A Comprehensive Guide For Blockchain App Development

Top 10 Global Blockchain Stats

Before proceeding ahead let’s discuss what blockchain has done so far and what more it is capable of

• According to a survey, global blockchain technology revenues will skyrocket in the upcoming years, with the market estimated to reach more than 39 billion USD by 2025.

• Another report states that the global blockchain technology market is expected to expand to 469.49 billion USD by 2030 at a CAGR of 59.9%.
• Blockchain has the potential to cut 30% of bank infrastructure expenditures.
• With a 46% market share, the financial sector is the most important investor in blockchain technology
• 71% of company leaders who are actively using blockchain believe it is crucial for the progress of a company.
• 90% of governments intend to invest in blockchain technology.
• 74% of the surveyed persons from the consumer products and manufacturing industry claimed that their company is either in the experimentation phase or is going with full-scale blockchain production at a rapid pace. 
• In the previous year, 44% of players acquired or sold game stuff on the blockchain.
• By 2025, 55% of healthcare applications will be using blockchain for commercial implementation.
• By 2026, the blockchain in the manufacturing industry is expected to be worth 778.05 million USD.

Understanding Blockchain Technology

By now you must have gained some idea of the popularity of the blockchain. So before proceeding forward let’s understand what blockchain technology is all about.

In simple words, a blockchain is a collection of digital documents that are encrypted and kept in the form of a chain. These records are known as blocks, and the technology used to create them is known as blockchain. You’ve probably heard of cryptocurrency, or Bitcoin while making an online transaction; these are components of blockchain technology.

Blockchain is nothing more than a decentralized database in which digital records are kept in blocks and linked using a hash function so that the current block has the hash code of the previous entry and the next block has the hash code of the current one.

Top 5 Benefits of Blockchain App Development

Blockchain application development is gaining popularity due to the numerous benefits it provides to enterprises. The following are the five most significant advantages of blockchain apps:

1Transparency

With the introduction of blockchain, one is easily able to access the transaction history. Now as blockchain is a distributed ledger, all network members have access to the same updated ledger at any given time. A network consensus certifies the ledger, which implies that everyone must agree on it.

Changing a single record causes all future records to be modified. As a result, the data preserved on the blockchain is:

• Safer
• Accurate
• Transparent
• Only members with permission have access

2Traceability

If your organization controls products distributed through a complex supply chain, you understand how difficult it can be to trace an item back to its source. When the movement of commodities from one location to another is recorded on the blockchain, you have a comprehensive audit trail that shows where an asset came from and follows each stop along the way. Previous blockchain records can assist verify the legitimacy of products and prevent them from fraud.

3Efficiency

Blockchain technology streamlines operations, allowing transactions to be performed more quickly. There is no need to reconcile several ledgers because all documentation is recorded in the blockchain. Moreover, as there is no third party involved, everything moves much more quickly and smoothly.

There is also the option to automate procedures using “smart contracts,” which allow you to automate the next step in a transaction, increasing speed and decreasing the likelihood of human error.

4Security

Increased security is one of the most significant benefits of blockchain applications. Unlike traditional programs, which are vulnerable to hacker attacks and data theft, blockchain apps are impenetrable to third parties.

Data in blockchain applications is not stored on a server, but rather across a network of devices, making it impossible for hackers to access the information.

Users can identify changes promptly since they have access to a copy of all chains located on the devices of all network participants.

Also Read-Exploring The Innovative Power Of Blockchain In Banking

5Reduced Costs

Most businesses prioritize cost reduction. You don’t need intermediaries or third parties to establish confidence while using blockchain since network participants authenticate everything on the network through consensus. Moreover, everyone will have access to an immutable version, so you will not need to study any paperwork in order to complete the trade.

Types of Blockchain App Development

Blockchain solutions are categorized into 2 categories, so you can choose the one as per your specific business need.

1Network-Based

Network-based blockchain solutions are categorized into Permissionless and Premissioned Blockchains.

• Permissionless Blockchain

Bitcoin is the best example of a permissionless blockchain. You do not need any permission to access any database in this case, and anyone can access the network or establish an engagement in the network while hiding their identity.

• Permissioned Blockchain

When it comes to a permissioned blockchain, it is more of a closed ecosystem in which only authorized individuals can access the database while adhering to the defined criteria.

2Cryptocurrency Support Based

Blockchain solutions are further classified based on cryptocurrency support as cryptocurrency-based solutions and non-cryptocurrency-based solutions.

Cryptocurrency-based Blockchain

These blockchain solutions, as the name implies, are based on cryptocurrency. The following are some of the most prevalent forms of cryptocurrency-based blockchain solutions:

• Cryptocurrency Wallets:

The best solution to transfer or receive cryptocurrencies.

• Crypto Exchange:

Crypto exchange systems, also known as Digital Currency Exchange (DCE) systems, are used to trade cryptocurrencies.

• Initial Coin Offerings (ICO):

An Initial Coin Offering (ICO), sometimes known as an Initial Currency Offering (ICO), is a mechanism that deals with the creation and sale of cryptocurrencies.

• Decentralized App (dApp):

dApp development services deal with apps that can be run in real-time by multiple users on a decentralized, P2P network.

Non-Cryptocurrency-based Blockchain

These solutions do not rely on cryptocurrencies like bitcoins. They are built on Distributed Ledger Technology (DLT), a database distributed across multiple nodes and computing devices. Most crucially, no central authority governs these nodes or ledger. They are changeable by anyone.

Blockchain App Development Cost

Now as you are aware of what blockchain app development is all about, let’s dig deeper to find the approximate cost you will have to pay.

Before moving ahead it is essential to understand the factors that will directly affect the cost to build a blockchain app. Well, the overall development cost will depend upon factors like

• What kind of Blockchain App do you require?
• The Difficulty of a Blockchain Project
• Individuals involved in the creation of an app
• Project Management Software
• Location of the development company
• Subscription Fees for Third-Party Tools, and so on.

Well, after going through these factors you must have gotten the idea that it is difficult to tell the exact cost until the requirements are discussed in detail. Still to give you an idea here is the estimated cost list for the development of a blockchain app.

Top 5 Blockchain Software Development Platforms

Blockchain app development platforms enable developers to build and deploy decentralized apps (dApps) on blockchain networks. The following are the top 5 blockchain software development platforms, as well as their key features:

1Ethereum

With a market share of more than 60%, Ethereum is the most popular blockchain software development platform. It is a decentralized open-source platform that allows developers to create and deploy dApps using smart contracts.

Solidity; Ethereum’s programming language, is used to generate smart contracts. It also has a big developer community, which provides a network effect that makes finding assistance and resources easier for developers.

2Hyperledger Fabric

Hyperledger Fabric is an enterprise-grade blockchain software development platform for creating permissioned blockchain networks. It is a Linux Foundation open-source project that provides a modular design that allows developers to tailor the platform to match their individual needs.

Smart contracts can be created using Hyperledger Fabric with programming languages such as Go, Java, and Node.js.

3Tron

Tron is a blockchain software development platform for creating decentralized entertainment applications. Solidity; its programming language, is used to develop smart contracts. Tron employs a consensus process known as Delegated Proof of Stake (DPoS), which is similar to EOSIO’s.

4Corda

Corda is a blockchain software development platform aimed primarily at enterprises. It is a permissioned platform that enables companies to build private blockchain networks. Corda employs smart contracts, dubbed “Corda Contracts,” to automate corporate operations and transactions. It is written in Kotlin and works with JVM languages such as Java and Scala.

5EOSIO

EOSIO is a scalable and fast blockchain software development platform. It enables developers to design high-performance, low-latency dApps. C++, the programming language used by EOSIO, is used to develop smart contracts. It also contains a one-of-a-kind consensus method, Delegated Proof of Stake (DPoS), which allows quick transaction processing.

Blockchain App Development Process

Developing a blockchain app is a complex process that demands thorough research apart from the tight tech stack. Well to make it easier for you to understand, here is a complete step-by-step development process.

Step 1Identify the Goal

First and foremost, it is critical to construct a problem statement and comprehend all of the concerns you wish to address with a proposed solution. Ascertain that the blockchain solution will boost your company’s capabilities. Determine whether you need to move your present solution to the blockchain or create a new application from scratch.

Assume you are a healthcare provider looking to create a blockchain-based health record exchange app. In that situation, you should be familiar with the applications’ numerous use cases and the benefits they will provide to users.

Once you’ve determined that a blockchain solution is required for your business operations, the next step is to choose the best blockchain platform and blockchain development tools for your project.

Step 2Choose a Blockchain Platform

Developing a blockchain from the ground up needs extensive research and can take months or years. As a result, you should create a blockchain app on top of a blockchain platform that matches your company’s needs. Choose the best blockchain platform for your application based on aspects such as the consensus process and challenges to be solved.

You can, for example, create an Ethereum-based application to create a decentralized public app with smart contracts. Once the blockchain platform has been picked, you must conduct a brainstorming session to determine the particular business requirements.

Step 3Perform Blockchain Ideation

Once you have chosen the platform for creating a blockchain application as per your specific requirement, you should concentrate on writing business requirements and brainstorming concepts. It is good to determine whether to add off-chain or on-chain technology components to the blockchain ecosystem. 

Create a product roadmap to assist you in developing an application within a specified time frame. As far as the blockchain app is concerned, you should create a blockchain model and a conceptual process to make it easy.

Be sure of whether the application should be created on a permissioned or permissionless blockchain network. At this point, you should be clear with the front-end programming languages, servers, and external databases.

Step 4Go For Proof-of-Concept

A proof of concept is created to demonstrate a blockchain project’s practical applicability. It could be a design prototype or a theoretical construct. Each project under Theoretical Build-up requires theoretical instances so that users may grasp the product’s applicability and viability. Proposals might be written to outline the parameters of the project. 

Following the creation of a theoretical construct and the receipt of feedback, a prototype is designed, which includes, sketches, mockups, product evaluation, designs, architecture of data, etc.

Once the PoC has been approved by the client, the following stage is to create technical and visual designs for the application.

Also Read: Practical Use Cases: 7 Ways To Leverage Blockchain For Business

Step 5Visual & Technical Designs

Start building UIs for each software component now that you’ve planned a full app. Create APIs that will be coupled with user interfaces to run a back-end application. Visual designs are designed to give the program a look and feel, whereas technical designs represent the application’s technology architecture. The app is ready for development once the admin consoles and user interfaces have been designed accordingly as per the specific requirement.

Step 6Development

This is one of the crucial phases where you must either develop or integrate APIs for specific application use cases. The application is developed in several versions.

To begin, a pre-alpha version of an app is a version that has not undergone any rigorous testing so far. Once approved by the client, the program advances to the next stage, alpha, where engineers test the software using white-box methodologies. However, at this stage, the program may not include all of the functions.

The software is ready for the beta version after the alpha version is launched. During the Beta Phase, the software application contains all of its features but some unknown flaws. The beta version is shared with a specific group of persons outside the organization to test its functionality.

After the beta version has been accepted and tested, the program advances to the Release Candidate version, which is an advanced beta version that is ready to be a final application and can be launched. The application enters the production phase and is ready for distribution after extensive testing.

Step 7Deployment

Before deploying an app to the live network, it should be thoroughly tested on the test network. When delivering an application, administrators can also manage which versions of the program must be delivered to specific resources via provisioning.

Once provisioned, an application must be hosted on the main chain. If your blockchain app is a hybrid solution, containing both off-chain and on-chain business entities, you must deploy it to a cloud server as well as the app store/play store.

Step 8Upgrade & Maintenance

The application should be able to upgrade in response to changing business requirements and prioritization.

For example, if there arises a situation where you need to upgrade the smart contract, you should be able to easily deploy the new contracts without any difficulty.

You are not finished after developing and launching an app. Instead, a software application must be maintained after it has been developed to ensure that it will work with all types of future upgrades.

How Blocktunix Can Help Stand Out in The Blockchain App Market?

A professional blockchain development company can assist you in achieving your objectives by providing expert direction and support throughout the development process. This is where Blocktunix stands apart from its market competitors. As a top blockchain app development company, Blocktunix offers top-notch and scalable blockchain app development solutions as per your specific business need at a competitive price, and that too with on-time delivery.