How to Develop Effective Blockchain Technology Applications
Bitcoin is
the primary decentralized currency around the globe, which has been developed
by a group of developers by the name Satoshi Nakamoto. Blockchain technology cooperatively
maintain the entire database that records the transaction of Bitcoin. The
technical experts have forecasted that Blockchain has a very bright future as
it is the technology that makes sure that the transaction authenticity can only
be determined by the involved parties, with no need of central authentication
parties or middlemen.
Blockchain Application
Development
The process
includes major steps as mentioned-below:
- A Thorough and Proper
Study: It is compulsory to ensure that Blockchain
plays a major role in resolving the issue, as most of the times only the
concept of centralized and single database can resolve the problem. Some
ideal Blockchain technology use-cases can be for Banking sectors, government sector, insurance sector, etc.
- Choose an Appropriate Consensus System: It is important to pick the consensus mechanism according to the chosen use-case. In the beginning, Blockchain made use of Proof-of-Work as the consensus mechanism. However, the scenario has changed now and there are various distributed ledger systems providing multiple consensus mechanism. For instance, Deposit based Consensus, Proof of Stake, etc.
- Select the Right
Blockchain Platform: Numerous free and open source Blockchain
platforms are existing
nowadays. Nevertheless, it is crucial to pick the platform based on the
selected consensus mechanism. Few popular platforms are Multichain,
Ethereum, Quorum, Hyperledger Fabric, BigChainDB, Hyperledger Iroha, Chain
Core, Elements Blockchain Platform, etc.
- Design Nodes: It is essential to determine that whether the nodes will be accessed
on-premise, on the cloud, or on both the networks. The Blockchain solution
can be developed in two ways i.e. permission-less or permissioned. This
indicates that it can be private as well as public, which totally depends
upon the business requirements.
- Develop APIs: There are multiple Blockchain platforms, which have inbuilt APIs
and on the other hand, some come with no APIs.
- Design User Interfaces: The selection of the databases, which are external such as MangoDB,
MySQL, and the servers such as Web servers, FTP, and mail servers, etc. is
done at this stage.
- Combination of Future
Technologies: The power and functioning of the Blockchain
solution can be increased by the integration of the trend-changing
technologies like Artificial Intelligence, Internet of Things, Machine
Learning, etc.
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