Machine learning, artificial intelligence, and Blockchain are some of the most popular technologies that gained fame right from their debut. And why not, these technologies have made many impossible things possible such as a reduction in unnecessary transaction fees, cybercrime got reduced, and lost data that can be retrieved at any point in time. Yes in short, Blockchain technology has been proving its worth since day one. So it’s high time if you haven’t thought about the development of a custom blockchain software .
The following post mainly focuses on certain tips and tricks for developing custom blockchain software. But before that let us brush through the basics.
All you need to know about Blockchain Development
Now many of you have this misconception that Blockchain is the new kid in town. Well for your information, the new kid was born in 1991. With an objective to store and secure digital data, the open-source ledger was introduced. Today the tech leaves no stone unturned when it comes to enhanced security and speeding up the passing of information or data, again in a secured manner. Apart from security, cost-effectiveness and high transparency is what you get here. Further below I would like to mention certain benefits offered by blockchain technology.
- It offers full transparency. This means no transaction can be manipulated or modified
- Blockchain is thoroughly encrypted, security is par excellence
- Instant procedures. All the transactions are up-to-date and can be processed in real-time
- There is no such requirement of an intermediary fee
Before the concept of blockchain development, banks and financial institutions were asked to charge hefty transfer fees. As a result, customers found this pretty costly and time-consuming. And one couldn’t think of sending money overseas because there were a plethora of hidden costs associated with it.
As soon as the blockchain came into existence, the need for mediators automatically vanished. Yes, the peer-to-peer payment system featuring better security and low fees. Apart from this, banking institutions started exploring and emphasizing the concept of instant and borderless payments. The rise in cryptocurrencies removed the need for third-party payments and not just that, all the records can be accessed globally by bitcoin users.
Not just the banks but you see earlier cyberattacks had gained a significant amount of momentum and become a worldwide threat. Fortunately, not anymore. By using blockchain technology, one can easily identify any malicious attack, every transaction is well-secured and encrypted, transparent yet secured. There is no slightest chance of tampering.
When to use Blockchain?
Here’s the big question, when one must consider developing custom blockchain software? Well, down below I would like to mention certain questions that you must ponder before opting for blockchain development.
What is your need? Is it just to gather and manage data?
Earlier, every business was compelled to have a database to store and manage data even if it isn’t much. Now in such scenarios, there is no point in incorporating blockchain technology. So where exactly blockchain is required? Well, simply if you have created an application that needs to store, manage tons and tons of data, the tech can be put to good use. Gone are the days when businesses were supposed to use multiple databases, with blockchain you get a transparent view of data.
Does speed matter to you?
You know there are a plethora of databases that require conducting high-performance millisecond transactions. If your answer is yes, then you must consider a centralized system to gather and manage records. No matter how slow blockchain databases are, one thing is for sure, they are safe and secured. So here you get both speed and security at the same time.
Looking for a trustworthy environment
Of course, commencing a business or establishing or even expanding the business can never be done alone, it takes other parties’ involvement. And when you involve different parties, trusting them is equally important. Banks are supposed to be trusted after all it’s a matter of crucial data and information. Blockchain technology offers a trustworthy environment. All it takes is the updated ledger and you will find everything transparent, centralized and fair.
Certain features that must be taken into consideration while developing a custom Blockchain Software
High processing speed
Did you know that much like websites, transactions are expected to be processed within a span of 1.5 to 3 seconds and not more than that.
As the name implies, more than one account can be taken care of. This results in seamless management of the corporate environment.
Do you think is it possible to hack the Delegated Proof-of-Stake (DPoS) protocol? Definitely not! And maybe, that’s the reason why Blockchain excels when it comes to security.
Gone are the days when additional charges and hidden charges were applicable. With the rise in blockchain technology, minimal fees are expected. Also, one doesn’t require intermediaries or third-parties
Factors Worth Considering When conducting Blockchain App Development Project
You see, not all blockchain platforms are cryptocurrency-based; there are few who extremely tend to rely on smart contracts or usage of two or more crypto tokens. So it becomes extremely important to determine the type before the beginning of the project. Also, knowing it right from the beginning will make the app development process easy and smooth.
Now here comes the next big consideration whether you are planning to use cryptocurrencies or not. As aforementioned, using cryptocurrencies or not plays an important role in the entire development of the blockchain application.
Today everything is about scalability and flexibility and blockchain is no different. Businesses do crave robust and scalable applications and blockchain does excel in regard to that. Apart from high-end scalability, blockchain also excels at speed, security
So this is it! Blockchain is the need of the hour and consists of a rosy future so not investing in it might turn out to be a huge loss for you. In today’s fast paced world, don’t push your luck. Just delve into it and explore the journey of decentralization.