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Blockchain has gained strength in the sector of IT, nowadays there are lots of IT companies that are providing development services for blockchain projects, from the crypto wallet, smart contract to supply chain projects based on blockchain technology.
And if you are thinking of starting any blockchain project, and want to know what the process is, then this blog will give you a complete guide on how to do it.
To know, what are the processes that fall under blockchain project development. We need to understand what blockchain technology is and how it works.
Blockchain Technology
A blockchain is typically called a bunch of blocks that are absolute to one another by using cryptography. Those blocks work on a peer to peer network, these networks are mostly decentralized.
Purpose of blockchain technology is to contain information in every block.
Benefits Of Blockchain
- As it is Decentralization minimizes the one-point failure of the system.
- It is transparent as it gives access to information to each member of the network at an identical time.
- As the records of transactions can’t be changed it gives more security.
Blockchain technology has the potential for transforming various industries like healthcare, financial services, supply chain management, and others.
Process Of Developing Any Blockchain Project
Step Of Development:
- Defining the purpose
- Finding out the Consensus Mechanism
- At present, many blockchain consulting companies are actively using these multi-chain platforms.
- Designing the architecture
- API Development
- Admin and UI Design
- Identifying problems
Let’s See All This Step In Brief
Defining the purpose
Blockchain can be a revolutionary technology, so people today want to include it in their projects, but it is not always necessary to do so.
Blockchain is not always useful, because it has space issues, everyone on the network needs to have one, and the copy of the database it creates will take up more space.
It can be very expensive to use BSV blockchain where it is not needed. It should only be used when needed, not just because it is a revolutionary technology.
Finding out the consensus mechanism
There are several consensus mechanisms available, such as:
- Proof of Work
- Proof of stake
- Delegated proof of stake
- Proof of Burn
- Practical Byzantine fault-tolerant Mechanism
- Proof of Identity
- Proof of Time
- Proof of Importance
Each of these mechanisms have their strengths and weaknesses.
Identify the foremost important platform
Blockchain technology covers various platforms such as Bitcoin, Ethereum, and so on. At present, many blockchain consulting companies are actively using these platforms. Only to transmit encrypted currency, while Ethereum can be used for encrypted currency transmission and data.
Designing the architecture
After selecting the platform, you need to select the internal structure of the node. Nodes in the network can be organized in many different ways, such as unlicensed Bitcoin and other large cryptocurrencies where anyone can become a miner.
Private blockchain Hospital and pharmaceutical company’s internal contract management system, Public blockchain Ethereum and other asset-backed cryptocurrencies management application.
There is multiple hardware and software configurations Selection, such as:
- Disk size
- Processor
- Memory
It should be selected according to your requirements. In addition, depending on your needs, you need to decide on the basis on which the nodes will run in the cloud, on-premises, or both.
API Development
Some pre-built APIs can be used for development purposes, but not all.
A list of some things that are required by the API:
- Key Generation and addresses
- Functions to perform the audit
- Use digital signatures and hashes to verify data
- Storage & retrieve data
Admin and UI Design
After creating the required API, the next step is to select Frontend, Backend, Frontend Database, and Server. Various front-end tools can be used, such as Angular.js, HTML5, CSS, etc.
The external database can be MySQL, MongoDB or. The server can be selected as an FTP server, Web server, mail server, or more.
Identifying problems
The blockchain is still in its young stage, so it is better to use the MVP model to extend the application.
It is recommended to use enough test solutions. This will help you identify crashes, delays, performance issues, and memory interruptions.
Final Remark
Once you are done with all these steps, you can usually get a solution that meets your needs. The solution at all stages must be consistent with the goals you expect the solution to achieve and the infrastructure you want.
However, you can also use an existing blockchain platform that can support the development of complex blockchain applications. In the long run, blockchain solutions will conquer all industries due to their many advantages.
