Image Credit: https://immediateedgeapp.org/
The noise around blockchain technology is on the rise! Certainly, it is not just about cryptocurrency but its role in the future of Web 3.0 games. What’s more interesting is that Google is also looking forward to building a backend team for Web3 developers. And so, top app development companies are riding this bandwagon to facilitate their projects with the latest technology. It demands companies for vetted developers to promote Custom Blockchain App Development Services. This blog will refer to blockchain technology’s significant technical and business aspects.
What is Blockchain Technology?
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
These lines are from the book Blockchain Revolution (2016) by Don & Alex Tapscott.
Experts say that Indian businesses are moving towards Blockchain technology. They are making it a part of their core business strategy. The above definition rightly highlights the core features of blockchain technology. Some other important aspects of blockchain are:
- It stores the digital transactional information records in blocks.
- It keeps the database decentralized, transparent, and publicly accessible.
- It is undoubtedly a technological breakthrough with unmatchable potential in the future.
- From the legal point of view, blockchain ledgers are valid as it removes intermediaries.
- The ledger blocks are paired with a hash function, making transactions safe.
Types of Blockchain App Development Services
Blockchain application has two important categorizations. These are based on network and Cryptocurrency support. Within that, there are different categories. We have outlined each one of them in detail below:
Blockchains based on Networks
When it comes to network-based blockchain development, you have two options. They are Permissionless blockchain and Permissioned blockchain.
- Permissioned Blockchain:
It is a closed ecosystem where only authorized players with specific responsibilities can act. These rules regulate how a transaction is carried out to meet the organization’s needs.
Example: Multichain- for database management, auditing, etc.
- Permissionless Blockchain:
The entire network is available free on all computers and devices. Anyone with access to the code can launch a public node on their local machines. They can initiate a network contact and validate the transaction while remaining anonymous. Permissionless blockchains are decentralized, equally accessible, and anonymously accessible.
Example: Bitcoin and Ethereum.
Blockchains based on Cryptocurrency Support
Here, blockchains are classified as cryptocurrency and non-cryptocurrency-based solutions.
- Cryptocurrency based blockchain:
These types of blockchain provide solutions for applications that run on cryptocurrencies. They have software that allows them to trade cryptocurrencies or digital currencies. It may be in wallets, Crypto Exchange, Dapp, and Initial Coin Offerings (ICO).
- Non-cryptocurrency based blockchain:
This blockchain app development service does not rely on cryptocurrency tokens but is based on Distributed Ledger Technology. It is mainly used for inventory management (DLT) distributed across multiple nodes and computing devices. Here, there is no centralized authority in charge.
How do you choose the right blockchain companies in India?
Top Blockchain Companies in India have blockchain developers to achieve the peak. It may be why Google Cloud wants to be the first choice of Web3 developers. But companies often get confused about what types of services they should take. Such blockchain services include private blockchain, smart contracts, Ethereum, hyper ledger & cryptocurrency wallet development. It is here that the role of expert opinion matters. Before taking Blockchain App Development services, you can also look at enumerated points to consider.
- Follow Consensus Protocol: Proof of Work, Proof of Stake, Proof of Elapsed Time, and Proof of Burn are consensus protocols used by many blockchain development platforms. As a result, determining the best platform based on consensus protocol is also advantageous.
- Decide the Type: As we mentioned above, there are two categories of blockchain- network and cryptocurrency-based. These two have other classes. So first, you need to decide the nature of the blockchain platform. Determining which type is apt for you will make the process much easier.
- Public/Private Network: Consider a network where anybody can make changes or only authorized users participate. Choose a platform and begin developing your blockchain application based on your decision.
- Use Smart Contracts: The second thing is whether or not you require a smart contract. A smart contract is a self-executing protocol that validates and enforces any trigger-based action. These contracts are dependable and unbreakable, so firms like to use them.
- Use of Cryptocurrency: Whether to develop a Blockchain App with or without using cryptocurrencies? This factor is crucial in determining the best platform, especially for developing a mobile application.
What are the best languages for Blockchain development?
You can start with classic programming languages such as C++, Python, Go, and Java or move on to more complex blockchain-specific languages such as Simplicity and Solidity. Companies use different Blockchain Software Development Platforms like Ethereum, EOS, Multichain, LiquidApps, Hyperledger, Quorum, etc. Often, companies look for secure cloud storage facilities that blockchain provides for the Storj company. So you see, its usage is vast, and the requirements differ for every company.
Prominent Industries that Use Blockchain Technology include:
Government- Companies across the world have recognized the utility of blockchain. Especially in governance that ranges from voting to land demarcation. The technology helps to expedite a variety of operations and other political challenges.
Finance- Finance is the field in which Blockchain has made its mark. The technology’s enabling features – transparency and decentralization – have boosted Blockchain’s popularity in the financial area and empowered fintech software development solutions by giving birth to a new DeFi and open finance ecosystem.
Real Estate- Real Estate is an excellent recipient of Blockchain technology because of the large amount of data and paperwork that it deals with. In a sector that deals with many contracts, the Smart Contract feature is also quite helpful.
Healthcare- Blockchain and healthcare have a very close interaction. The former uses the latter to decentralize vast amounts of data and prevent hacking and security breaches due to a lack of a decentralized system.
Hope this ultimate guide to blockchain app development proves helpful!
Infoneo Technologies can offer you everything you need as a digital company because you get everything you ask for. The company’s can-do attitude and project management strategy are reliable and trustworthy. Hire blockchain developers as they can help customize a solution for your business.
