8 Simple Steps to Start Blockchain Development
According to GitHub, blockchain-related projects have boomed since 2007 and haven’t shown any sight of stopping until now. Almost every application and system uses blockchain to secure data and bring transparency nowadays. Not to mention that blockchain is also becoming more appealing to all business over time. So, if you’re looking for a way to use this technology to benefit your project or business, here is our guide for how to start your blockchain development.
1. Identify Your Business Niche
Blockchain is utilized in many industries. You should make an in-depth analysis of the business niche using blockchain before you start doing yours. Besides, you need to know if applying blockchain can solve your problems better than traditional ways.
Here are 3 industries that blockchain does very well:
- Data authentication & Verification (Immutable storage, digital signatures and encryption).
- Smart asset lifecycle management like issuance and escrow.
- Smart contracts.
2. Find a Suitable Consensus Mechanism
Even though there are many types of consensus mechanisms, you should always choose the suitable method based on your individual needs.
Below are some of consensus mechanisms:
- Proof of stake
- Byzantine fault tolerant
- Proof of Elapsed Time
- Derived PBFT
- Deposit based consensus
- Federated Byzantine Agreement
- Federated consensus
- Round Robin
- Delegated Proof of Stake
- Redundant Byzantine Fault Tolerance
- Simplified Byzantine Fault Tolerance
3. Choose the Most Suitable Blockchain Platform
These days, most blockchain platforms are open source and they can help you meet every qualification of your project. But, whether you’re looking for an affordable blockchain development service or a trustworthy blockchain company, the most suitable platform for your project depends on your requirements and the problems you want to solve.
For example, you can build a Quorum-based app with smart contracts to test the issuance of debt instruments in your bank. But, note that building a blockchain will take a lot of time (months or even years) and research to develop successfully. So, just make sure you understand the exact business needs to identify the right blockchain platform.
4. Create a Workflow for Your Blockchain Development
Re-evaluate and build a workflow that suits the blockchain platform you chose. It needs to be detailed because some aspects like the consensus mechanism are very difficult to change. So, you should figure out a plan or workflow with your experts or offshore blockchain development company before starting, especially if you are still unclear about this technology.
5. Decide Which Type of Blockchain Solutions is Needed
From cloud to in-house or in a hybrid model, blockchain solutions vary greatly. Here are some types of blockchain solutions that you should know:
- Permissionless: Bitcoin and other major cryptocurrencies where anyone can become a miner.
- Permissioned: Government run land registry or voting systems.
- Private Blockchains: Internal contract management systems in hospitals and pharmaceutical companies.
- Public Blockchains: Ethereum and other asset-backed cryptocurrencies.
- Hybrid: A common application for managing shared KYC among several banks.
6. Create APIs
In some cases, you will need to build APIs first instead of opinionated software solutions to ensure that all of your platform’s functionality is accessible. So, here are some major categories that needed API:
- Generating key pairs and addresses
- Performing functions related to auditing
- Performing data authentication using digital signatures and hashes
- Storage and retrieval of data
- Management and trigger of smart contracts relating to the issuance, payment, exchange, escrow, & retirement.
7. Create UI & Admin Console
At this stage, your decisions need to be made regarding the front-end programming language, servers, or external database for the app. You will use this console for managing the launch of your application to make sure it incorporates proper analytics into the system.
8. Make Sure Your App Can be Deployed to Various Resources
You need to make sure that performance, latency, crashes, storage, and memory glitches are running well before the beta version is released. If a problem arises, you must find a solution ASAP. Additionally, an MVP model can help your app become more stable. So, instead of only focusing on developing your application, you need to prepare some workable solutions to prove your theories.
Blockchain technology has changed the world and will continue to do so as businesses always need secure data. We hope our 8 steps to starting blockchain development will help you with your future project.
If you have any questions or demands, Newwave Solutions is always ready to take on the blockchain development service sector and help you with your blockchain projects. Contact us for more details!