Blockchain technology is the buzzword nowadays, and experts expect Blockchain application development to grow exponentially in the next few years. So, what is Blockchain and how do you build your own applications?
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Benefits of Blockchain technology
Here is the simplest example we can think of. Imagine you and your co-founder has a shared fund and a workbook that records every outgoing purchases for the company. In usual settings, either of you can use fund money to buy something for yourself and simply not write it down to avoid consequences. Blockchain would minimize this by asking for consent from both of you at the same time if you want to make any kind of transaction.
Most developers use Blockchain to solve real-world problems by providing convenient, smart solutions. This is also the way companies compete with each other in the new technology era.
Real-world Blockchain applications
- Finance: As said above, Blockchain technology seems perfect for cryptocurrency. Bitcoin, Ethereum,… are the most common digital currencies to date, and investors worldwide are putting more and more real money into them.
- Gaming: Blockchain also introduced play-to-earn games. These games reward players with crypto coins, then users can trade or withdraw them to hard cash.
- Healthcare: One of the smartest Blockchain applications is in healthcare. This technology can help secure medical transfers and makes sure patient information is private, among other benefits.
>>>Read more: Applications of Blockchain to Financial Services
You can find Blockchain applications in other industries like governance, logistics and even entertainment, etc. Blockchain is the inevitable trend in the next years. So, how can you build your own Blockchain applications?
Overview of Blockchain applications development
Identify your solution
Ask yourself what problem does your application solve, and if that problem had existed in the first place. Many companies in various industries can carry themselves just fine without complicated new technologies. Be very clear of your business idea and real-world solutions it provides.
Before heading to next steps, you must look at other products or services that are similar to what you offer. You can do a SWOT analysis or research their business results to find out what you can do better. Competitive edge is very important, especially in Blockchain development.
Building a team
Look for talents in Blockchain development, UI/UX design, testing and marketing. These are the people who can help your project succeed. However, if budget is low, what you need is a great outsourcing company. Outsourcing companies saves you time and money, but remember that you need excellent managing skills.
Start Blockchain applications development
Now that you have a roadmap, a market understanding and a dedicated team, time for action.
First, analyze your options. There are three ways you can develop Blockchain applications, each has its pros and cons.
- Use an open-source Blockchain. For example, you can integrate Bitcoin and Ethereum into your mobile solutions.
- Choose a BaaS (Blockchain as a Service) provider – a third-party that installs Blockchain networks for the company. There are many providers on the market, even Amazon has a BaaS service.
- Build your own Blockchain on a platform of your choice. Ethereum is the most popular platform as of 2022.
Next step is business analysis. A business analyst will determine business goals, the amount of staff needed, application frameworks, etc. All of this helps minimize misunderstandings and potential failures.
Moving on to the design process. This is where you decide the UI/UX design of your app, including user flow, user interface, basic designs like color & fonts, etc. The design can account for up to 80% of your application’s success, so do not undermine its importance.
After everything’s decided, time for development and testing. Most often, this process has 4 stages: backend development, API integration, frontend development and testing sessions.
Finally, your application is basically ready. Now you can upload it on the App Store or Google Play Store. In this stage it is very important to analyze performance data and user behaviors.
Understand programming languages
Application development is difficult,. This is why developers need to be familiar with these languages before thinking about Blockchain development.
>>>Related: Top 4 Blockchain programming languages 2022
This article has given you the overview guide to Blockchain application development. Follow our blog for more content on Technology and Blockchain development!