Information on Blockchain and Guide to Create Blockchain Applications
Blockchain has become a popular and powerful technology in just a decade. It supports the creation of secure applications for multiple industries like manufacturing, finance, supply chain, etc. The worldwide blockchain market is expected to cross more than $163 billion by 2027.
But what exactly is a Blockchain? Let’s understand.
What is Blockchain?
Blockchain is a record-keeping technology designed to make the stored data more secure and immutable. It enhances the system’s capability and makes it impossible to hack the system. Blockchain utilizes distributed ledger technology (DLT), it’s a digital system to record transactions and associated data in multiple places at the same time. Every computer in a blockchain network maintains a copy of the ledger to avoid failures, updating and validating all copies of the data simultaneously.
Blockchain is considered a type of database but it differs from traditional databases in the manner it stores and manages the data. Blockchain stores data in blocks and those blocks are digitally chained together while the traditional databases store data in rows, columns, tables, and files.
The first successful use of blockchain was seen in 2009 as Bitcoin. Dogecoin and Bitcoin cash are the other two popular applications that successfully utilized blockchain. Many industries are exploring ways to use blockchain as a secure and economic way to maintain records of all kinds of digital transactions and to build and manage distributed databases.
Why Blockchain is Important?
Blockchain is a shared and unshakeable ledger that can only be accessed by members with permission. Blockchain offers enhanced security, swift traceability, and significant transparency. Once stored in the blockchain, the information becomes permanent and cannot be edited or modified. Blockchain offers the following benefits for a business:
1. Enhanced security
2. Significant transparency
3. Swift Traceability
4. Increased efficiency and speed
6. Reduced paperwork and errors
7. Minimize transaction cost
8. Eliminate the demand of third parties to verify transactions.
How to Create Blockchain Applications?
Here’s an in-depth process of creating Blockchain applications. Let’s discuss:
1. Finalize the Purpose:
The first step to creating a blockchain app is the same as other mobile app development You need to figure out the expectations you are expecting with your app. What are the needs and demands of the application you are going to develop? The clearer your ideas are, the better you can build it.
Some well-liked domains where you can utilize blockchain applications are:
b. Government contracts
c. Money transactions
d. Forex exchange
e. Real estate industry
f. Lending and insurance industry
h. Data security
k. Supply chain and logistics
1. Determine the Platform:
Before you finalize the platform, there are three things that you need to confirm if your decided platform provides it or not:
Take a look at the most popular platforms where you can build blockchain applications:
a. Stellar (Financial Services)
b. XDC Network (Global Trade Finance)
c. Hyperledger (Cross-industry)
d. OpenChain (Digital Asset Management)
e. NEO (Smart Economy)
3. Create the Application Framework:
An application framework is a software library that offers a basic structure to support the app development for a specific environment. The third step for blockchain app development is to create the application framework. It would access information like the application’s core structure, design, appearance, user journey, app screens, their connection with each other, and more. The framework is like a software solution that untangles the development, deployment, and support.
4. Design the Interface:
After everything is established, a blockchain developer or a team of developers starts working on creating the design of the application, starting with the user interface design. The designer and the developer need to take care of a few things mentioned below:
a. Use several mood boards to experiment with different app screens with different colors, buttons, fonts, illustrations, etc,
b. Use a high-precision framework to complete the design concept.
c. Design 1-3 app screens and finalize one from all screens, that you can use in the app.
d. Create an interface animation to visualize how the app will be working, based on the inspection, and make necessary edits.
Once this is accomplished, the UI kit is shared with the app developers. They handle the backend development, design, and maintenance and build apps on blockchain platform.
It was an overview of the steps that are needed to create a blockchain app for Android and iOS platforms.
How much cost and time does Blockchain app development require?
Well, it’ll be unsure to tell the exact cost and time required for blockchain app development. It entirely depends on an individual’s requirement. Accordingly, the cost associated with the efforts varies.
To create a minimum viable product with basic minimum features takes around 7-8 weeks but the time gradually increases as the feature requirement increases. On an approx. time taken to create a blockchain app will require:
Blockchain Type Time Required
Web Wallet 15-20 days
Crypto Exchange 1-1.5 months
Smart Contracts + Token Issue 5-7 days
ICO Site 10-15 days
ICO Full Service 6-12 months
This is just an approximate time required. Do not confuse your ideas, to find out the exact time required for a blockchain app, it is advised to consult with a trusted blockchain app development company. The experts need to analyze the requirements, and then they would be able to inform you of the accurate efforts, time, and cost associated with it.
Talking about the cost, developing a blockchain app may let you invest somewhere around $40,000 – $100,000. The blockchain app development cost differs on several factors. It’s better to connect with a trusted app development company.
Blockchain is a revolutionary technology. It brings transparency and reduced risk rates across a business network. Just not it, it offers great traceability of the data shared and speeds up the data transfer processing. It provides countless benefits if crafted attentively.
Get started with us and work towards launching your blockchain application. Fill out the form below or call us right away to connect with us. We will be happy to assist you with any queries.