People have been raving about blockchain technology. Some of them are embracing the benefits of the technology for their industries. But some of them resist the opportunity to adopt the technology into their businesses.
Perhaps you are one of the enthusiasts of blockchain development and want to add more positive changes to your project by adopting it.
As you’ve probably known, the blockchain technology development can improve the transparency and acceleration of the data transfers while keeping the transparency in great quality.
When you are ready to add this to your agenda, you will firstly need to understand the grounds of blockchain knowledge from the basics.
How to develop Blockchain from zero?
Let’s recall the principle of what is blockchain development a little bit. The records in the chain are called blocks. In each block, it contains information including transactions, data, as well as files. The filled blocks are linked using the hashes.
When we are talking development of the blockchain, it means that you are building it from scratch. The deployment of the system will take months to even years to finish since it demands a lot of preparation and important phases.
There are tons of resources and time needed to be prepared to make it work.
But you don’t necessarily need to build it from scratch. A trustworthy software company like INC4 comes with alternative options to build blockchain development platforms in a short period of time.
While there are many open-source blockchains available in the market, you can rely on INC4 to handpick the best solutions which can meet your business requirements and needs.
As a project owner, you will also have the freedom to fetch any open-source blockchain to build your personal platform for your specific objectives. It will take a considerable amount of time . It is a great idea to consult with a reputable company like INC4. they will gladly help you to comprehend the phases of building a blockchain from zilch.
What value does Blockchain add to your platform?
The values that you can attain for your project can be different from the of other businesses. It will really depend on your specific needs and requirements. What is the problem that you are trying to overcome? What are your goals and objectives?
You will want to start from there to find out the real values of blockchain app development for your business.
The experts and software engineers have emphasized loads of opportunities from the blockchain implementation across various industries such as supply chain , agriculture , gaming, health care, financial services, logistics , carpentry, retail , insurance, and many other niches.
And with the commencing of the blockchain in their premises, it can significantly transform the particular business.
Here are the keys of the values that can be added to any industries :
- Improved transparency
- Accelerated transfers of information
- Lower fees
- Removing the intermediaries
- Increased security
And so on …
Since the blockchain is in the public ledger , all of the members in the same network will share the same updated ledger .That ‘ s why it is more secure than the conventional system . No one can have the chance to tamper with the information and make use of it for their own benefits .
We ‘ d also note that reducing the costs is one of the top priorities in any business . Since there are no intermediaries in the decentralized system , you won ‘ t need to spend money for their services . In turn , it will lower the operational costs significantly .
When to use blockchain for your startup or existing platform ?
The answer will be relative depending on what your business currently needs . Here are some ideas that you could consider to help you to answer such a question .
Do you need to store the big data safely ?
If your project or business is involved with a lot of data , then you will really need blockchain development tools to help you out . There are some apps that need to manage such huge data . With this particular technology , you will be able to simplify it into a single distributed ledger instead of a massive database .
Do you need to accelerate the process ?
If you notice that your database transactions are too slow , it is the best time to upgrade it . It can be that your centralized system to maintain the records cannot cope up with the huge demands . If you need a more secure and faster process , then you can rely on a blockchain solution .
Who ‘ s controlling the data ?
Perhaps your business has been used with the third – party who is controlling the data . It might be necessary at some occasions . But most of the time, you won ‘ t know for sure about the responsibility of the information . If you have privacy matters, you can overcome it by using the blockchain technology . The decentralized system will reduce the processing time , high fees , and errors .
How much does it cost to build a blockchain based platform ?
The cost to build blockchain development platforms will depend on various factors . But it can mostly be based on the party you are hiring . You need to decide whether you are hiring an in – house team ,freelancer , or agency to help you with the project .
In – house team
In – house team will work closely with you . They will become part of your company . But it won ‘ t come cheap . Of The cost range is $ 500 , 000 – $ 2 ,000 , 000 depending on their experiences and set of skills .
Hiring freelancers can make a great choice if you are tight on a budget . Hiring them tends to be more affordable than hiring in – house teams and agencies . However , it is risky when you are dealing with the bigger project . If you have a small project with low risk , it is cool to hire a freelancer . Of The power costs range from $ 30 , 000 to $ 90 , 000 depending on Their Experiences and set of skills .
Working with the agency can be the most ideal choice since a company like INC4 has been focusing on the blockchain for years . Compared to in – house development teams , the cost of the blockchain app development can also be more affordable . Hiring agencies will cost you around$ 150 , 000 to $ 500 , 000
What is the blockchain development process ?
The explanation of the development process might be different from one source to another . But here are what you will expect in each stages :
Identify the problems : Find the problems that you want to solve .
Picking the right platform : there are a wide array of blockchain platforms . You must pick the right one .
Brainstorming the ideas : Cross – check your ideas . Keep the relevant ideas , set aside irrelevant ideas .
Demonstration: it is where you need to prove the concept . It can be in the form of a prototype , mockup , sketches , demonstration , etc .
Visual designs : the real designs of your solution
Development : the core of the activities .