A Complete Guide on How to Develop a Blockchain App
Global Tech Outlook outlines the instructions on the development of a blockchain app
Blockchain is the hottest technology apart from artificial intelligence and machine learning to thrive in the global tech-driven market, especially in the financial sector. There is a huge demand for the development of blockchain apps to ease the transaction process in this fast-paced life. Developers are focused on creating a blockchain app or decentralized app (DApp). Blockchain technology plays an important role in eliminating the intervention of any third party with a smooth transaction process across the world. Thus, a block chain app is becoming highly relevant for multiple businesses from companies to start-ups in every sector possible. The global blockchain technology market is expected to hit US$69.04 billion in 2027 with a CAGR of 56%. Let’s explore this complete guide for developers on how to develop a block chain app efficiently.
Instructions: A guide on blockchain apps
- At first, a developer needs to have a clear understanding of two types of blockchain depending on the network— permissioned blockchain that only allows fully authorized users with specific roles and permissions and permission less blockchain that allows anybody in the network on any device to verify transactions and stay unnamed or anonymous without any worry
- The developer should decide the category of services to leverage blockchain technology— games, exchanges, finance, digital wallet, healthcare, start-ups, and many more depending on the trends and popularity to gain higher revenue in the nearby future
- It is essential to evaluate the pros and cons of the use of blockchain technology in a business. Yes, blockchain apps are trending in the industry, but one has to decide whether it is worth it or not. The development of block chain apps needs an extensive research on profit and loss perspectives in a business.
- Evaluation of the total cost is essential to check whether the business really needs the integration of blockchain technology or not. There are multiple costs to be included in the calculations such as the type of development of a block chain app, features, blockchain technology platform, third-party integration, number of targeted platforms, and many more that may cost approximately US$20,000- US$200,000.
- The developer needs to analyze different options for the development of blockchain apps such as the integration of open blockchain technology like Ethereum or Bitcoin, a private network, harnessing a Blockchain-as-a-Service provider to incorporate cloud services in this blockchain apps, and many more
- In blockchain technology, there are ample options for a developer to choose a suitable platform for the development of blockchain apps— Ethereum, HyperLedger Fabric, R3 Corda, Ripple, EOS, and many more.
- The development process starts with choosing the appropriate language, platform, strategies of interaction, consensus mechanism, business analysis, app design, and quality assurance
- The marketing strategies for the promotion of this blockchain app are very crucial in the industry. There are multiple ways to make the target audience aware of a blockchain app with different promotional channels such as paid ads, content marketing, email marketing, influencer marketing, and so on.
That being said, the above-mentioned steps are essential for the development of blockchain apps in this 21st century. Developers should have a strong understanding of the pros and cons of blockchain technology before deploying the blockchain app in the tech-driven market.