Blockchain app development has been one of the most trending names for a while now. Be it finance or healthcare, blockchain technology has been adopted widely around the world in recent years. Blockchain apps are nothing but one of the prominent results of the growing craze for blockchain technology across diverse sectors.
According to a recent market report, the global blockchain market is forecast to reach $1,431.54 billion by 2030, while the blockchain sector is subject to an increase in global GDP (Gross Domestic Product) by $1.76 trillion by 2030. Not only does this signify a major impact on the global economy but also the shift in the present app development trends.
To utilize this high potential, a significant portion of the people are considering blockchain app development as a lucrative business idea. You too can utilize the present growth scope and upcoming opportunities through blockchain app development. If you are wondering where to start, read on. We are going to guide you through the detailed steps of blockchain app development.
What Is a Blockchain App?
A blockchain app is defined as a decentralized application where the blockchain members are the users of the app. One of the unique factors about a blockchain app is that there is no server like the traditional apps that sits in-between the user actions and transactions such as money transfers, data exchange, sending and receiving messages, and others.
In a blockchain app, the blockchain network shares the relevant data among all the blockchain members who act as the mini servers as well as users. Here the data is stored chronologically in the blocks. Cross-border payments apps, supply chain apps, logistics monitoring apps, and NFT marketplace-related apps are some of the common examples of blockchain applications.
See More: Rapid Application Development (RAD): A Complete Guide
How Does a Blockchain App Work?
Before you go for blockchain app development, you must know the basics of how blockchain works. In a blockchain network, all the data are stored in blocks and are shared among the peers on the blockchain network. As a result, every user of the blockchain has a record of their actions that is stored on their devices. This not only helps in easy, fast, and reliable data access but ensures data safety and retrieval in case any disruption occurs.
Blockchains work in unique ways. The data is stored in a chain of blocks here and once a block of data is added, it can’t be changed which makes blockchain technology stand out from other conventional technologies when it comes to secure data storage and retrieval. As blockchain technology gives high protection to data from getting stolen, compromised, or hacked, this is often the first choice for secure data storage in various sectors - from finance to healthcare.
There are two types of blockchains - permissioned blockchains and permissionless blockchains. A permissioned blockchain refers to a blockchain that only lets the authorized users execute operations on the blockchain. A permissionless blockchain, on the other hand, is a blockchain, where any user over the blockchain network can perform relevant operations and interact with others.
See More: IaaS vs PaaS vs SaaS: All You Need to Know
Key Industries for Blockchain Apps
Blockchain applications are no longer limited to the finance sector but are widespread across diverse industries. Some of the most popular industries where blockchain apps are highly popular are -
- Real estate
- IoT startups
- Music industry
See More: How to Pick the Best Languages for Microservices Architecture
Benefits of Blockchain Apps
There are innumerable benefits of blockchain apps that make them highly sought-after across the world. Below we have listed some of the top benefits of blockchain apps that can help you understand better why you should go for blockchain app development.
One of the main reasons behind the high adoption rate of blockchain apps is the high level of security it offers. For instance, in a healthcare blockchain app, one can securely store sensitive information and data regarding patients’ vitals, past health history, present diagnosis, progress reports, and others. These data are not meant to be altered or lost as that may result in severe consequences.
A blockchain healthcare app protects such data from unauthenticated modification or breaches. Similarly, blockchain apps offer impenetrable security to such data storage, access or retrieval in different sectors - banking, gaming, and others. As a result, security is a prime driving factor in the blockchain app market growth.
As discussed before, blockchain technology is quite universal and flexible when it comes to blockchain app development of various categories. You can make a gaming blockchain app, as well as an IoT blockchain app and in both cases, you will be able to leverage the unique characteristics the blockchain technology offers. So, undoubtedly it’s one of the top benefits of blockchain app development.
If you are well-versed with cryptocurrencies and want to bypass the hassle of conventional long transactions, high bank fees, and others, then blockchain technology can be your go-to option. The transactions here don’t require much additional fees and can be performed through cryptocurrency exchanges in a hassle-free way. Also, if you are interested in NFTs, then such transactions are the only options for you.
Easy Learning Curve
The overall blockchain technology and its applications are easy to learn and understand and in no time you can use it like a pro. Not only this technology offers several unique advantages but offers a very simple learning curve that makes such applications easily usable to anyone.
See More: 5 Healthcare Blockchains Use Cases in Digital Health
Blockchain Application Development: Steps to Follow
Now that you have a clear concept on what is blockchain technology and the benefits of blockchain app development, now is the time to guide you further. So, we are going to walk you through the steps to blockchain app development as shown below.
1. Define and Clarify Your Idea
The first step to blockchain app development is to define and plan your whole idea. Why you want to build a blockchain app, how much knowledge you have on the blockchain, what is your expertise on relevant blockchain app development, and other information are crucial to clarify your idea. Also, you need to have transparent knowledge regarding your resources, funding, your whole app idea outline, and all the relevant details rather than having just a vague idea.
2. Analyze Your Options
Even if you decide on specific blockchain app development initiatives, there are probably some better options for you. For instance, if you have decided on gaming blockchain app development, but after your initial planning find out that you have more exposure to IoT, then you can go for the latter option.
At the same time, you need to thoroughly analyze how the blockchain apps in the respective sectors are doing, and how your app can help you align with your overall business goals and others. The purpose of this step for blockchain app development is to go through all the available options and find out the one that fits you the best.
3. Do Competition Research
Competition research is vital for blockchain app development as it is a highly competitive and dynamic market. Statistics say that nearly 24% of the companies invested from $5 to $10 million in blockchain as of 2021 and the amount is likely to rise further in the upcoming years. And not only that, starting from tech giants to new entrants - companies are emerging as blockchain leaders at an increasing rate making the competition stricter than ever.
For instance, IBM is the largest blockchain company that invested around $200 billion in research & development. Other leading blockchain companies are BRD, BitMEX, Republic, Paxful, and Spring Labs, to name a few.
No matter which type of blockchain app development you are doing, always do competitive research. What are the similar blockchain apps, what can be the USP of your app, what is the customer response for those apps, and what is the growth and revenue of the competitors - these are some of the main pointers to keep in mind at this stage.
4. Choose a Proper Platform
Ethereum is the most well-known platform for blockchain app development. Not only does it help you in blockchain app development but lets you create your ecosystem along with proper market positioning.
It generally works on the programming language Solidity, using which a developer can build the app ecosystem. Also, it offers smart contracts that you can easily create with Ethereum.
For financial blockchain app development, Ripple can be your first choice. One of the key advantages of using this platform for your blockchain app development is fast transactions that allow up to five transactions in a second. Also, there are very low fees on this platform, the cost to complete a transaction is just 0.00001XRP, a very small fraction of a penny as per the current rates.
Equipped with a hybrid architecture model, the XDC network can process around 2000 transactions per second. It provides high compatibility with diverse financial institutions by using ISO 20022 standards.
It is a good choice for finance blockchain app development. Furthermore, it is compatible with Ethereum Virtual Machine (EVM) which simplifies the smart contracts execution process.
Corda is another popular platform for blockchain app development. It is an open-source and enterprise-based blockchain platform that offers great interoperability. Not only does it lets you easily do permissioned blockchain app development but also offers solutions for easy integration with legacy systems.
5. Develop the App
This is the most important stage to transform your idea, planning and knowledge through blockchain app development. Some of the important pointers to consider here are -
- Whether you want to hire developers, third-party development service providers, or want to build on your own
- Which platform, tech stack, coding or framework do you prefer for the blockchain app development
- What type of blockchain app development do you prefer - permissionless or permission
- What are your preferred strategies for interactions and transactions among the nodes
It is recommended to do an app business analysis briefly. It will ensure that your app business planning and development process are streamlined and aligned as expected. Also, you need to list out the set of main app features, solutions, UI, and prime functionalities at the beginning of this stage. Also, don’t forget to focus on the non-functional app requirements such as the expected performance, security measures, safety protocols, and others. Another important factor is - you must ensure that the blockchain app development process, as well as the end product, is compiled with the rules, and protocols of the Google Play Store, Apple Store, and other app ecosystems. And no matter whether you are doing blockchain app development from scratch or have hired developers, you must know the most suitable programming languages to be used. Below is a list for your reference -
And others. You can choose the one based on your expertise, or available professionals, learning curves, deployment time, required resources, and respective advantages.
6. Launch and Maintain
Once your app is ready, you can launch it in the target marketplaces. Even if you are targeting a regional market, it is always recommended to keep the provision to go global or scale up your business. You need to do marketing not just during this phase but start it much before, as soon as your product is ready. This will help you create the much-needed hype.
However, launching your product is not the end of the process. You need to upgrade your app and maintain it to ensure it is up-to-date in the present market. You may also require technical support for the same and hence it is advisable to opt for the professional developers for long-term support and maintenance even after your blockchain app development phase is over.
See More: 5 Common Mistakes To Avoid While Creating Your MVP
The Bottom Line
The craze for blockchain apps is rising exponentially and is likely to become even more prominent in the upcoming years. With a myriad of businesses, enterprises, as well as individuals opting for blockchain apps, blockchain app development has become quite a common requirement around the globe. However, following the right steps is necessary to start on the right foot and secure your market position. And the above guide will help you with that.
Are you looking for expert product development service? Be it app, web, mobile or voice development, we, Third Rock Techkno, have an extensive range of competitive solutions to ensure successful app development, launch, and long-term support. Check out our portfolio and contact us today for a free consultation.