Blockchain technology has created a huge buzz in the market since its inception. It works like a digital ledger that records transactions securely and transparently, making it temper-proof for cyber attackers. The implementation of blockchain technology has safeguarded various industries, such as healthcare, logistics, government agencies, etc., from fraud. In other words, it has transformed industries to a new level. With its growth, we have witnessed several uses of blockchain in different forms, like smart contracts, openchain, cryptocurrency, and more.
In this blog, we will discuss more about blockchain, from its history to its impact on different industries. We will break down the complex blockchain development into a step-by-step guide to help you understand the process. Stay with us till the end to know more about blockchain technology.
History of Blockchain
Blockchain technology, in simple terms, is like a digital ledger, a record-keeping system. Its story began in 2008 when a mysterious person or group called Satoshi Nakamoto wrote a paper about a new digital money system called Bitcoin. It was the start of blockchain. In January 2009, the first-ever Bitcoin transaction was recorded in what’s called the “genesis block”. It’s like the blockchain’s baby picture.
Blockchain was designed to make sure that no one could fraud the system. It works by storing data in blocks, and these blocks are connected in a chain. Once data is in a block, it’s very hard to change, which makes it super secure.
Over time, people realized that blockchain could be used for more than just money. Ethereum, launched in 2015, made this clear. It added a cool feature called smart contracts. These are like digital agreements that run automatically when certain conditions are met. So, people started using blockchain for all sorts of things, like tracking products in supply chains, securing medical records, and making online voting safer.
Blockchain’s history is still unfolding. It has the potential to change many parts of our lives by making things more secure and transparent. From that first Bitcoin transaction to today’s world of endless possibilities, blockchain is like a technology superhero, protecting and connecting data in new and exciting ways.
Market Stats for Increased Use of Blockchain Technology
Now that you know about the history of blockchain, let us delve into the stats for this emerging technology.
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- According to Fortune Business Insights, the global blockchain technology market size was valued at $11.14 billion in 2022, & is projected to grow from $17.57 billion in 2023 to $469.49 billion by 2030.
- From 2022 to 2030, the blockchain market is expected to grow at a CAGR of 59.9 percent.
- A report stated that global spending on blockchain solutions will reach $19 billion by 2024.
Why Blockchain Was Required?
In previous times, we faced various kinds of issues while using a banking, finance, or payment app. It was difficult for all of us to rely on online payments because of security breaches, cyber-attacks, and complex transaction processes. There were various reasons why blockchain was required.
Some of those reasons are:
- High-Security
Blockchain app development was required mainly for high security. It’s like putting your valuable stuff in a super-strong safe. Once data is on the blockchain, it’s incredibly tough to tamper with, providing a strong shield against fraud and unauthorized changes. This is particularly crucial when dealing with sensitive information, such as financial transactions and personal records.
- Diverse Application
Blockchain apps are needed because they have a wide range of applications. They’re not just limited to handling money; they can be used for tracking products in supply chains, safeguarding healthcare records, and even making voting more secure. Essentially, they function as versatile tools, similar to a Swiss Army knife, for solving various technological challenges.
- Simple Transactions
Blockchain app development has gained importance due to its ability to simplify transactions. It eliminates the need for intermediaries like banks, which can be slow and expensive. With blockchain, you can send money or assets directly to someone quickly and with lower fees. This streamlining of transactions is a significant advantage for users.
- Easy Learning Curve
Blockchain app development became necessary because it’s designed to be user-friendly. You don’t have to be a tech expert to understand and use blockchain apps. They are created with simplicity in mind, making them accessible for regular individuals to comprehend and utilize without encountering steep learning curves.
Step-by-Step Blockchain App Development Guide
Now that you know why blockchain is required, you must want to know the blockchain app development roadmap. Let’s go through the step-by-step guide to developing a blockchain app:
Step 1. Define Your Business Requirements
The first step to blockchain app development is to define your business requirements and plan your entire development process. You must understand the needs of your business and for what purpose you need to develop an app. These are the questions you need to research for:
- Why do you want to develop a blockchain app?
- Does your business really require a blockchain solution?
- What areas can benefit from increased transparency and accountability?
- How using blockchain can help you to gain a competitive advantage in your industry?
- What are the specific features and functionalities you want to embed in your blockchain app?
Also, you should have transparent knowledge regarding your resources, budget, and project outline, and have proper knowledge of the blockchain app.
Step 2. Search for the Right Blockchain App Development Partner
To find the right blockchain app development partner, you can refer to our list of top 20 blockchain app development companies. You should check all the details of the company before hiring.
Also, you should look for a specific blockchain development company according to your requirements. For instance, if you want to develop a blockchain-enabled gaming app, you should look for a company that has experience in developing games using blockchain. In the same way, you should analyze the experience of your blockchain app development partner for different industries, such as finance, education, healthcare, logistics, and more.
Step 3. Do Competitor Research
Competitor research is a crucial step in the blockchain app development roadmap, as it helps businesses identify their competitors and analyze their strengths and weaknesses. By conducting effective competitor research, businesses can gain insights into their competitors’ strategies, market share, customer base, and other key factors. This information can be used to create a unique value proposition and differentiate their blockchain app from their competitors. Moreover, competitor research can also help businesses identify potential threats and opportunities in the market, enabling them to make informed decisions about their blockchain app development strategy.
Step 4. Choose a Proper Platform
Now, it is time to choose the right blockchain development platform, as it determines the functionality and performance of the app. The platform you choose should be secure, scalable, and compatible with your business needs. Let’s check these platforms in brief:
- Ethereum
One of the most remarkable and recognized blockchain systems is Ethereum, which was first introduced in 2013. It offers a blockchain that is genuinely decentralized and equivalent to the Bitcoin network. Its creators believe that its main advantage is that it supports smart contracts and allows for full decentralization. Technologists who create decentralized apps, or dApps, on the Ethereum network, have adopted the Ethereum platform in large numbers.
- EOS
In 2018, the EOS blockchain technology was initially introduced as an open-source initiative. Creating decentralized apps and smart contracts is its primary function. According to its supporters, it features a sophisticated consensus mechanism based on proof of stake that performs better than more antiquated ones like Ethereum. Support for a governance component that allows users to vote on platform modifications is also included.
- IBM Blockchain
IBM Blockchain is a secure, distributed, and top-performing blockchain network with commercial customers who don’t want to take risks. One of its main advantages over other decentralized networks is that it is easier to connect with legacy systems and commercial clouds.
Customizable, functional, and adaptable design characterized the IBM Blockchain developer tool. In order to streamline important processes like configuring, testing, and quickly deploying smart contracts, IBM has also made an investment in developing an intuitive interface.
- Hyperledger Fabric
Hyperledger Fabric is a set of tools used for making blockchain apps. It was designed specifically for business distributed ledger apps and is backed by the Linux Foundation. It’s a modular system with many parts that work together well. It’s great for private blockchains, which can make things faster and more secure. Plus, it can handle different types of data models, like the account and UTXO models.
- Stellar
Developed for various DeFi applications, Stellar is a recent variety of blockchain. Transactions on open blockchains move more quickly thanks to the Stellar Consensus Protocol, which is what it employs. Furthermore, it has security features to prevent criminals from participating in business transactions. Stellar is a popular choice among enterprises for international trading and money transfers. It’s a novel approach to making money-related activities safer and more efficient.
Step 5. Design UI/UX
After selecting the required blockchain app development platform, it’s time to start the design process. Designing an immersive and user-friendly UI/UX of the app is a crucial step, as it simplifies the user’s navigation throughout the app. The UI/UX design should be user-friendly, visually appealing, and easy to navigate. A well-designed UI/UX can help attract and retain users, leading to the success of the app. It’s essential to keep the target audience in mind while designing the UI/UX and ensure that the app’s design aligns with the business objectives.
Step 6. Start the Development Process
Development is the most essential stage of the blockchain app development roadmap. Now, you should start developing the MVP (minimum viable product) of the app with all the basic and essential features and functionalities.
After developing the MVP, start testing it with a bunch of employees at your place. If it works well, then you can start to embed all the required features into your app.
Step 7. Launch & Maintain
Once your app is ready you can launch it online according to the targeted marketplace. You must also take care of the other essential factor that you must ensure that your end product is compiled with the rules and protocols of the Google Play Store and Apple App Store.
Launching the app is not the last step. To help users simplify their tasks and enhance productivity, you should upgrade your app and maintain it. This ensures that your app is working up-to-date as per the market standard.
Top 5 Blockchain App Development Companies
If you plan to develop a blockchain app or enable your existing app with blockchain solutions, here are the top blockchain app development companies that you can consider for blockchain app development:
- Quytech
Quytech is one of the top blockchain app development companies in the world. With 12+ years of experience, the company has delivered various successful blockchain projects. They provide their blockchain app development services to businesses, startups, enterprises, and government agencies.
The company’s blockchain developers to assist you in delivering unique blockchain solutions by using their practical knowledge of blockchain technology, including frameworks like Ethereum, Hyperledger, EOS, and Stellar, from concept to design and development. They start their blockchain technology consulting process by analyzing the needs and objectives of your company.
- Chromaway
Chromaway is a leading name in the world of blockchain app development. They specialize in crafting innovative solutions for various sectors like real estate, finance, and government. They offer a suite of services, including ChromaWay’s Postchain and ChromaWallet, ensuring that their blockchain applications are not only cutting-edge but also exceptionally reliable and trustworthy.
- Coinfabrik
Coinfabrik is a well-known blockchain app development agency. Their expertise lies in smart contract development and conducting thorough security audits. With a deep understanding of Ethereum and various blockchain platforms, they ensure the highest levels of safety and reliability for blockchain-based applications, making them a trusted choice for businesses seeking robust solutions.
- L+R
L+R sets itself apart by placing a strong emphasis on the user experience in blockchain app development. Their unique approach combines a keen eye for design aesthetics with the technical functionality of blockchain. They create user-friendly blockchain applications that serve different industries, ensuring that their apps are not only easy to use but also visually appealing.
- Revelry
Revelry is a proven blockchain app development company with a strong focus on blockchain technology. They excel in building blockchain-based applications and decentralized solutions, helping businesses seamlessly integrate blockchain for enhanced security and transparency. Their expertise empowers companies to harness the potential of blockchain technology to improve various aspects of their operations.
Use Cases of Blockchain Technology in Various Industries
Let’s uncover various use cases of blockchain technology:
- Banking & Financial Institutions
Blockchain technology is making substantial waves in the realm of banking and other financial institutions. Banks can leverage blockchain technology for different processes, such as money transfer, data security, smart contracts, non-fungible tokens, cryptocurrency, etc. Its decentralized and immutable ledger structure makes it extraordinarily challenging for malicious entities to tamper with or compromise sensitive data.
- Healthcare
Blockchain-based healthcare solutions have demonstrated the ability to save healthcare costs, enhance stakeholder information access, and simplify corporate procedures. It can help healthcare organizations improve data security, increase efficiency, reduce chances of error, and enhance data consistency & accuracy. This can lead to better coordination of care, reduced medical errors, and improved patient satisfaction.
- Logistics
Blockchain-based solutions are transforming the logistics industry in multiple ways. One of the most significant benefits of blockchain is its ability to increase transparency and visibility in the supply chain. Also, it can help in inventory tracking, better shipment processing, secure billing and payment methods, authentic verification, and more. This can help logistics companies optimize their operations, reduce costs, and improve customer satisfaction.
- Government Agencies
Government agencies are increasingly investing in blockchain solutions for secure data management. The adoption of blockchain enhances transparency and trust in public records and services. It streamlines bureaucratic processes, improves the efficiency of public operations, and fosters a higher degree of integrity in governmental functions.
- Media
Blockchain technology stands as the vanguard of intellectual property rights in the media sector. Creators and content owners use blockchain to protect their digital assets from unauthorized use. Simultaneously, they explore diverse avenues for monetization and distribution in the dynamic digital landscape, opening new horizons for the media and entertainment industries.
Technologies Involved in Blockchain App Development
To develop an effective blockchain app, you need to choose the right tech stack. A blockchain app is a combination of several programming languages, databases, middleware, APIs, and more.
Things to Avoid While Selecting the Right Blockchain App Development Company
Now that we have set the stage for a successful blockchain project through our step-by-step guide and emphasized the top 5 blockchain app development companies, let’s delve into the top 5 critical mistakes you must avoid when making this pivotal decision. These insights will help you navigate the path to connect to the right blockchain app development company.
- Neglecting Research
Research is the foremost and essential step for hiring the right app development company. Neglecting this step can create issues in hiring the right blockchain app development company. While thoroughly researching a company, you should check its various factors, such as experience, expertise, tech skills, company profile, portfolio, and client reviews.
- Ignoring Specialization
Blockchain technology is diverse and every solution needs a new idea and development journey. We cannot follow the one-size-fits-all approach here. So, it is crucial for us to find the right blockchain development company that can tailor a solution according to the user’s requirements and needs.
- Overlooking Past Projects
Choosing the right blockchain app development company is a dominant task that depends on several factors, such as company profile, portfolio, client review, and more. It is an essential aspect to examine the previous project to hire the right blockchain developers. Overlooking their past projects can lead to challenges and several issues in the future. It helps you to analyze their technical skills and work experience.
- Underestimating Security
When choosing a blockchain development partner, underestimating security can be a serious mistake that can have far-reaching effects. It makes your project vulnerable to cyber threats and fraud. Prioritize security and work with a business that is equally committed to securing your blockchain environment to preserve your investment and guarantee the success of your app.
- Lack of Clear Expectations
It is essential to clear your expectations to set the right project delivery date, define the project scope, and get the budget for it. The lack of clear expectations can lead to a huge blunder. Prioritize setting clear goals and working with a blockchain development firm that values and supports this crucial component of project management to guarantee a successful and seamless blockchain development journey.
Conclusion
In conclusion, blockchain technology has revolutionized the way we approach data security and transparency. With the growing market for blockchain technology, it is crucial to stay updated and informed about its developments and applications.
Blockchain development is a tough task, but following our blockchain app development roadmap you can easily develop a blockchain-based app. Businesses can leverage this technology to improve their operations and provide better services to their customers.
You should connect with the top blockchain app development company to enable your business with blockchain. Quytech is a leading name for blockchain app development. With 13 years of presence in the market, we have delivered various successful blockchain applications. We have worked for various industries from finance to healthcare to logistics using recognized blockchain platforms.