- Quick Introduction to Blockchain Technology
- What is Blockchain?
- Innovation through Decentralization
- How to develop Blockchain
- Types of Blockchains
- The Process of Developing Blockchain from Scratch
- Best Blockchain Development tools to use in 2021 and beyond
- How does Blockchain work?
- The future of Blockchain
Quick Introduction to Blockchain Technology
Blockchain technology is stimulating business processes to make them more active and smarter. It is all set to convert diverse industries such as financial services, healthcare, supply chain, and several more. Also, it is changing the way we’re doing business.
According to a report generated by CB Insights, giant corporations like Pfizer and Walmart have favorably grown blockchain guides in physician tracking and food security.
“Blockchain for software development helps businesses to improve security and boost up the exchange of information as well as ensuring transparency,” explained Rohan Jha, software developers from TatvaSoft.
In this post, we’re going to create a complete guide on blockchain software development, which will help you to develop blockchain-based applications.
What is Blockchain?
Blockchain is a type of database and a chain of time-stamped digital records which are linked together using cryptography. It is also defined as massive, fully decentralized, transparent, and immutable data storage. Blockchain technology is spread over a network of associates usually related to nodes.
The timestamp is proof that the transaction data still exists while the block was published to get into its mess. As each record and transaction goes into the blockchain perpetually stays there, it can be tracked anytime, and nobody can tamper with the blocks of information.
Basically, Blockchain is a format in which digital information is being stored. Therefore, they are contrary to the alteration of their data because once recorded, it cannot be changed retroactively without modifying all subsequent blocks.
Innovation through Decentralization
Blockchain is effectively more reliable and secure compared to other traditional databases because it eliminates representatives and middlemen such as governments, financial sectors, and businesses from the safety equation, and replaces them with distributed nodes.
Blockchain is the leading technology that combines peer-to-peer networks and helps to reduce risk, build trust and confirm data with remarkably high certainty.
Now that you’re aware of Blockchain, let’s have a look at how it actually works and what the main steps are included in it.
How to develop Blockchain
There are 6 steps included in the Blockchain software development process:
- Defining the Goals
- Choosing a suitable Blockchain Platform
- Brainstorming and Blockchain Ideation
- Proof of Concept
- Visual and Technical Designs
- Development and Improvement
The above-mentioned are the simple steps for the blockchain development process, but are you wondering how to start with blockchain app development and create an app successfully? If so, then the section is for you.
1. Know your queries that you want to solve using blockchain
In the beginning, it is important to develop a problem statement and find out all the problems that you want to solve with a recommended resolution. Make sure that the solution will serve your business capabilities and migrate your current solution to the blockchain to develop an app from scratch.
If you’re sure that you require a blockchain solution for your business operations, then you can proceed further to the next step and select the right blockchain platform for your project.
2. Choose a blockchain platform
Developing a blockchain-based app from scratch requires extensive research and it takes months or sometimes years to develop an app successfully. So, make sure you’re investing some good time in research and then create an app on top of a blockchain platform that fulfills all your business requirements.
Secondly, identify which platform will help you to solve your issues based on a consensus mechanism. You can also create an Ethereum-based app to form a decentralized unrestricted software with smart contracts.
3. Brainstorming and blockchain ideation
If you’ve finalized the blockchain platform that is suitable for your business and is developing a blockchain application, you should now concentrate on drafting business requirements and gaining innovative ideas. Find out what technology components you can add to the blockchain ecosystem that will help you to create a roadmap and develop an application without missing a deadline.
Before you start creating an app, make sure to decide if the application permissions or permissionless blockchain network. By doing so, it will ease your work on front-end programming languages and provide accurate results.
Doing proof of concept helps you to represent the practical applicability of any blockchain project. There can be two possibilities, either it can be a design prototype or a theoretical build-up. If it is a theoretical build-up, each project requires theoretical cases. This will help the users to understand the applicability and viability of the product. Whereas proposals are created to identify the project’s parameters.
Once you’re done with a theoretical build-up, a prototype is designed, which includes sketches, information architecture, mockups, designs, and tested products.
5. Visual and Technical Designs
Now that you have designed an entire application, start creating UIs for each software component. APIs will be integrated with user interfaces to run the application at the back-end and visual designs provide a perfect look and feel to the application.
Once all the designs for consoles and user interfaces are ready, the application is all set for proceeding for development.
Finally, the most important phase of the blockchain development process is Development arrives in the picture, where you’re all set to develop a blockchain app. In this particular phase, you have to develop and integrate APIs for use cases of the application that are built under various versions.
After thoroughly testing your application, you can now proceed further to the production phase and get ready for delivery.
Before you launch your app, make sure to deploy it on the test network to check whether all its features and functionalities are performing well or not.
Blockchain software development and its deployment does not mean you are done. It is important to maintain post-development to ensure that it is compatible with all types of upgrades in the future.
Types of Blockchains
The three major types of blockchains are discussed below:
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
Let’s discuss the types of blockchain in detail:
1. Public Blockchain
A public blockchain is a platform for the public that anyone can join without specific permission. People who are joining the network can read, write, and engage in this network as it is not managed by anyone. It is an open-source platform that is based on the Power of work and power of stake consensus algorithm. It is a trustworthy, transparent, and secure platform that is analyzed by anyone and anyone can join, either as a developer or user.
2. Private Blockchain
It is a special type of blockchain technology that is organized by a single organization and has authority over the network. Private blockchain solutions help to strengthen these programs for the internal networking system of a company.
3. Hybrid Blockchain
Hybrid blockchain is innovative blockchain technology that helps to uniquely transform the world. It allows businesses and governments to adequately manage their workflow and enhance their operations with better solutions.
The Process of Developing Blockchain from Scratch
Before we start with the process of developing blockchain from scratch, let’s revise that Blockchain is a constant and unchangeable chain of records called blocks that contains data, files, and transactions.
If you’re planning to develop blockchain from scratch, it may take months or sometimes years to successfully complete the project. It requires a huge amount of time and extensive research to discover and implement an idea successfully. But there are various other options available that will allow you to build blockchain protocols in a short period.
Here is the example of Bitshares blockchain used to build blockchain-based applications.
Building a Blockchain App (With Bitshares Blockchain)
If we consider industrial-grade technology, then Bitshares blockchain concentrates on corporations and individuals with free-market economics and a robust ecosystem.
Here are some features of Bitshares Blockchain that make it a perfect choice for blockchain development solutions such as self-sustaining, low fee structure, high processing speed, highly secure, and dynamic account permissions.
Now, let’s have a closer look at these features and discuss them in detail:
- Self-sustaining: Bitshares makes sure that the blockchain incorporates expenses to keep going with no maturity date because it is supported by an ecosystem of decentralized Apps to self-fund its native token BTS.
- Low fee structure: You also need to contribute while using Bitshares and pay a fee like other blockchains. But the charges are comparatively lower than others as it gives 80% vesting cashback to existing members. It allows you to create your own cryptocurrency and blockchain platform. You can just simply ask to fork any open-source blockchain to create a blockchain platform for your business requirements.
- High processing speed: All the transactions in blockchain are added within 2 to 3 seconds as its processing power is high.
- Secure: It is a challenging task for us to hack the Delegated Proof-of-Stake protocol. This task requires carrying out various global, active, and trusted delegates.
- Dynamic account permissions: With dynamic account permission, you can manage the corporate environment and control wallets using a weighted combination of account approvals.
Best Blockchain Development tools to use in 2021 and beyond
Blockchain tools help you to simplify the process of Blockchain development and strengthen your knowledge of the domain.
Truffle is an Ethereum framework that provides an excellent development environment. It also supports a library that allows you to link complex Ethereum apps, untangle challenging requirements, and write new smart contracts that make contract coding simpler.
Geth is an Ethereum node in the Go programming language that is used to create smart contracts. It can be downloaded and installed on Linux, Windows, and Mac. Geth is available in three interfaces, including command-line, interactive console, and JSON-RPC.
- Remix IDE
Remix IDE is a compiler used for small contracts. It is also used to create, test, debug, and deploy smart contracts. It connects to the Ethereum blockchain via Metamask.
For smart contract deployment, you can use Mist which is the Ethereum wallet available for Mac, Windows, and Linux. When you’re installing Mist, make sure you remember your password as it cannot be updated again. Create a strong password and never forget it.
Metamask is a wallet that connects Chrome/Firefox via an Ethereum blockchain that acts as a browser extension. It provides a software platform that helps you to serve Ether and allows you to interact with Ethereum apps.
GanacheCLI allows you to instantly mix all the transactions and provides an easy-to-use API that will give an overview of test chain events. Despite this, it will allow you to perform all the operations on the main chain without incurring any cost.
How does Blockchain work?
To understand the working of Blockchain development, you must be aware of a few terms first, such as:
- Block: Blockchain is a chain of data blocks that stores all the transactional information. It consists of a hash and a hash pointer to the previous block in the Blockchain.
- Public Key: A public key is technically the public identity of a user that acts as the wallet id. It is linked to the “Bank Account Number” of a person which you must know before making any transaction.
- Private Key: An auto-generated code for users used to sign a transaction is known as a private key. It is a type of OTP that is required to authorize any transaction and is shown only to the particular person who is making the transaction.
For making a Blockchain transaction, you’ll require a wallet and a private key. Just sign in to your wallet and input the public key of the user to start a transaction. When you sign off the transaction using a code generated by your private key, a block containing transactional data is produced.
Now, the Block is broadcasted to a decentralized system of nodes in the Blockchain for confirmation. When you get a confirmation from the system, Block’s hash is created and added to the Blockchain.
Here is the information included in a block:
- Block’s hash code
- Sender’s identification in the form of a public key.
- Receiver’s id in the form of a public key.
- Hash code of the Block it is connected to.
The future of Blockchain
More than 3 billion people use the internet and it’s an important part of our daily lives. It is a matter of time before the identical become true about blockchain. The demand for Blockchain is continuously growing and it will shortly underpin an unbelievable number of systems, even if most people don’t know how it works.
Blockchain helps to identify the goals of assembling the requirements, picking up the right blockchain platform, deploying and creating apps, and designing software.