Blockchain technology is well known in the modern world. It is offered not only for financial transactions, but also for various business applications. This improves security and speeds up the exchange of information, while providing transparency. Let’s find out in this article everything you need to know about blockchain development.
How to develop a blockchain from scratch – Lviv, Vinnitsa, Kharkiv?
Before we start, remember that a blockchain is an immutable chain of records called “blocks” that contains: transactions, data, and files. The blocks are linked together by hashes. Blockchain development from scratch – Kiev, Dnipro and its implementation can take months or years because it requires careful research. It takes a lot of time and thought to discover and successfully implement an idea. However, many options allow us to create blockchain protocols in a short time frame.
The databases used to store and manage data are controlled by one person or organization. There is usually a set of checks to determine the integrity of the data. But, nevertheless, there is always the possibility that any person or organization will abuse the privilege to change the data to their advantage. This is especially important for databases that store financial or other sensitive customer data. Moreover, the data can be hacked and used by intruders.
This leads to problems with data security, data integrity and data transparency. Now, if the database is made distributed, that is, it has multiple copies, the data integrity problem can be solved. Even if one of the copies has been compromised, the integrity of the data can be restored using the copies. But how do you manage new data records in this case? Not everyone who has a copy of the database may be given the right to make new entries in the database. This will cause all copies to become out of sync, resulting in data corruption. This is where blockchain comes in.
How does blockchain work?
Blockchain runs on a network of computers, where each computer is a node and has a complete authenticated copy of the database.
Each node potentially has the ability to write to the database. When a new transaction is made on the network, a consensus protocol is triggered, on the basis of which the node that will write the transaction is determined. Since all nodes have an equal opportunity to be selected, this decentralizes control.
Several transactions are combined into a block, and this block is added by the node selected for this purpose. When a block is added, a link to the last added block is added to it, creating an ordered chain called Blockchain.
The distributed and decentralized Blockchain model makes data safe, transparent and authentic.
What value does blockchain add to your platform?
Pioneering companies are discovering ways to implement blockchain in finance, supply chain, retail and other industries. Blockchain adds value to a company by offering:
- More transparency;
With the introduction of blockchain, transactions are more transparent. All network members use the same updated registry. Online consensus validates the ledger, which means everyone has to agree with it. Changing one record will change all subsequent records. Thus, the following data is stored in the blockchain: more secure, accurate, transparent, available only to participants with authorized access.
- Improved traceability;
If your company manages products that are sold through a complex supply chain, you will understand how difficult it can be to trace an item back to its origin. When the delivery of goods from one location to another is recorded on the blockchain, you get a complete audit trail showing where the asset came from and tracking every stop it makes along the way. Previous records stored on the blockchain can help verify the authenticity of products and protect them from fraud.
- Increased speed;
You can execute transactions quickly and securely by automating and simplifying business processes using blockchain. Since a single digital ledger, available to all members of the network, can be used for accounting purposes, you do not need to manage multiple ledgers. Everyone on the network can always access the same information, resulting in a quick calculation.
- Reduced costs.
This is the top priority for most businesses. By using blockchain, there is no need for intermediaries or third parties to establish trust as the participants in the network verify everything on the network based on consensus.
When to use blockchain for a startup, business or existing platform?
Below are some of the questions to help determine if integrating blockchain into your existing solution is a good idea:
- Do you want to store data?
You don’t need a database unless your business solution requires a lot of data storage. Hence, in this case, the blockchain is useless. If you have an application that needs to manage massive data, blockchain can be used to manage one shared distributed ledger. Instead of supporting multiple databases, blockchain technology will allow you to have a single transparent view of the updated book available to all network nodes.
- Is the data dynamic with a verifiable history?
Although paper documents are difficult to counterfeit, they have a limited shelf life. If transactions need to be updated and published frequently, maintaining them on paper can be time-consuming. If data and its history are critical to your business, you may want a blockchain solution that allows multiple parties to write records to an incorruptible system.
- Is transaction speed important to you?
Does your database need high performance transactions? If so, you should stick to a centralized records management system. On the other hand, although blockchain databases are slow, they are much more secure than a centralized system. If the security of an application is more important than its speed, then you should look for a blockchain solution.
Our blockchain development consulting services help companies identify specific business challenges where this technology can be used to solve them.
As one of the first developers of Blockchain technology, we have accumulated a wealth of experience in creating high quality scalable distributed applications and customized protocols.
Our Blockchain Application Development Services in Ukraine and Eastern Europe include:
Smart Contract Development: Next Generation Blockchain Platform
- POC Development. We create complex mockups to test ideas in real business scenarios to identify gaps and validate project functionality.
- Development of a private blockchain. Design and implement a private blockchain with permissions to meet customer specific business requirements, using cryptography to store data permanently in a distributed ledger.
- Development of smart contracts. We develop secure and competent smart contract code to automate the execution of processes in Ethereum and HyperLedger Fabric.
- Development of cryptocurrency. We are engaged in the development of cryptocurrencies, crypto-exchangers, platforms for cryptocurrency trading.
- Development of crypto wallets. We develop decentralized and secure desktop and mobile wallets for Bitcoin, Ethereum and Altcoins.
- HyperLedger and Multichain development. We develop decentralized applications using blockchains like HyperLedger Fabric and Multichain for finance, healthcare, retail, manufacturing, and more.
A smart contract, also called a self-executing contract, blockchain contract, or digital contract, is a set of instructions that automatically fulfills the agreement obligations that the parties have entered into. Being immutable and cryptographically secure, the smart contract ensures the security of blockchain technology, that is, it provides reliable distributed computing.
Smart contracts help businesses execute business agreements in a transparent, conflict-free environment, avoiding the services of intermediaries. They define the rules and penalties of the agreement, just like a traditional contract, but automatically enforces the obligations of the agreement. This automatic execution is at the heart of a smart contract.
Insurance policies, copyrighted content, financial data recording, trade finance are just some of the use cases for blockchain-based smart contracts.
iTizzi Custom Software Development Company has mastered the art of developing comprehensive smart contracts for various purposes. To find out more about our services for the development of smart contracts – Kiev, Dnipro, contact us.
iTizzi Custom Software Development Company is one of the most experienced blockchain development companies in Eastern Europe and Ukraine, thanks to our experience in all areas of blockchain and accumulated experience over several years. As one of the earliest leaders and most sought after organization in Blockchain application development, we provide the best services in the industry, whether it is building scalable distributed applications of the highest quality with customizable protocols or developing the most sophisticated Proof of Concept (POC).
Our blockchain development consulting process consists of the following steps:
- Determining the suitability of the blockchain and understanding the current processes
Before thinking about implementing a Blockchain solution, it is important that senior management and senior managers acquire the right know-how about this technology. Next, it is important to understand the internal processes of the organization on which the entire system is based.
- Reaching mutual understanding
This stage includes a lot of brainstorming sessions with senior management to determine the understanding of the Blockchain technology they have and discuss potential loopholes / improvement areas in current processes that could be addressed with a Blockchain solution. Based on mutual understanding, it can be decided whether the implementation of blockchain will help the organization or not, and if so, to what extent.
- Start of blockchain solution development
The next step is to develop an exhaustive and definite basis for the proposed solution. The framework will determine how physical information will be digitized and stored on the blockchain, how different stakeholders can interact with the blockchain and what powers they will be assigned, and the platform / devices required for successful implementation.
- Demonstration of POC (Proof of Concept) and full-scale production
The POC demonstration should prove how the solutions will meet the key objectives for which they were designed. After a successful demonstration of the concept, serial production of the solution starts. The solutions developed will cover all processes and are expected to operate as mutually agreed in Phase 3.
- Development of blockchain solutions
Development is an important step. First, the first trial version of the application is released, after which it is ready for the beta version. As part of beta testing, the software application is fully functional, but with some unknown bugs. Developers share the beta with a specific group of people outside of the organization to test its functionality. After that, the final version of the application is created, which will be launched.
After thorough testing, the application is ready for deployment.
Blockchain project development at iTizzi Custom Software Development Company has a systematic and competent approach to first understand the blockchain, its relevance in the target industry, and then decide how to implement the blockchain solution. Is it true that blockchain plays a very important role in transforming the future – or maybe already the present?
Fortunately, at iTizzi Custom Software Development Company, we have the tools and industry experts to apply the blockchain concept to your business and therefore take it to the next level. Our experts are constantly working to make sure we help you apply this innovative technology to your business, helping you get the most out of it and transform it into something more reliable than ever before. Our Blockchain development process is usually done in a few simple steps that we have mentioned.
Our main motto at iTizzi Custom Software Development Company is to offer our clients the best services for the development of blockchain products, in this case, blockchain technology can be used to solve a number of upcoming tasks.
With the help of our dedicated blockchain consultants, we can help you analyze how the potential of blockchain can help your business. At the end of the day, it’s all about finding the right technology that suits your requirements and works best with your business idea.
Now that you have a quick understanding of the Blockchain development process in general, do not hesitate to learn in practice how we are implementing the Blockchain idea into your business. Talk to our Blockchain consultant to find out more.
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