Blockchain is a decentralized ledger technology that records transactions and is distributed across the entire network. It is a system of recording data in a way that is nearly impossible to change. The decentralized technology is exceptionally good at eliminating third parties involved in any transaction. It provides a secure sharing environment and maintains transparency throughout the system.
The significant intrinsic features of Blockchain are:
Transparency: Blockchain maintains a transparent ecosystem throughout the network. It helps detect and identify suspicious actions/users on the distributed network.
Auditability: It is most helpful for the supply chain stakeholders, as it allows to trace back the products’ provenance and track their entire development.
Decentralization: The control of the entire network is distributed among the participating node. No single authority can claim dominion over the whole network. The consensus protocols are used to govern the network.
Immutability: Public-key cryptography ensures immutability by electronically signing every transaction on the ledger.
Anonymity: The identities of the network participants are kept anonymous during transactions to maintain the privacy and security of data.
Open-source accessibility: Blockchain provides open access to all; any authorized user can access the data available on the ledger.
What is the Blockchain development process?
Blockchain development is carried out in the following six stages:
Determine the objective
The initial step for Blockchain development is to identify the problem statement and propose a solution for it. Also, determine if you require to build the solution from scratch or some modifications and advancements would work. Analyze what features and use cases are needed for the application.
For example, a healthcare organization would need to develop a Blockchain-based application that must support health record exchange, remote patient monitoring, video conferencing, etc.
Choose a suitable Blockchain platform
Developing a Blockchain application requires thorough research, advanced technical skills and a considerable investment of time and effort. Make sure to create the Blockchain application on top of a Blockchain platform that meets your business requirements. Identify and select the right Blockchain platform for your application considering the factors like consensus mechanism, language used, etc.
For example, Ethereum is used to develop an Ethereum-based application that provides a decentralized environment with Smart contracts.
Blockchain model ideation
Once the Blockchain platform is selected, the focus must shift to drafting business requirements and brainstorming ideas. Identify the technology components that are added as off-chain or on-chain entities on the Blockchain ecosystem. Plan out the roadmap of the product to build the application within the decided deadline. Create a Blockchain model and design the conceptual workflow of the application. Besides, it is crucial to determine that the Blockchain network will be permissioned or permissionless.
Perform proof-of-concept
Proof-of-concept means realizing a particular idea or method to demonstrate its feasibility and verify that certain concepts or theories have practical potential. In simple terms, proof-of-concept is done to represent the practical applicability of an idea. A theoretical build-up is designed and after the proposal is accepted, a prototype is prepared, which includes sketches, information architectures, designs and tested products. Once the client approves the PoC, the next step is preparing visual and technical methods.
Visual and technical designs
At this stage, the entire planning and preparation for the application development are complete. Now, start creating UIs for each software component. Create APIs that are required for integrating with user interfaces to run the application at the back-end. The application is ready after the admin consoles and user interfaces are designed.
Development
At this stage, API integration is done for particular use cases of the application. An application is developed under multiple versions. The Pre-alpha version is the one that does not go under formal testing. After the client approves, it is moved to the Alpha stage. The developers implement white-box testing techniques at this stage. Next is the Beta version, which is released after the alpha version. Beta version is the application that has the complete feature set but might carry some unknown bugs. It is shared with a particular group of people outside the organization to test the app’s functionality. After the beta version is successfully tested, the final Release version is launched.
These are the most fundamental stages involved in the Blockchain development process. While going through the journey of Blockchain development, several complexities might arise. Make sure to hire the best and experienced Blockchain development company with a team of trained and expert developers who understand working with Blockchain technology.