The blockchain is accelerating several business operations effortlessly. Many businesses are looking to streamline operations. They are on the lookout to take advantage of its potential value. Blockchain is a digital platform that delivers maximum performance by keeping track of pretty much anything we can think of. Blockchain development has evolved with fully customisable options, accelerating applications with minimal disruption. Therefore, blockchain developers have been able to breed this newest technology on the block in areas related to insurance, government, healthcare and finance. The process implemented to install blockchain applications is securely created and shared through distributed ledger technology. Simply put, this brilliant technology is revolutionary as it has the salient feature of maintaining track without the danger of getting tampered with. So, as an entrepreneur, understand the comprehensive system of the blockchain development process and make a thorough plan to implement it in your business workflow.
To take your blockchain solution to the next level, you must thoroughly understand the 7 stages of the new blockchain development process. Let’s understand it in detail below –
1. Find Your Project Specialty
First, understanding the need for blockchain technology in your respective project or business must be used creatively and practically. Sometimes it is challenging to come up with a unique and useful use; therefore, it is essential to define a problem statement. You must thoroughly examine current initiatives and look at what’s already out there so that the time and efforts you invest in the blockchain are worthy for your business. It’s not a one-size-fits-all answer, so look at your overall business needs and migrate your current solution to a new blockchain application.
2. Create a Blockchain Ideation Workflow
The next step in the process is to evaluate, formulate, and prioritise how blockchain implementation will create value for your clients and enable profit for your business. Find some alternative methods to address the existing problem and brainstorm ideas on what components should be added within a particular duration. Finalise the timelines on when you will release all the application versions with a proper conceptual workflow of the blockchain model.
3. Choose between existing and new blockchains.
Once blockchain has been approved for mass implementation, decide whether you plan to design your blockchain application or want to use an existing application for the workflow. Hire a blockchain professional to help you make a decision and then assist you in implementing it in your business. Create the nodes as an infrastructure for the developing phase in blockchain design and instil a range of features in the settings section.
4. Choose between public and private blockchains.
An important process during the development phase of a new blockchain is the design part. It would help if you drew the architecture of blockchain networks first because you don’t need to spend a lot of effort on blockchain programming. Work with a well-established solution and evaluate if the application needs to be run in a permissioned or permissionless network. This aspect means a private or public blockchain is preferable for your requirements. Decide on these various parameters and then move ahead with the front-end programming. Then lastly, don’t forget to prepare a proof-of-concept to reveal the product’s viability.
5. Select an Appropriate Consensus Mechanism
The next step is to settle on a consensus method and develop a blockchain solution on a secured and reliable public network. It’s a mathematical formula that allows players to trust one another and highly depends on your unique business needs and objectives. After that, check the testing process to see if the application infrastructure fulfils compliance standards. Is the Deposit-based consensus or the proof of stake giving all the stakeholders stability and consistency in the blockchain network? These are some important consensus mechanisms that permit the players to have faith in one another, so ensure to look at them and decide which fits your project best.
6. Select an Appropriate and Suitable Platform
With a bit of research and time for proper development, with the help of your development team, please choose the best blockchain platform based on its functionality and mechanism. Build a decentralised application from scratch that is suitable for your needs from the chosen platform. Make sure it best aligns with your business needs and determine the problems you’re looking to solve with the help of this Blockchain technology. Blockchains are often open-source, but there are still a few barriers to consensus mechanisms, cost, developer requirements, and expected timeline.
Ethereum is an open-source, public blockchain suitable for enterprise-level applications built straight from the browser. But it requires more memory to make it, and as per the process, they are difficult to mine. Similarly, Hyperledger Fabric supports smart contracts and can build a decentralised solution for your enterprise with pluggable architecture components. Hyperledger Sawtooth platform can build an enterprise-grade and scalable application on permissioned blockchain networks and be written in various programming languages. So, choose from these above 3 platforms after proper research as this one is the crucial stage of the blockchain development process, and you can analyse the technical components.
7. Determine if you require smart contracts
As a product roadmap, the final stage in the new blockchain development process is to deploy blockchain networks from blockchain development companies. All resources required for blockchain operation must be available and then integrated the blockchain with the existing systems that the company is currently using. Use a proper accelerator to enhance operations such as transaction validation, flexibility and increase the speed and output. Consider whether to use smart contracts as they enable the company to automate its assets and processes once the blockchain is live in production and monitor and optimise the blockchain network. If any issue is related to blockchain operation, resolve it with an expert team of blockchain developers.
While blockchain certainly boasts many benefits, it offers value to several industries, securely enabling information sharing. As we saw the different processes involved in the entire new blockchain development, one needs a little practice to usher into blockchain’s wonderful advantages. A blockchain system can give you a fully transparent, up-to-date ledger, allow for multiple entries and offer great speed at the transactional level. But before that, consider whether your project requires this technology, as alone this will not make your business lucrative. Blockchain technology might hold huge potential if you only need a place to store data, want your data to be frequently updated, need third-party authorisation, or if your business is suffering from slow transactional speeds. So use this concept and usher maximum benefits at multiple levels.