Blockchain as an immutable, distributed, or encrypted digital ledger has gained a lot of attention worldwide. Today almost every centralized application or system can be decentralized through Blockchain technology. The common examples include banking, insurance, exchange, voting, etc. Thus, Blockchain has the potential to eliminate the existence of intermediaries, secure data, and bring transparency to the entire system. On the other hand, D-apps offering a promising future for a robust ecosystem within the Blockchain. Understanding the decentralized app development process, it's working, and the entire phenomenon is much easier as compare to Blockchain. It is an application that runs on a decentralized network, allowing developers to build and publish D-apps.
In this blog, we will understand the correct process of developing a blockchain-based application. Today, we will focus on how to start with Blockchain development and what will be your key decisions to be taken:
Identify Your Goal: Your first initial step towards developing a Blockchain-based application should begin with identifying your goal, i.e., you need to define the problem you are facing and how you expect that Blockchain application will solve it. Chances are there that you might solve your problem without Blockchain or maybe solved by Blockchain either.
Identify suitable Consensus: Since Blockchain is a decentralized system that requires all network participants to make an official transaction, this process is called Consensus. Bitcoin uses authentication of work as a consensus mechanism, and it is the most popular method compared to other available alternatives as per the individual needs.
Identify Suitable Platform: The blockchain platform will help you to build a robust decentralized application without creating a separate Blockchain from scratch because most of the platforms are open-source today, and hence it’s your choice to select one of them depending upon your consensus method and the problem you want to solve.
Configuring the App: Configuring a Blockchain application is not an easy task. Many aspects come with this platform which is very difficult to alter once configured. Some of the key components include asset issuance, atomic exchanges, user permissions, key management, and structure, etc. This is a critical step that must be taken through expert consultation if you are not much aware of this technology.
Building The APIs: You might be lucky if you get some pre-installed APIs for development purposes, and if not, you will have to create them for distinct cases. Some of the common objectives for which an API is needed are — generating key pairs or addresses, performing functions as per the auditing, performing data authentication using digital signatures, and many others.
The blockchain is a compelling technology that adds wings to your existing business by bringing transparency and security to your organization by eliminating the role of third-party and also save your money. This cutting-edge technology is effectively coupled with other techniques like IoT, Artificial Intelligence, Mobile Apps, etc. Moreover, technology experts predicted Blockchain as a future technology with the skills to give the right shape to your project, whether solely uses by Blockchain or through a combination of some outsourced technology. Give it a try and experience the positive benefits of Blockchain Technology.
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