In the past few months, the term ‘Blockchain’ has reached to every nook and corner of the industrial world – much faster than the speed of light. Everyone is talking about this technological innovation, its working and application.
Considering the same hype, if you are curious to get a detailed information about Blockchain technology and discover the technical aspect of blockchain app development, this article is a perfect read for you.
Blockchain – the Definition and Structure
Blockchain, in a layman’s language, is a digital transaction ledger where you can store all of your transaction data in an encrypted manner. But, with a tweaked architecture. Unlike other databases, the blockchain stores two types of records – transactional data and blocks.
Here, each single block stores data related to transactions, which can be encoded using a hash code. This hashcode is generated using the characters of the data stored in the block and is stored in the next block. This way, each block contains the hashcode of the previous block, making it appear like a chain.
Working of Blockchain Technology
As explained earlier, each data is stored in the blocks in Blockchain system, such that each block holds the hashcode of the previous block in the chain. Whenever a new transaction is created or an edit is made to an existing transaction in Blockchain system, an approval request is sent to all the nodes. If the majority of the connected nodes approve the change, the new block/updated block is accepted into the digital ledger. Otherwise, the request for addition or modification is denied.
Features that Makes Blockchain Stand Out
The Blockchain technology, that remained in the background of Bitcoins, is now stepping forward with the popularity of these four features:
● Decentralization: With this feature, the blockchain system enables a user to amass assets in a network such that it can be transferred and received from any part of the world via the Internet. These assets can be anything, such as a token, contract, or some documents.
● Security: Blockchain eliminates middlemen from the transaction, making the transactions faster and far much secure. Besides, no changes can be made in the transactional data without informing the connected blocks (all thanks to hash code system). This makes it tough for hackers and other data intruders to use/update the existing code without consenting the authorities. Thus, security is maintained.
● Transparency: Here, each node in the blockchain system has its own copy of blockchain database. As explained in the last step, no changes can be made without the consent of the authorities. Plus, a node can track every change, ensuring transparency and trust in the process.
● Mining: Mining is the processing of adding transaction records to the public ledger, Blockchain. It basically applies a complicated mathematical formula to the information stored in the block, turning into a short and concise ‘hash code’.
Now, as you know the working and features making blockchain popular and are also familiar with the application of Blockchain in different industries, are you ready to dig into the technical part?
Let’s move to the two prime things you need to know before you hire a blockchain app development team, i.e, factors and cost for building a Blockchain app.
Factors to Consider for Successful Blockchain app development
When it comes to Blockchain development, you must check the following factors to enjoy a bigger slice of the benefits of this technology:
● Goal: Have a clear idea of the purpose of your app. Understand what are the problems faced by the users, their expectations, the existing solutions with them, and how your app can help them out. The insights gained will help you to choose the right type of blockchain app/solution you should invest in, and eventually, enjoy a profitable deal.
● Consensus Mechanism: It is basically a mechanism by which the authorized users of a Blockchain system are allowed to authenticate a transaction. Every blockchain system adopts a particular consensus mechanism, making it imperative for you to consider this factor while blockchain development.
● Platforms and Languages: More than 10 platforms are used to build a Blockchain application from scratch, implying you need to consider the platform while deciding the app development process. Otherwise, you might end up choosing a platform that does not go well with your app idea.
Similarly, you need to pick the right language and tools for development. Not every programming language and tool used for Blockchain app development is compatible with all the blockchain app type and platform. All have their own benefits and limitations. So, choose wisely for a successful development.
● APIs: Though there are several pre-built APIs for building a Blockchain application, you might need to invest in creating an API for performing various processes, such as data auditing, data authentication, storing and retrieving data, generating key pairs, managing smart contracts, etc. So, keep API development on your card.
● UI/UX: Just like any other app, a Blockchain-based mobile app should also look and feel good. So, it is necessary to look into the UI/UX mobile app design.
● Proof: The potential of Blockchain is still not discovered fully. People are still ambivalent about its application. So, on a safe side, it is better to invest in MVP development than disclosing the complete app idea. In other words, it is profitable to create a workable solution with the core functionality and launch in the market to test the idea without losing a hefty amount.
Cost to Develop a Blockchain App
The cost to build a blockchain app, as you might have sensed, cannot be determined directly. It depends on the efforts and time required for the development process, which varies based on the above factors. So, in order to get an estimate of the blockchain app development cost, it is recommended to share your app idea with an expert blockchain app development team. The team will not only share a quote but also help in turning your app idea to reality.
Do you still have any doubt? Want me to expand any section of the article? Do let me know via the comment section below.