Blockchain Development: Guide 101!

Blockchain Development Guide

by LJ Innovate ,July 15, 2022

Blockchain solutions are becoming the most widely used technology for applications worldwide. The increasing popularity and good intrinsic properties of blockchain technology and blockchain development have built trust among people around the globe, and a critical mass has been reached that has changed almost every aspect of our everyday lives. However, there’s still one massive hurdle standing in the way between mass adoption and practical implementation: blockchain education. Today, large-scale companies need people who have a firm grasp on how this new technology works to fully digest the effects it will have on their future or at least adapt quickly if such a transformation happens abruptly.

We’re sharing a comprehensive overview of blockchain development to help you better understand how this new technology will be implemented in your company.

Prerequisites

Developing a blockchain application from scratch and its implementation can easily fall into the same trap of needing time to complete it properly and thoroughly. Therefore, we have prepared an insight article highlighting some of the considerations one needs to make while choosing a blockchain protocol for development which essentially looks at a number of the parameters related to this particular topic.

How Much Does It Cost to Build a Blockchain-Based Platform?

There are several ways to go about blockchain development, depending on your needs and circumstances. If your software development is the crux of your business and why people turn to you first, then you might consider taking on full-time developers to work inside your company’s walls. In this case, using the resources that or start-up company has left over from their budget allocation for product management would be best as they’re already familiar with how your company works and can work more efficiently. This method relies on a lot of communication during implementation, so be sure to choose staff who are easy to reach!

Blockchain Development Process

Identify problems to solve with blockchain

First, you need to identify the problem and understand all of the issues. Then check if the blockchain application can resolve this issue on a business level. Consider whether you should migrate your current solution to blockchain-based technology or create a new project from scratch.

Once you decide blockchain is an appropriate solution for your business, it’s time to consider precisely how you want to use the technology. You will need to choose a platform and select the right tools for your business.

Choose the right blockchain platform

There are various factors to consider if you’re thinking of building a blockchain application from the ground up. First and foremost is your choice of blockchain technology itself. Is it the right choice for your application? For example, several blockchain platforms are available today that offer diverse consensus mechanisms based on underlying programming languages such as Java or JavaScript, among others. Concerning more specific business requirements, did you know that a cross-industry effort exists to develop interoperable Decentralized Identity (DID) standards? This is part of a line of work referred to as The Decentralized Identity Foundation or DIF for short by its developers.

Brainstorming and blockchain ideation

Decide which blockchain technology best meets your business requirements. Draft business requirements and use brainstorming to think up ideas relevant to the continuous development of the application. Create a product roadmap specifying milestones and deadlines for successful app delivery. Design a blockchain model and conceptual workflow for the application that satisfies all tasks of your project’s present and future developments as off-chain or on-chain entities with intelligent contracts where necessary.

Doing a Proof-of-Concept

A proof of concept, or POC, represents how an actual product or idea works in practice. Estimates can be created to demonstrate precisely how the manager intends this product to run and any related parameters. This can either be produced as a working prototype or a theoretical build-up. In the latter case, each project requires some hypothetical cases so that users can understand how it would work and what benefits it could provide them.

Development

Development is the exciting part of Blockchain application development, where you get to build on your concept and blockchain app. At this stage, you either create or integrate APIs into your rails blockchain application to make sure everything is functional and practical while growing with the demands of consumers over time. The systems you develop come in multiple versions, which are created simultaneously.

Best Blockchain App Development Tools

(1) Geth

(2) Remix IDE

(3) Mist

(4) GanacheCLI

(5) Solium

(6) EtherScripter

(7) Embark

(8) Metamask

(9) Blockchain Testnet

(10) Truffle

How Long Does Blockchain Development Take?

A blockchain development project typically depends on the type of application being developed or built. The average time for a project from start to finish is typically between 2 and 4 months if the client isn’t under too much pressure to ensure their content appears online as quickly as possible. Still, with the tendency of clients to push for a reasonable launch date, you might find yourself looking at 3-6 months until your project reaches Alpha status. We always recommend pushback against aggressive timelines because this will only end up hurting the quality of your final product.

If you’re searching for a blockchain app development company, LJ Innovate can be your answer. Drop in the comments for more!