Blockchain technology has changed the way transactions used to happen between different people living in different places. With Blockchain app development technology, even strangers living in different countries can transfer money with no worries and without having to rely on banks. This is the technology that came into existence officially in the year of 2009. Blockchain development solutions have significantly reduced the time required for both national and international money transfers, while also enhancing security to ensure smooth, worry-free transactions. Here in this blog, we will understand what blockchain app development is along with various blockchain development services and much more.

Understanding the Blockchain Application Development Process

Blockchain app development technology promises to make the world more secure and decentralized. Blockchain has become one of the well known technologies especially between developers focusing on optimizing their daily operations. From real estate and government to finance and supply chain, blockchain development services have revolutionized the way these industries operate.

Blockchain application development is all about building the platforms and infrastructure that are secure and decentralized in nature. This process involves multiple steps which we will be discussing below. 

Step 1: Industry Analysis for App Development 

We will start by analysing how blockchain can be integrated into various everyday applications and the benefits it brings when implemented into our systems. 

Banking & Finance    

When we talk about transparency and security, blockchain holds immense potential. Blockchain development solutions integrated with banking and finance applications offer several benefits including more efficiency, enhanced security, and ease of use. Therefore, most of the banks have already integrated blockchain technology into their existing systems. 

Insurance

Blockchain technology integrated into insurance sectors doesn’t offer much but effectively improves their working frequency, reduces overall cost, speeds up time to deployment, and enhances customers’ experience.     

Healthcare 

Storing a large volume of data, including sensitive information in different systems in the healthcare industry can be challenging. Handling data across various systems makes it more vulnerable to attack due to lack of communication between these platforms. Here’s when blockchain comes into play, by adapting blockchain development solutions, healthcare industries can easily share data with different networks without worrying about integrity and security of data.    

Real Estate 

Dealing with real estate comes with a lot of risk as it involves too much paperwork in purchasing and selling real estate, leading to increased chances of errors and fraud in official documents. But with blockchain application development, the real estate industry can eliminate the need for paper-based records, tracking and recording  the required data securely using blockchain technology. 

Step 2: Think of an Idea

Just as with any other business, you require a good idea to begin with—and the same applies to creating a blockchain app. Begin by determining the purpose of your app and whether blockchain is actually necessary for your idea. Even if you’re considering applying blockchain for a mid-sized app, you should consider the pros vs the cost of development.

Let’s take an example of a decentralized social network you are creating. Here, applying blockchain with cryptocurrency for payments and user transactions is appropriate. Alternatively, you may simply want to introduce transparency to your current business procedures. In either scenario, you should experiment to see whether blockchain is actually the appropriate solution for what you’re attempting to do.

Step 3:  Research Your Competitors

The next step of blockchain app development is to do competitor analysis. If you are planning to develop any blockchain based applications, you must research your competitors before proceeding for further development to stay ahead. 

Step 4: Select an Appropriate Platform For Your Blockchain Project 

There are mainly two ways that could help you select the best platform for your blockchain project.   

Create New Blockchain

In this way you can create your own blockchain architecture where you can make choices and customize it based on your requirements.      

Clone Popular Blockchain Platforms

Another way to develop blockchain based applications is to use existing blockchain platforms. All you will have to do is copy the code from the repository and run it on your own servers. Few well known blockchain platforms are  Ethereum, Ripple, and R3 Corda.

Step 5: Create Your Blockchain App Design

Depending on how complex the project is, the design can take up around 20% of the total budget. Creating the design of your blockchain applications helps you outline all its functions and make sure they are working as expected.

Step 6: Development & Testing Process

Once the design phase of blockchain app development is completed, you can start your development and testing process. Building a dApp can look different based on different factors. It also depends on whether you are using existing blockchain or creating your own blockchain from scratch. 

Step 7: Maintenance and Support

As soon as the development and testing process is done, the maintenance phase starts. Updating and maintaining OS, libraries, and frameworks comes under this stage.  

Step 8:Marketing and Promotion

Even after developing your application, without effective marketing, its impact will be significantly limited. To grab users attention you can adapt to various marketing strategies which are SEO and content marketing, paid advertisements, social media and email marketing. Another important point is to focus on client’s feedback, as it is important to know what your target audience wants.   

Custom Blockchain Development Services for Enterprises & Startups

Blockchain Consulting and Strategy

Blockchain consulting service offers you guidance on best blockchain solutions. Whether you are just a startup company or a big enterprise, with blockchain consulting services you get solutions that are secure and align with your business objectives. 

dApps Development

Blockchain development services enable you to build dApps applications that are decentralized in nature and run on multiple networks offering you more transparency, scalability, and improved security. 

Smart Contract Audit and Development

This service analyse each line of code to find any issues regarding security and inefficient coding in smart contracts. After identifying the inefficiencies, it determines different ways to resolve the issue and provide solutions. This process helps you make sure the application is secure and bug free.  

DeFi Development

Decentralized Finance (DeFi) is a rapidly evolving financial system that allows individuals, companies, and organizations to engage and conduct transactions directly through blockchain technology and cryptocurrencies. Rather than depending on conventional intermediaries such as banks, DeFi platforms allow peer-to-peer transactions, with the goal of reducing costs, enhancing transparency, and accelerating processes.

Cryptocurrency Wallet Development

Development of cryptocurrency wallets is the act of designing software or hardware to hold, manage, and enable transactions using cryptocurrencies securely. It requires developing applications through which users can communicate with blockchain networks, making it possible for them to send, receive, and store their digital holdings. 

NFT Marketplaces Development

NFT marketplace development is the process of creating a digital platform where users can mint, purchase, sell, and exchange NFTs (Non-Fungible Tokens). The marketplaces are decentralized ecosystems driven by blockchain technology to facilitate the trade of distinct digital assets such as art, music, videos, in-game materials, collectibles, and so on.