Blockchain is an immutable chain of records and is also known as a decentralized ledger. This decentralized ledger saves transactions on numerous computers across the globe. Blockchain is a secure technology with increased security and exchange of information. It powers several cryptocurrencies like Ethereum, bitcoin, dogecoin, etc. The blocks in blockchain technology are connected via cryptography, a process that keeps all the information secure and discrete. The importance of this decentralized technology has attracted several financial institutions among which the banking sector is the most active one.
The decentralized nature of blockchain has led to its widespread adoption and rising popularity. People have come to trust it because of its qualities. The process of constructing, managing, and forming the blockchain system and application is known as blockchain development. It entails utilizing its features to seize opportunities and fix problems. This blog's main goal is to acquaint you with the specifics of blockchain
Have a look at the stages involved:
Issue Identification
Blockchain development begins by creating a problem statement and identifying the issues to address. As a business owner, you need to ensure that it can benefit your business abilities. You must find out whether you can migrate your present situation or have to develop a new application.
Recognition Of Ideal Platform
You can create an app over a blockchain platform, which can accomplish your business goals. Factors like the problems to resolve and the consensus mechanism can help you find the ideal platform.
Brainstorming Ideas
Business requirement drafting and brainstorming ideas are the next steps after identifying the platform. Here, you must figure out the ideal technology components you have to add as on-chain and off-chain entities. Also, try to figure out the blockchain network to develop the application.
Performing Proof-Of-Concept
The proof-of-concept is performed to present the practical application of the project. Whether a theoretical build-up or a design prototype, it can be any of them. You can create proposals to demonstrate the variables of your project. Next, you need to focus on obtaining approval.
Technical and Visual Designs
After planning the entire application, you need to create the user interface for every software component. You have to design an API to combine with UIs for the backend. You must create visual designs to deliver a feel and look to the application. Technical designs can present the technology architecture of the application.
Development
It is the final and essential step, and now you can create the application. Here, you either need to integrate or develop APIs for the application’s specific use case. Multiple versions are followed in the building of the application. Along with app development and use, you must also keep up with the software application.
Initially, there is a pre-alpha version, which doesn’t include formal testing. Alpha-version comes after the approval and comprises the use of the white-box techniques by the users. Following it, the beta version calls setting the complete feature and has some unknown bugs.
After the approval of the beta version, the release candidate version is the next step. When reached here, you can consider the application to be all set to launch.
When it comes to the set of tools you can use for the best use of blockchain development, there are many. They are Metamask, Embark, Truffle, Geth, Solium, Mist, GanacheCLI, and Blockchain testnet.
Final Thoughts!
Using blockchain has become a need in many industries, including financial services, supply chain, retail, healthcare, government, retail, and many others. To a business, it can offer transparency, risen speed, and lessen costs. In this blog, you have become aware of the concepts of blockchain development and the steps required in the same.
Blockchain development is a six steps process. It begins with the identification of the issue to solve. You need to identify the ideal platform, brainstorm the ideas, perform proof-of-concept, create visual and technical designs, and then reach the final stage of development. The development includes various versions of the application. The release candidate version is the final one.
