Steps to Build a Blockchain Solution
Dr. Ajay Sharma
Entrepreneur | Speaker & Trainer | Expert in AI-Driven Design, Animation, Metaverse, AR/VR, Cybersecurity & Emerging Tech Trends
A Complete Guide to Blockchain Development
Blockchain technology is well known in today’s world. It is proposed for different business applications besides financial transactions. It improves security and speeds up the exchange of information while ensuring transparency.
Here, we have created a complete guide, which will help you build a blockchain-based application. Let’s learn everything you would need to understand about?Blockchain Development.
Creating a custom blockchain gives ultimate flexibility. You get:
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Step 1: Identify a Suitable Use-case
There’s a ton of hype around blockchain. I’ve read that blockchains can erase global hunger, make the world corruption-free, end poverty and do a lot more without breaking a sweat. Unfortunately, that’s not true. So, step 1 is to identify a use case that makes business sense.
Step 2: Identify the Most Suitable Consensus Mechanism
The original blockchain, which powers the bitcoin crypto-currency, used proof of work as a consensus mechanism.
Depending upon your use case, you need to choose the consensus mechanism that makes the most sense. But today there are multiple blockchain platforms that offer a group of consensus algorithms and mechanisms such as?
Step 3: Identify the Most Suitable Platform
There are many blockchain platforms out there today and most of them are free and open source. Depending upon the consensus mechanism you chose in step 2, you?need to select the most suitable blockchain platform.
Some of the more popular platforms are:
Step 4: Designing the Nodes
Blockchain solutions can be permissioned (e.g. a Government-run land registry) or permission-less (e.g. Bitcoin, where anyone can become a miner). Blockchain solutions can be private (e.g. a contract management system implemented in a pharmaceutical company), public (e.g. an asset-backed cryptocurrency) or hybrid (e.g. a group of banks running a shared KYC platform).
Permissionless networks -?Anyone can join and starts to verifying. Most known examples are Bitcoin and Ethereum networks
Permissioned network -?In this case, the network owner fix who can join their network and only a few members are allowed to verify the blocks. The consensus mechanisms can be the same as in a permissionless network or can be completely uniquely developed.
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Blockchain solutions can be private, public, or hybrid.
One more thing to consider at this step is whether the nodes will run on the cloud, on-premise or both. Then comes hardware configuration issues like processors, memory, and disk size. You are also required to choose the base operating systems.
Step 5: Design the Blockchain Elements
Most blockchain platforms need very carefully planned configuration for the following elements:
Some elements can be changed at run-time but some cannot, so this is a very important step.
Step 6: Building the APIs
Most of the immutable blockchain platforms come with pre-made APIs while some don’t. The most of APIs that you would require for your development project:
Step 7: Layout of the Admin and User Interface
At this step, you would need to choose the front end and programming languages. You would also need to choose external databases as well as servers (including Web servers, FTP servers, mail servers).
Step 8: Adding Future Tech
You can greatly enhance the power of your Blockchain solution by integrating Artificial Intelligence, Biometrics, Bots, Cloud, Cognitive services, Containers, Data Analytics, Internet of Things and Machine Learning.
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Ajay Angirass Sharma