8 Steps to build a Blockchain solution

Blockchain is a platform that assists in distribution and computing of data. This model of data distribution is one of the most secure forms of transactions made by an organization. A feature called smart contract assists this technology. The Blockchain model is based on the revised version of the secured and cloud functions of cryptocurrency. The cryptocurrency generated in the Blockchain platform is beneficial for a number of industries. The best feature of this form of currency is that it can be transferred from one account to another in a secured manner. This transaction can be carried forward without intimating any third-party authority or organization. Usage of this form of currency can help a business to make trade without any issues. The business transactions made in this medium are safer to use and transparent. With the help of this model, one can create a digitized model of payment environment which can help both the customers as well as trade.

This tool is a secured and better-rounded form of payment method. A person can securely transfer currency from one account to another. To access the money the user will require the specific key which will unlock the program. However, to access the data without proper credentials can be a next to impossible task. The platform uses a complicated mathematical model for storing the set of data. To hack into the system, one has to crack the mathematical problems. Solving these problems can be a challenging task for the hackers.

There are multifaceted ways to build a Blockchain solution. These steps are elaborated in the following in a step-by-step manner:

Step 1: Identify the Suitable Use

• There are many uses that Blockchain can serve in the present world. They are capable of removing global poverty and also create a corruption-free world for good. This mechanism in the cryptocurrency realm has a lot of potential, and all its advantages can be availed without effort. Blockchain mechanism can effectively be used for data verification and authentication, asset management, and also in the process of smart contracts.

Step 2: Find the Most Suitable Agreement Mechanism

• The original mechanism of Blockchain that technically powers and supports the cryptocurrency of Bitcoin can be efficiently used as a consensus and agreement mechanism as well. This is one of the best consensus mechanism systems that are formed initially to support the Bitcoin currency. There are however many other such mechanisms and technological aspects that can offer similar advantages. As per the purpose and use of this, Blockchain can opt for the making of the solution process.

Step 3: Platform Selection

• There are a varied number of platforms available in the realm of Blockchain tech today. According to the consensus mechanism that has been selected for the solution, you will need to opt out the suitable Blockchain platform. BigChainDb, Chain Core, Corda, Eris:db, and Ethereum are some of the major platforms for Blockchain that are available in the market today.

Step 4: Node Designing

• These Blockchain solutions can be authorized or non-authorized. Again it can also be private, public and even hybrid. Another aspect to be considered is whether the nodes will run on the cloud, through on-premise mechanism or both.

Step 5: Designing the Blockchain Instance

• The Blockchain solutions need to be configured meticulously and carefully. Elements to be considered are the permissions, asset insurance, asset re-insurance, atomic exchanges, key management, parameters, natural assets, address formats, key formats, block signatures and hand-shaking.

Step 6: API Building

• The API is an essential factor in a Blockchain solution. Some have a pre-made API, and some don’t. Here are the major categories of APIs that you may need for the purposes of audit-related performance functions, data retrieval and storage, smart contracts, smart asset lifecycle management and various other purposes.

Step 7: Admin and User Interface designing

• In this particular stage, you are to choose and select the apt front end and programming languages like HTML5, CSS, PHP, C#, Java, Javascript, Python, Ruby, Golang, Solidity, Angular JS Nodejs. Thereafter you will also need to choose external databases such as MySQL, MongoDB, and even the servers which may include Web servers, FTP servers, and mail servers.

Step 8: Incorporation of Futuristic Tech

• There is a vast scope of enhancing and powering up the Blockchain solution through a number of integrations. Some of these combinations are Artificial Intelligence, Biometrics, Bots, Cloud, and Cognitive services, Containers, Data Analytics, Internet of Things and Machine Learning.

The Blockchain platform allows creation and development of a separate decentralized application. It can help the person to create a transparent as well as secure mode of transaction. The model can assist businessmen in connecting with different entities like suppliers, customers, as well as a manufacturer without the chances of data loss or data theft. In fact, the model is more organized and well maintained.