Countless technology trends have surfaced throughout the years. But if there’s one innovation that kept enthusiasts on their feet, it’s Blockchain.
Blockchain has evolved since its introduction to our social consciousness ten years ago. It started off forming the foundation of the cryptocurrency-based economy. Today, it’s a real game-changer poised to revolutionize various parts of the global economy.
Tech giants are wasting no time and have started exploring Blockchain uses for business. Let’s walk through Blockchain application development and its benefits for commerce.
Blockchain is a chain of cryptocurrency transactions across numerous computers in a peer-to-peer network. Even in several industries, Blockchain quickly became a preferred tool for digital transformation, mainly because of its online payment applications.
The most recent data shows that nearly 350,000 Bitcoin transactions happen on a daily. There’s no surprise here, given the industry’s fast adaptation of faster and safer financial transactions. For this reason, we see a spike in new blockchain application development opportunities across the world.
Infographic Description: How to Create a Blockchain Application in 6 steps
Learning blockchain application development can be quite challenging, but proper research and analysis can be a great help.
Step 1: Evaluate your need for a blockchain. Is it crucial for your business? Is your organization ready to implement an application? Studying your position is the first and most important step to avoid mishaps during the development process.
Step 2: Look at your competitors and find out how you can offer better services through your app.
Step 3: Choose how you’ll create your application. There are four ways to build: a) Use an open blockchain, b) Create a private network with a blockchain software, c) Work with a BaaS provider or tap blockchain application development services, and d) Build your blockchain network.
Step 4: Talk to your team and decide on the blockchain development platform. It’s important to get your developers’ opinions because some platforms work on different programming languages.
Step 5: Start developing your app. During this step, you’ll need to accomplish the following: a) business analysis, b) app design, c) preparation, b) development and quality assurance, e) deployment, and f) maintenance.
Step 6: Once your blockchain app is ready, you can finally share it with your market through the App Store.
Many businesses are gradually embracing Blockchain, with industry leaders relying on it to give them a competitive advantage. As with any disruptive change, companies still have to undergo a transformation journey to take advantage of Blockchain. For example, a business may not want to do transactions in a public space. This has led to the evolution of private blockchain networks that work within organizations and trusted providers.
It's undeniable that the benefits of exploring Blockchain are endless for any company whose long-term goal is to keep up with the changing times.
The convenience of online transactions is changing the game for commerce, but digital payments are left behind. This hesitation comes as no surprise, given the risks of security. However, traditional payments are still more expensive and tedious to maintain.
Blockchain development companies saw this gap in technology and soon offered options to eliminate the hassle and the promise of safer transactions. Additionally, the expenses for maintenance and IT are significantly reduced because all systems are kept. Blockchain can consolidate business processes, including but not limited to payment processing, inventory, and product management.
Network to network communications has always been vulnerable. The tech industry has been pressured continuously to keep up and update its security methods to protect sensitive data. When it comes to payment, security is at a much higher stake.
With Blockchain, companies can securely manage data in a simplified and decentralized way to avoid single failure points.
Speed is often compromised with traditional transactions because of the many layers of approval that each task needs to go through. Each level processes data in its way, and usually takes days or weeks to forward output to the next step.
One feature of Blockchain application development is direct management. Businesses can remove intermediaries and third parties that slow down turnaround. As a result, delays and friction are lessened to improve speed.
Storing data can be expensive and difficult to maintain, especially if you’re a company that handles multiple clients or customers. A typical brand would struggle to store all historical transactions regularly for future access.
When stored through Blockchain, the data almost becomes impossible to lose because of its compact form. From here, companies can now access data with ease and without the worry of storage.
Supply managers know the struggle of maintaining inventory flow too well. Cheap labour and inventory surplus/shortage are often the result of overwhelming tasks. What's worse is in the midst of the tedious work, quality is sometimes sacrificed.
Thanks to Blockchain application development, there’s now an option to hold suppliers accountable for poor quality while streamlining inventory management. Among its helpful features are sales prediction and product lifecycle monitoring.
Infographic Description: Blockchain applications for eCommerce
It’s an exciting time for blockchain innovation. Advancements aren’t that far off in the future. Some active blockchain development companies are already changing the game. Here are some industry predictions for Blockchain:
Banks will soon expand to digital currencies, assets, and securities as Blockchain continues to gain momentum.
The global economy is rapidly evolving in digital technologies coming together with public Blockchain (cryptocurrency payments), private blockchains (hyper-ledger supply-chain management, asset management), and artificial intelligence bringing value and transformation.
As a response to the ever-changing digital landscape, Intelegencia teams are finding ways to create enduring strategies. With our services and data-driven insights, businesses can continue to thrive under opportunities. We have been proactively partnering with some of our clients to evaluate and design and develop MVP digital solutions that leverage Blockchain application development.
Both startups and established companies could benefit from adopting new technologies to their business. Intelegencia is here as a Blockchain development company to partner with you on your digital transformation journey!
Avishek Ojha is a Sr. Director of Technical Services at Intelegencia.
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