Did you know why Bitcoin became the most significant cryptographic success? Of course, this is because of his ability to not repeat himself. But have you ever wondered what prevented this cryptocurrency from maintaining its reputation?
Blockchain…!
Yes, Blockchain has made Bitcoin a successful digital currency by providing robust security and consensus protocols, even though it is no longer the core technology of Bitcoin or other cryptocurrencies. Nevertheless, the use of the distributed ledger system (Blockchain) is very widespread. From banking and finance to healthcare and cyber security, Blockchain is making a huge difference.
Blockchain app development has received maximum attention in the last decade. And it still shows no signs of letting up anytime soon. Therefore, we have presented you with some basic points that you should know, especially if you are thinking about Blockchain App Development.
What is blockchain?
“While most technologies tend to automate peripheral workers performing menial tasks, blockchains automate the center. So instead of putting taxi drivers out of work, Blockchain will put Uber out of business and let taxi drivers work directly with the customer.”
– Vitalik Buterin, co-founder of Ethereum.
Different people have defined blockchain technology in different ways, although everyone said the same thing, that any industry implementing the technology could ensure unbroken security. It is a decentralized data ledger that provides easy yet secure access to contributors.
How does Blockchain technology work?
Before knowing how Blockchain works, you should know that this technology is an open distributed database primarily used to store information. In addition, it is equally useful for secure transactions between participants.
For example;
- Contributor input transaction
- It is authorized by the technology system
- An action taken by a contributor creates a block
- A block represents specific inputs in the form of data
- This block will be stored in each connected network
Types of blockchain technology
When you think about blockchain development, you might wonder how many types of blockchain technology there can be and how many types of blockchain systems there can be. The answer is – four. There are four main types of blockchain technology;
- Public blockchain
- A private blockchain
- Hybrid blockchain
- The Blockchain Consortium
Blockchain software development platforms
There are many platforms for Blockchain app development, each with different quality, features, and uses. Platforms are chosen based on the project you want to build. Let’s take a look at the best blockchain app development platform;
- Ethereum
- IBM Blockchain
- ConsenSys Quorum
- Hydrogen molecule
- Hyperledger fabric
- Rippling
- Stellar
- EOSIO
Of these blockchain platforms, Ethereum is considered the best choice and offers the flexibility to build a wide range of applications and solutions.
Basic components and factors to consider for blockchain app development
Understanding the factors behind blockchain app development is crucial to making your Mobile app development process easier. Here are the key components and elements you need to consider before deciding on blockchain technology.
- Nature of Platform: You need to take special precautions when choosing a platform because most blockchain platforms are based on cryptocurrencies. In case of uncertainty and ambiguity, you can use expert suggestions.
- Smart Contracts: Blockchain comes with the power of self-execution, which allows the technology to process, verify, or enforce any action executed on a blockchain-powered system.
- Public/Private Network: It is a very crucial factor that you need to decide whether you need a public, private, hybrid, or consortium blockchain network. The best way to choose a blockchain network is to design your application. Choose the one that allows all contributors to make changes for free.
The cost and time it takes to Blockchain app development
It depends. The cost of Blockchain app development depends on the type of application or blockchain solution/system you want to build. For example, building a blockchain solution for a healthcare system can cost anywhere between $50,000 and $300,000.
In addition, there are some other factors that affect the cost of Blockchain app development. For example;
- The blockchain app development company you choose
- The hourly rate charged by the technology partner
The Blockchain app development company you choose will affect the cost as mobile app development fees vary from company to company. But you need to make an informed decision here because a company that charges more does not guarantee you will get a quality product and a poor quality product if charged less. Explore options, connect with multiple companies, participate in interviews, ask about their projects built in the past, research blockchain projects, case studies, and more before taking the final call.
In terms of time to blockchain app development, it can take around six months to 12 months, depending on the type of project. However, before making any assumptions, we recommend that you contact our team with the scope of your project.
Final thoughts
This article explains all the basics you should know about blockchain app development. If you have a project or want to understand more about blockchain app development, we are your reliable blockchain app development company with a one-stop shop for all your blockchain solution needs.
