackled both so you can rest assured that your project will be in good hands.
Blockchain Software For Banking
The most obvious fit for blockchain solutions is the financial sector, of course. With banks, both private and government-owned, adopting this fresh technology, it’s only a matter of time before all FinTech and banking giants come looking for a blockchain development company. We suggest you get ahead of the rush and start thinking of your project right now if you’re in the financial business.
Offering security and transparency of transactions, blockchain will not only boost a bank’s reputation with customers but also benefit the institution itself. With immutable records of where the money comes from and where it goes to, you can track funds freely and prevent embezzlement and fraud easily.
Blockchain Development for Healthcare
Similarly feverish demand is seen in the healthcare industry since it deals with sensitive patient data every single day and medication fraud runs rampant if it’s left unchecked. That’s why a technology that allows strict authorization procedures is needed and that’s why blockchain software development is a necessity for the current state of healthcare. Companies in the industry would do well to invest in blockchain as a data leak could spell financial disaster and a good way to reliably keep patient data isn’t going to hurt anyway.
Blockchain will also allow companies to track their drug supply and ensure that they’re not getting counterfeit medicine. It may seem like a less exciting problem but it’s one that’s plagued healthcare for years and it costs lives every year. After all, one in ten pieces of medication sold in developing countries is counterfeit, meaning every tenth patient could be risking their lives taking a hospital-prescribed pill. This is a problem of traceability and accountability, both of which blockchain takes care of.
Blockchain Cyber Security and Encryption
Speaking of data leaks, the scandals with Facebook and other social media selling user data to the highest bidder has made the idea of a secure messenger highly popular. This means that several companies are already vying for control of the market with promises of blockchain encryption on their apps. There’s still room for a well-made solution, of course, so don’t hesitate to present an ambitious new project.
We could talk at length about why private blockchains matter, especially in a corporate context… Or we could simply quote our lead blockchain expert Elena and point you to her excellent article on the subject: “Private blockchains let users separate and restrict data access from different entities. This may sound odd if we are talking about public networks, where anonymity and transparency are key, but it’s unacceptable for corporations and businesses. Solutions such as JP Morgan’s Quorum, R3 Corda or Hyperledger Fabric have implemented privacy features in different ways to meet these requirements. In Corda, transactions are not globally broadcasted as in many other solutions and structured as Merkle trees. Quorum achieves privacy with the help of Constellation transaction manager, that allows either transaction or smart contracts privacy. Hyperledger Fabric is known for “channels” that are literally a blockchain inside a blockchain, where all the entities should be properly authenticated to be a part of the channel and share the data. Also, with the latest update, Fabric has announced a new “private data” feature that forms an additional private data collection layer inside the channels.”
You’ve already seen several examples of blockchain use in industries, perhaps you have a project in mind? Send Incode Group a message and we can start brainstorming right away!
Government Blockchain Development
Even in the government, blockchain development is a major necessity. By reinforcing our infrastructure with this security-oriented tech, we can hope to protect the authorization chain and prevent leaks of information. It’s also a way of restructuring the bureaucratic system a bit, which could make for a solid attempt at modernizing it.
Blockchain in Cloud
Another perfect pairing for blockchain is cloud platforms. They are extremely hyped up now and used all over the world by tech giants. However, making the cloud computing side of things even more efficient will certainly be a welcome addition and could actually create a new direction for much of the industry. Since private blockchains can process quite many transactions per minute, we could potentially see an effective pairing of the two technologies down the road.
And even now, they could be used in collaboration for a more secure, authorization-based cloud storage type. While it’s not a magic wand to wave away privacy concerns, blockchain would get some of the credibility back to cloud platforms and drum up new hype around the technology.
Real Estate Blockchain Development
There’s also the commercial side of things such as real estate and general sales of things such as cars and other high-priced goods. Usually, you require a third party to oversee a transaction but real estate blockchain development turns that third party into a piece of software. It’s a more accessible way of doing real estate transactions and it’s a good step toward making real estate investments more than just a rich man’s game.
Similarly, blockchain will make real estate transactions more transparent so we’ll have fewer situations wherein someone buys up real estate to launder money. By buying through blockchain, you have an immutable record of ownership and the transaction itself so that everyone will know you got the property fair and square.
Blockchain For Gambling
Gambling is always a risk and its online iteration is not an exception. Though its recent rise in popularity has brought new people into the industry, the questions of transparency and security have remained unanswered. Thankfully, blockchain might be the solution to these issues. Since blockchain records can’t be tampered with, you’ll always see precise and honest data on your plays, their outcome, and the winning stats. It’s a way of decentralizing the gambling process and ensuring that the gambler isn’t being ripped off by the online casino. Besides, blockchain can offer up an extra layer of anonymity, which is highly important when you’re gambling for large sums and would prefer that nobody finds out who you are and where you’re located.
On the intersection of online gambling and gaming are the blockchain betting services for esports. These give players a platform to put money on their favorite players or teams directly and without worries of being ripped off. They know the transaction is fair and licensed because these platforms have to get their license from the government. It’s a big step toward eliminating shady business practices.
Blockchain For Gaming
This one might not be as serious as government use but gaming isn’t just for children, having sprouted a lucrative esports industry. Because of that, blockchain is needed to make financial exchanges in gaming safe or store characters in MMO games. Experienced players know that a single character can be worth a 4-digit sum or more, which is why they’re often targeted by scammers. Blockchain aims to solve that problem by becoming an alternative to black market transactions.
Plus, with the advent of loot crates, the real money in games has shifted toward that part of the culture. However, many gamers are unhappy about paying $3 for a crate just to get a skin that they can only use in one game. Since quite a few titles these days are made on the same engines, it makes sense to try and make these rewards transferable to other titles. This makes the cost-reward proposition more lucrative and incentivizes gamers to spend more.
Blockchain For Supply Chain
Similarly popular is the use of blockchain for supply chain management. The technology keeps all participants of the commercial process accountable for their part of the chain and helps save money. It’s a great way to make shipping less of a headache, even when dealing with overseas imports/exports.
Also, blockchain can be used to eliminate corruption in the supply chain. It’s a way of opening up the information regarding each link in the chain to the suppliers and shippers. That way you know where the product comes from, why a certain company was chosen to supply it, how long it actually took, whether any issues arose in the process. Blockchain, in this instance, makes it easier to track problems and eliminate them at the source rather than do guesswork, wasting money and time.
As you can see, pretty much any industry concerned with transparency, security, or streamlining can get a lot out of blockchain software development services. By integrating this technology into your company’s workflow, you open yourself up to a bright future.
How to Find a Blockchain Development Company
First and foremost, look for a company with good experts and experience. If they have already worked with blockchain like Incode Group has, they’re more likely to deliver quality and suggest innovative features for your project. Similarly, if their experts have worked with blockchain for a while, they’re less likely to fall victim to the hype, implementing only solid and trustworthy methods instead.
It’s also good to have experts that know a lot about the different sides of blockchain. For example, Incode Group’s blockchain department has experience working with R3 Corda, Ethereum, Quorum, Hyperledger, and EOS. This means we’re well-equipped to handle projects concerning both private and public blockchain and relating to any industry. So if you’re looking for blockchain software development, you can turn to us any time!
Delegate your blockchain software development to Incode Group! We combine speed and quality to bring your product out on time and ready for the market, all thanks to our years of expertise. Come talk to us about what you need and how we can help, we can start with a free consultation!
