What is Blockchain Development?

In recent years, Blockchain technology has been a hot topic in most prominent platforms and among office groups. With plenty of critics, blockchain and blockchain development is gaining a vast amount of popularity every day. As of now, many different industries started using blockchain. Such as manufacturing, media, finance, banking, telecommunication, real estate, healthcare, and energy. Also, even the government sector is looking for unique blockchain development services.

The demand for business-based blockchain development has completely revolutionized the digital world. On the other hand, the demand for blockchain developers is also increasing day by day. Because for the perfect blockchain development, we need a well-experienced blockchain developer. Thus, many people are investing in blockchain development considering its huge potential in the long term.

If you are looking for blockchain development for your business. Also, if you are not much aware of blockchain technology. Then, this article is completely dedicated to you peeps!. This article navigates to a complete guide associated with blockchain development. Also, you will get to know the top 5 best blockchain development companies in 2020-2021. So now, let us begin with...

What is Blockchain Development?

Blockchain technology is a kind of complex technology and widely used in various industries. Satoshi Nakamoto introduced blockchain technology and a peer-to-peer electronic cash system in 2008. By using the blockchain network, the first digital currency (bitcoin) is developed. The existence of this technology was before the launch of Bitcoin. But after the arrival of bitcoin, the hype for blockchain technology widened. In other words, it is a digital code built inside the software to perform secure transactions between the users. Blockchain stores all the digital information in a protective way. Thus, blockchain technology gives high-end protection to your data and information. As the name suggests, all the information is completely stored in blocks and chains.

Blockchain technology is a secured decentralized technology. So the demand for blockchain development is rising. This technology maintains the record for all the transactions that happen between the networks. Also by using blockchain technology, no one can track or hack your transaction. As the cyber-attacks are rising, So this technology will be the real protection for your digital data.

If you implement blockchain development in your business. Then only authorized persons can access the data. Also, it records and safeguards the digital data by the use of cryptography. We can also use blockchain as a tool for developing a cryptocurrency like bitcoin. This technology is applied to develop many decentralized blockchain applications for many industries. This made many startups and entrepreneurs to approach a reputed blockchain development company.

Types of Blockchain Development

There are two prominent types of blockchain development in the marketplace. Such as

1. Private blockchain Development

2. Public blockchain Development

Public Blockchain Development

This blockchain is a kind of open-source and permissionless network. Also, public blockchain is open to everyone without any exception. One can view the whole history with the help of public blockchain. Like stored information, send & receive money, and even they can develop unique smart contracts within the blockchain. Thus, anyone can write, join, and participate in the public blockchain.

In a public blockchain, if the information is completely validated. Then there is no possibility of altering or monitoring the information. Thus, it helps to protect digital information. Bitcoin and ethereum are the two cryptocurrencies that are good examples of a public blockchain. Because It can help many communities to share information securely and openly. There are some splendid features for a public blockchain.

Features of public Blockchain Development

- Permissionless

- High security

- True decentralization

- Distributed ledger

- Immutable

- No regulations

- Full user empowerment

- Open environment

Private Blockchain Development

A private blockchain is inverse to the public blockchain. Because it is not a permissionless network and provides full control to the specific owners. Thus, it limits the people who can access and participate in the blockchain. In this kind of blockchain, participating entities should have permission to read, write, or alter the blockchain. The private blockchain has multiple-layer of data access. Thus, it provides a top-level of performance, security, and privacy.

This private blockchain is specifically used in the finance and government sector. This blockchain has multiple to control the network. Also, only the entities joining in a transaction will know about it. Thus, others will not have access and can not participate in it. Hyperledger Fabric will be one of the best examples of a private blockchain.

Features of private Blockchain Development

- Instant transactions with high efficiency

- High scalability

- Full privacy

- Non-permissionless

- Compliance support

Now, let us see…

Highlights of Blockchain Development

Investors are discovering ideal ways to implement blockchain development services across various industries. Such as financial services, supply chain management, healthcare, retail, and many other industries to transform business models. Blockchain development has some exemplary highlights for startups & entrepreneurs. Now, let us look at them.

More Transparency

First, the history of transactions will become more transparent for everyone with the implementation of blockchain development. We know that blockchain is a completely distributed ledger. So all members of the network share the same updated ledger. A consensus algorithm in the blockchain network validates the ledger. It implies that everyone must agree on it. Changing a single piece of information or a record would result in the modification of all records. Thus, the information saved on the blockchain is more secure and accurate. Also, more transparent and available only to members who have access permission.

Enhanced traceability

When the supply of goods from one place to another is completely recorded on the blockchain. Then you can track all the essential details. Like you get a complete audit trail representing where an asset came from. Also, tracks each stop that it covers on the journey. Previous records saved on the blockchain will help to verify products and safeguard them from fraud.

Increased Speed

Currently, the processes are paper-based and using a third-party to verify authenticity. You can perform transactions instantly and securely by implementing blockchain development. Thus, by using blockchain, you can upsurge the speed of the transaction.

Reduced Costs

As of now, Reducing costs is one of the priorities for many startups and businesses. By using blockchain development services, you don’t need any intermediaries. Because the network participants validate everything on the network. Thus, it cuts down the cost and saves your money.

Ok peeps, be patient and read continuously without a break. Now, let us see the most essential one in blockchain development.

Blockchain Development Process - Easy steps to Build your own Blockchain-based Platform.

Here we list some essential steps of the blockchain development process. It helps you to build your own blockchain-based platform for your business.

Determine the Right use case

As of now, Blockchain has created a huge hype created around the world. Experts in the blockchain space say that it will make the world corruption-free. Also, it can end poverty. Unfortunately, these all are fictions. So, identify the perfect blockchain use-case that gives your business a complete idea. There are some factors in which blockchain development has gained more excellence. They are

- Data Authentication & Verification

- Smart Contracts

- Smart Asset Management

These three factors are more popular in the blockchain industry

Determine the perfect consensus mechanism

In the beginning stage, blockchain is used to develop the digital currency as a consensus mechanism. But, now many advanced technologies are evolving worldwide. With the progression of blockchain tech, many distributed ledger systems offer consensus mechanisms. They are

- Deposit based consensus

- Proof of Stake

- Proof of Elapsed

- Federated Byzantine Agreement and much more

Thus, choose the perfect consensus mechanism as per your business needs.

Select the correct blockchain platform

Currently, there are many blockchain-based platforms. Also, most of them are open source and free. Thus, you need to select the right blockchain platform for the blockchain development process according to the consensus mechanism. Here we list some prominent blockchain-based platforms. which you can consider for blockchain development.

- Corda

- BigChainDB

- Ethereum

- Chain core

- Open chain

- Hyperledger Fabric

- Hyperledger Sawtooth Lake

- Multichain

- Stellar

- Quorum and more

Design the Blockchain Development

For the best Blockchain-based platform, we need perfect planned configurations. Here we list the essential parameters for the blockchain development process.

- Regulation License

- Asset issuance

- Asset re-issuance

- Key management

- Atomic exchanges

- Address formats

- Multi-Signature

- Native assets

- Block signatures

- Key formats and more

Here, we can alter some elements at run-time. But we can not change elements. So it is very essential while choosing these parameters.

Building the API’s

Currently, many blockchain-based platforms come with in-built APIs. There are some paramount factors of API that will be helpful for your blockchain development. They are

- Generating addresses and key pairs

- Smart contracts

- Data authentication and hashes

- Performing audit-related functions

- Smart asset lifecycle management consists of payment, issuance, escrow, and exchange.

Design the user and admin interface

You need to select the advanced programming languages for developing your own blockchain platform. If you are a blockchain developer, then you need to design and develop an effectual interface for both the user and admin panels. Else, you can hire a blockchain developer from the best blockchain development company. So, they will assist you in all sorts of blockchain development. Also, you can develop your own blockchain-based platform instantly.

Adding future technologies

You can improve the power of blockchain development by integrating some cutting-edge technologies. Such as

- Artificial intelligence

- Bots

- Biometrics

- Data analytics

- Internet of things

- Machine learning

These are the essential steps involved in the blockchain development process. But hiring a team of blockchain developers from the best blockchain development company is more crucial. So, let us see…

List of Top 5 Blockchain Development companies in 2020-2021

Zab Technologies

Zab Technologies is the top-rated Blockchain Development Company in the industry. Also, it is a renowned company that offers the best services in the Blockchain sector with catering cost-effective solutions. They have well-experienced Blockchain Developers in 2020. Also, they are specialists in developing secure and robust blockchain solutions. It includes White Label Solutions, Crypto Exchange development, crypto payment gateway development, and much more.

Hyperlink info system

This company has successful implementation of a wide range of blockchain development services. This company is recognized as the finest Blockchain Agencies in 2020. Also, they deliver clientele projects with top-notch outcomes at the desired time.

Intellias

Intellias is one of the Top Blockchain Development Companies in the blockchain industry. Also, they are a full-shore software partner in this industry. If you are looking for the best Blockchain Developers to hire. Then you can choose them without any negation.

Ciklum

Ciklum is a well-known blockchain development company. They are experts in Blockchain Development services in the USA. also, they are experts in offering some blockchain development services. Such as Smart Contract Development, Digital Wallet Development, etc.

MLG Blockchain

As the name suggests, they are masters in offering blockchain services. Such as supply chain, insurance, media & entertainment, and finance with Crypto Domain as the leading tech.

If you are looking for the best blockchain development service, then choose the best company from the above list.

How much does it cost to build a blockchain-based platform?

When it comes to the cost of blockchain development. You must consider the following factors.

Developing your own blockchain-based platform with an in-house team

Hiring a professional and well-experienced freelancer blockchain developer for your blockchain development.

Hire the best blockchain development company in the blockchain industry. Because they will help to build a customizable advanced blockchain-based platform.

If we work with a team of in-house blockchain developers. Then it will be quite expensive. but the major benefit is, you can have complete control over your blockchain development. Moreover, you need to make a decision, If you are an expert in blockchain technology. On the other hand, hiring a freelance blockchain developer for your business project. Thus, it could be less expensive. but also there is a chance of risk. So, hiring a freelancer developer will be a great option but only for small blockchain projects.

Developing your own blockchain-based platform with a help of a professional blockchain development company will be the best option. If your project is complex and requires a lot of functions & advanced features. Then, blockchain development companies are well experienced in offering premium blockchain development services. Thus, they can assist you in every single step right from scratch to deployment. So the cost of blockchain development is less when compared to the team of in-house team developers.

There are some paramount factors that are also responsible for a blockchain development cost. They are

1. Type of blockchain application or service you need

2. A number of blockchain developers involved in the blockchain development process.

3. Cutting-edge Project management tools.

4. The complexity of the blockchain project.

5. Third-party tool subscription cost.

Benefits of Blockchain Development

- Secure and efficient transactions

- Completely transparent

- Risk-free and hassle-free

- Reduces your work and increases trust

- Auditing and record tracking

- Completely P2P network

- Reduction of cost by avoiding third parties

- High level of protection

Closing Words

Blockchain Technology is here to stay and change the future of many sectors. Already many businesses and industries started to adopt blockchain development. I hope this guide has helped you to gain knowledge about blockchain development. If you have an interest in starting a blockchain business with the help of experienced blockchain developers. Then choose the best blockchain development company that offers all kinds of blockchain development services. Because they will guide you to start your own blockchain business without having any trouble.