Blockchain Development Process – A Complete Guide For Innovators

Blockchains are speeding up business operations to make them acute. It aims to modify various sectors of the economy including health care, financial services and much more.

A research report by CB insights says that big companies like Pfizer and Walmart have successfully built blockchain pilots in medicine tracking and food safety. Reports also show that blockchains have hit a record of $9.28B in the first quarter of 2022.

Blockchains enable people to protect their assets from inflation, and other protective measures introduced by the government. If you are focusing on investing in blockchains then don’t overlook the concept of the?Blockchain Development Process . This guide focuses on providing you with knowledge of the blockchain development process and how to include blockchains in businesses. By the end of this article, you will also come across a scalable web development site “iTechnolabs”.?They have been designing websites for leading businesses and institutions around the world. They provide a one-stop solution to cater for all your design, development and marketing needs.

What is Blockchain and its benefits?

A blockchain is a chain of time-stamped digital records, known as BLOCKS, which are linked together cryptographically. In simple words, a blockchain is an essential digital ledger of transactions that is duplicated and circulated across the entire network of a computer system. This system works in a very efficient way, the records can be traced anytime and nobody can destroy the information.

Benefits provided by this technology are:-

1. DECENTRALIZATION?– to remove the single point of failure from the system.
2. TRANSPARENCY?– by making it possible for every member of the network to access the data at the same time.
3. TRUST?– through mass consensus.
4. SECURITY?– through immutable records of transactions.

Now, let’s learn what is required to construct an effective, scalable and secure?blockchain-based application .

4 quick steps to build a blockchain-based solution using the blockchain development process

??Identify the problem and goal:-

The very first requirement before getting into the blockchain development process is, understanding the problems of your current situation. First, you must know all the possible problems which must be solved. Always know whether blockchain would benefit your business capabilities or not. You can also migrate your current application to the blockchain network instead of building everything from scratch.?After identifying the problem and other project requirements, iTechnolabs will offer you an affordable product, designed to provide you with maximum value.?

??Identify the suitable blockchain platform:-

A blockchain platform is required to build a decentralized application without having to?create blockchains from scratch . The blockchain platform you need depends on the consensus mechanism and the problems which are expected to be solved.?iTechnolabs offer the best?blockchain development services ?in the market with their consulting practice. It helps executives to understand which blockchain platform can fit perfectly into their business model.?

List Of Blockchain Platforms Which You Can Use Based On Their Functionality And Mechanism:-

Ethereum:?Ethereum is an open-source and public blockchain-based distributed computing platform, featuring the functionality of smart contracts.?Ethereum uses a proof of work algorithm called ‘ETHASH’ which requires more memory to make it difficult to use. Using Ethereum you can build a decentralized public application with smart contracts.

Smart contracts in Ethereum are written in Solidity programming language, which is a subset of JavaScript. Use Remix IDE, an open-source tool provided by the Ethereum organization to create smart contracts straight from the browser.

Hyperledger Fabric:?Hyperledger fabric is an open-source blockchain platform suitable for building enterprise applications. It supports distributed ledger solutions for permission networks where all participants have authorized identities. Built on a modular architecture, Hyperledger fabric has the potential to maximize the flexibility and resilience of blockchain applications. The pluggable architecture includes encryption and consensus.

Hyperledger supports small contracts and calls this feature “Chaincode”. A chain code can be written in any of the programming languages and executed in containers. If you want to build a decentralized solution for your enterprise which should not be available to the public, choose Hyperledger Fabric for your project.?

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