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.

An Effective Blockchain Application Development has now become an essential task and you need to choose a dependable organization for this. Yes, it is always suggested to choose a Blockchain development company that has mastered the process of developing Blockchain-based solutions. Prolitus with so many years of experience has now become one such organization. It is a rapidly growing team of experts, and you can get in touch with them by dropping a mail at success@prolitus.com