Blockchain app has growing demand in recent years, more and more businesses are considering leveraging it due to blockchain technology’s popularity . It offers a number of advantages over traditional technologies, such as security, transparency, and immutability.
There are many discussions about this technology, from social media groups or pages, to websites’ articles. As a result, it is becoming a buzzword on the internet. If you are interested in developing a blockchain app, the considering read this article, because it will provide a step-by-step guide. We will cover everything from choosing the right blockchain platform to developing the app to deploying it.
So, whether you are a beginner or an experienced developer, this article is for you. By the end of this article, you will have a good understanding of how to develop a blockchain app in 2023.
Table of contents
- 1. Introduction to Blockchain App
- 2. Blockchain App Market Overview
- 3. Benefits of Blockchain App Development
- 4. Steps of building blockchain app
- 5. Blockchain App Development Technologies
- 6. Programming languages you should consider for Blockchain app development
- 7. How much does it cost to build a blockchain app?
- 8. How does a blockchain app make money?
1. Introduction to Blockchain App
1.1. What is Blockchain?
A blockchain is a distributed database that maintains a continuously growing list of ordered records, called blocks. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
The blocks are linked together using cryptography, and each block can only be changed if all subsequent blocks are also changed. This makes it very difficult to change or hack the data in a blockchain.
1.2. What is Blockchain App Development?
Blockchain app development is the process of creating applications that use blockchain technology. Blockchain apps are typically decentralised, for that reason, they do not rely on a central authority to operate. This makes them more secure and transparent than traditional applications.
Here is how a blockchain app works:
- A user initiates a transaction
- The transaction is broadcast to the blockchain network
- The nodes in the blockchain network verify the transaction
- If the transaction is verified, it is added to a block
- The block is added to the blockchain
- The transaction is completed
When adding the transaction to the blockchain, you cannot change or delete it. As a result, this makes blockchain apps very secure and reliable.
1.3. Types of Blockchain Apps
There are many different types of blockchain apps, each with its own unique purpose. Here are some of the most common types:
These apps use blockchain to facilitate financial transactions, such as payments, trading, and lending. Some popular examples of financial blockchain apps include Bitcoin, Ethereum, and Ripple.
Supply chain management apps
These apps use blockchain to track the movement of goods and materials through a supply chain. This can help to improve transparency and efficiency. For example, some popular supply chain management blockchain apps include IBM Food Trust and TradeLens.
These apps use blockchain to store and share medical records and other sensitive data. This can obviously help to improve security and privacy. Some popular examples of healthcare blockchain apps include MedRec and Patientory.
Intellectual property apps
These apps use blockchain to register and track intellectual property, such as patents and copyrights. This can help to prevent counterfeiting and fraud. Some popular examples of intellectual property blockchain apps include Everledger andProvenance.
These apps use blockchain to create a secure and transparent voting system. This can help to reduce voter fraud. Some popular examples of voting blockchain apps include Follow My Vote and Democracy Earth.
These apps use blockchain to create a more secure and transparent gaming environment. This can help to prevent cheating and fraud. Some popular examples of gaming blockchain apps include Axie Infinity and Gods Unchained.
These are just a few of the many different types of blockchain apps. As the technology continues to develop, we can expect to see even more innovative and groundbreaking uses for it.
2. Blockchain App Market Overview
According to Grand View Research, the global blockchain app market was valued at 10.02 billion USD in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 87.7% from 2023 to 2030. The growth of the market is attributed to the increasing adoption of blockchain technology in various industries. 71% of entrepreneurs use blockchain as a report, believing that it will play a pivotal role in advancing the technology, resulting in widespread support for industry standards.
The financial services industry is one of the major drivers of the blockchain app market. Blockchain is being used in this industry to facilitate financial transactions, such as payments, trading, and lending. It also helps to create new financial products and services, such as decentralised finance (DeFi) and non-fungible tokens (NFTs). Due to some forcast, other industries that can drive the growth of the blockchain app market include supply chain, healthcare, real estate, energy, logistics, automotive, education.
Here are some of the key trends in the blockchain app market:
- Increased adoption of blockchain technology
- Growing demand for decentralised applications
- Increased investment in blockchain startups
- Government initiatives
3. Benefits of Blockchain App Development
There are many benefits to blockchain app development. Here are some of the most important ones:
- Security: Blockchain is a very secure way to store data. The data is encrypted and distributed across a network of computers, making it very difficult to hack or change.
- Transparency: All transactions on a blockchain are public, which can help to increase transparency and accountability.
- Immutability: Once data is added to a blockchain, it cannot be changed or deleted. This makes it a reliable way to store data.
- Efficiency: You can use blockchain to automate transactions and reduce the need for intermediaries, which can save time and money.
- Cost-effectiveness: Blockchain can be a cost-effective way to develop and deploy applications. This is because it can eliminate the need for centralised servers and third-party intermediaries.
- Scalability: Blockchain is scalable, meaning that you can use it to support a large number of users and transactions.
- Customizability: Blockchain is a customizable technology, meaning that you can adapt it to meet the specific needs of different businesses and organisations.
However, blockchain app also has some challenges you may face:
- Complexity: Blockchain apps can be complex to develop and deploy. This is because they require a deep understanding of blockchain technology.
- Cost: Blockchain app development can be expensive. This is because it requires specialised skills and resources.
- Regulation: Blockchain is a new technology, and there is still a lack of regulation in many countries. This can make it difficult to develop and deploy blockchain apps.
4. Steps of building blockchain app
4.1. Defining your blockchain app idea
There are many factors to consider when defining your blockchain app idea. What do you want the app to do? What problem will your app solve? This will help you determine the features and functionality of the app.
For example, if you are developing a blockchain app for supply chain management, the app may need to track the movement of goods and materials through the supply chain. It may also need to verify the authenticity of products.
Once you’ve defined the problem you will solve, then considering your solutions will be included in your app. Think about making your solutions unique among existing solutions in the market.
4.2. Analysing & Planning
- Conducting market research: There are many different blockchain platforms available, each with its own strengths and weaknesses. Remember to find out what features and functionality your rivals in the market offer? This will help you to determine how your app can be unique and offer value to users.
- Identifying the target audience: Who will use the app? What are their needs and expectations?
It is important to understand the needs and expectations of your target audience so that you can develop an app that customers will find useful and valuable. Continuing with the previous example, the target audience of your blockchain app for supply chain may be businesses and individuals who want to make a clear and transparent ordering process.
4.3. Choosing an appropriate platform
There are many different blockchain platforms available, each with its own strengths and weaknesses. Some of the most popular blockchain platforms include:
- Ethereum: Ethereum is a general-purpose blockchain platform that can be used to develop a variety of applications.
- Hyperledger Fabric: Hyperledger Fabric is a permissioned blockchain platform that is designed for enterprise use.
- Corda: Corda is a private blockchain platform that is designed for financial applications.
- Quorum: Quorum is a fork of Ethereum that is designed for enterprise use.
- Solana: Solana is a high-performance blockchain platform that is designed for decentralised applications.
The best blockchain platform for your app will depend on the specific needs of your app. If you are not sure which platform to choose, you can consult with a blockchain expert.
4.4. Designing the app architecture
The app architecture is the blueprint for your app. It defines the way the app will be structured and how the different components will interact with each other.
The app architecture should be designed in a way that is secure, scalable, and efficient. It should also be designed in a way that is easy to maintain and update.
This is the step where you will actually write the code for your app. The code will be written in the programming language that you chose in Step 4.
The development process will involve a number of different tasks, such as:
- Designing the user interface (UI)
- Designing the database
- Writing the code for the different components of the app
- Testing the code
Once you have already developed your app, it is important to test it thoroughly to make sure that it works properly. The testing process should include:
- Unit testing: This involves testing individual units of code.
- Integration testing: This involves testing how different units of code interact with each other.
- System testing: This involves testing the entire app as a whole.
If you are not familiar with blockchain development, you should hire a reliable development team to help you.
4.6. Deploying your blockchain app
Once the app has been tested and is ready to be used, it needs to be deployed. This involves making the app available to users.
The deployment process will vary depending on the platform that you are using. For example, if you are using a cloud platform, you will need to upload the app to the cloud.
Once you have deployed your app, you need to market your app to reach your target audience and encourage them to download and use your app. Moreover, you can implement through a variety of channels, such as social media, search engine optimisation (SEO) and paid advertising.
5. Blockchain App Development Technologies
There are a number of different technologies in blockchain app development. Here are some of the most common ones:
- Blockchain platform: The blockchain platform is the foundation of the app. It provides the infrastructure for storing and verifying transactions. Some of the most popular blockchain platforms include Ethereum, Hyperledger Fabric, and Corda.
- Programming language: Some of the most popular programming languages for blockchain development include Solidity, Python, and Java.
- Smart contracts: Smart contracts are self-executing contracts that are stored on the blockchain. They can be used to automate transactions, as well as verify the authenticity of data.
- Decentralised applications (dApps): dApps are applications that run on the blockchain. They are not controlled by any central authority and are accessible to anyone with an internet connection.
- Cryptography: Cryptography is used to secure the blockchain and protect data from unauthorised access. For example, one of the most common cryptographic algorithms used in blockchain technology include elliptic curve cryptography (ECC) and RSA encryption.
- Web3: Web3 is a decentralised version of the internet that is built on blockchain technology. It allows users to interact with dApps and other blockchain-based services without the need for a central authority.
6. Programming languages you should consider for Blockchain app development
Here are some of the top programming languages for blockchain app development:
- Solidity: Solidity is a programming language specifically designed for developing smart contracts on Ethereum. It is a statically typed language, which means that the types of variables and expressions must be transparent. This makes Solidity code more reliable and easier to debug.
- Python: Python is a general-purpose programming language that is also popular for blockchain development. It is a versatile language that you can use for a variety of tasks, such as developing smart contracts, dApps, and blockchain infrastructure.
- Java: Java is another general-purpose programming language that is popular for blockchain development. It is a well-established language with a large community of developers. Developers can run Java code on any platform that has a Java Virtual Machine (JVM).
>>> Read more: Top 4 Blockchain Programming Languages
7. How much does it cost to build a blockchain app?
The cost of building a blockchain app can vary greatly depending on a number of factors, such as the complexity of the app, the blockchain platform used, the development team’s experience, and the cost of hosting and maintaining the app.
A simple blockchain app can cost as little as a few thousand dollars to develop, while a complex app with many features can cost hundreds of thousands of dollars or more.
Here are some of the factors that can affect the cost of building a blockchain app:
- The complexity of the app: The more complex the app, the more time and effort it will take to develop, and the higher the cost will be.
- The blockchain platform used: Some blockchain platforms are more expensive to develop on than others. For example, Ethereum is a more expensive platform to develop on than Hyperledger Fabric.
- The development team’s experience and location: An experienced development team will be able to develop the app more quickly and efficiently, which will lower the cost.
- The cost of hosting and maintaining the app: The cost of hosting and maintaining the app will vary depending on the blockchain platform used and the amount of traffic the app receives.
From our thorough research, here are some specific ranges for the cost of building a blockchain app:
- Simple app: $5,000 – $10,000
- Medium-complexity app: $10,000 – $50,000
- Complex app: $50,000 – $250,000
8. How does a blockchain app make money?
There are a few different ways that a blockchain app can make money. Here are some of the most common ways:
- Transaction fees: This is the most common way for blockchain apps to make money. When users perform transactions on the blockchain, they typically have to pay a fee. This fee is used to pay for the miners who verify the transactions and add them to the blockchain.
- Staking: This is a way for users to earn rewards for holding cryptocurrency. When users stake their cryptocurrency, they are essentially locking it up and agreeing to help verify transactions on the blockchain. In return, they earn rewards, which can be in the form of more cryptocurrency or other benefits.
- Advertising: This is another common way for blockchain apps to make money. Apps can sell advertising space to businesses that want to reach their users.
- Subscription fees: Some blockchain apps charge users a subscription fee to use the app. Basically, this is a common way for apps to make money if they offer premium features or services.
Blockchain app development is a complex process, but it is possible to do it successfully if you follow the right steps. By choosing the right blockchain platform, designing the app carefully, developing the app using a secure programming language, and testing and deploying the app thoroughly, you can create a blockchain app that is secure, reliable, and user-friendly.
We all hope that this post has given you the information you need to start building your blockchain app. Good luck!
However, if you need services right here and now, we offer you our expertise. When you choose to work with AgileTech, you will receive huge tech support as we have 8 years of software development experience with blockchain technologies. We have a proven record of building high-quality blockchain apps for clients around the world. If you need further information and consultation for your project, feel free to fill out this form to meet our IT experts!