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How to build a blockchain app?

Are you looking to build a blockchain application? If yes, then this guide can help you develop a blockchain app successfully.

Though many people thought blockchain technology is specifically designed for financial transactions, blockchain is transforming various industries, including healthcare, supply chain, finance, retail and many more. The technology is poised to bring security and accelerate the exchange of information while keeping transparency. One of the research reports reveals that the global spending on blockchain will be around $6.6 billion by the end of 2021.

Following is a step-by-step process of building a blockchain-based application

  • Identify the problem and goal
    Before you think about building a blockchain app, it is first essential to identify the problem statement. You need to understand what all problems are a blockchain solution is expected to solve. Ensure that your solution requires a blockchain solution and identify how the technology would benefit your business capabilities. Identify the right blockchain use case for your business ecosystem and then move to the next step.
  • Identify the right blockchain platform and choose the technology stack
    Instead of building the blockchain from scratch, you can leverage the capabilities offered by the blockchain platforms to develop a blockchain solution. The blockchain platform you need depends on the consensus algorithm and the problems it can solve.
  • Blockchain Ideation
    Once you have the problem statement and identified the right blockchain platform, the next step is to brainstorm business requirements and the project idea. In this step, you need to prioritize and evaluate the features and components to be added to the blockchain application.
  • Identify what components should be added as on-chain and off-chain business entities. Create a roadmap of the product, for example, when are you planning to release beta and alpha versions of the app.
  • Decide whether the application has to be built with the permissionless or permissioned network. When formulating ideas, you also need to make decisions related to the external database, servers, and front-end programming frameworks for your blockchain application.
  • Proof-of-concept
    A proof-of-concept is built to demonstrate the practical feasibility of a blockchain project and it can either be a prototype or a theoretical build-up. Blockchain POC is designed to verify that the idea has the potential in a real-world situation.
  • Designing a POC can be one of the smartest decisions you will make while building the blockchain solution. The POC will help you pilot optimized processes and transition into an end-to-end solution later.
  • Development
    Development is the core stage of blockchain app development where you need to start developing the blockchain application. In this stage, you will build APIs for distinct use cases of the application.
  • You need to build an API to perform auditing functions, perform data authentication with the help of digital signatures and storing and retrieving data.
  • The application is built in different phases, for example, pre-alpha, alpha, beta and release candidate version.

The above step-by-step blockchain app development process can help you build a scalable and secure blockchain solution. If you have technical expertise, you should never forget to follow the above steps during implementation. Else, it would be best if you considered hiring a blockchain development company that can assist you in building a full-fledged blockchain application.

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