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Blockchain development: a good choice for Software development companies?

Blockchain development and its applications have been recognized over the past few years. However, not all software companies could successfully take full advantage of this new tech. A software development company should take into account a variety of aspects when thinking of putting Blockchain into their development process. Meanwhile, Blockchain developers also the key factors that contribute to the success of Blockchain companies on the new journey.

What is Blockchain:

Blockchain is cutting-edge technology. Literally, it is a chain of blocks in which each block is a digital information piece. Each piece is composed of 3 parts:

  1. The blocks that store information of transactions including date and time, amount of transactions.
  2. The blocks that store the information of users who make the transactions. Instead of actual names, this system will record your identity using usernames digitalized using unique “digital signature”.
  3. Blocks that store information that is used to distinguish each block from others. They use “hash” to differentiate them to others.

Each block could store up to 1 Mb of data. This allows a few thousand transactions to happen spontaneously.

Whenever a transaction occurs, it would be verified by a network of computers (nodes) across the globe. These nodes would check to ensure that the transaction happens in the way you made it including your name, amount, and date and time within a second. Upon verified, this transaction would be stored on a block. This block would be issued a hash as mentioned above and then joins into the Blockchain. The block would become public after added to the chain and everyone in the system could view it but could not make any modification on it.

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Some benefits of using Blockchain development?

Provide more convenience to app users:

Blockchain technology provides a platform that fosters peer-to-peer transactions. This mean peer relevant parties, especially in the finance system, could directly interact with one another without the interference of intermediaries. Transaction speed, therefore, could be faster. Another popular application that a Blockchain company could work on is smart contracts. This type of contract could trigger automatically when certain satisfying criteria are met. The role of mid-lawyers in most of the cases, then, would be reduced. Legal processes could be streamlined with less time-consuming and more objective.

Provide a more transparent system

With the system developed on Blockchain platform, the auditability is accessible for users. Whenever a transaction is made, it will be recorded to the ledger the information of which could not be changed. For most industries, especially finance, transparency is crucial. With the integration of this new technology, asset authenticity of the organization would be more accessible and trust could be built up.

Traceability

Tracking goods routine is another advantage that only be employed on Blockchain development. This feature provides real-time information relating to the component that is being transferred. Logistic companies making use of this technology could make their customers more noticeable about their goods transport status.

Transparency

Detailed transactions throughout the system would make it more transparent to the users of various levels. Trust could be enhanced and relationships could be reinforced thanks to the high transparency. Less document processing would be required and the overall time of the whole process would be dramatically improved.

Security

Security measurement in Blockchain development is enhanced dramatically thanks to the decentralized structure and independent complex cryptography. Data in a certain system using Blockchain would be verified separately throughout the nodes in the system. Modifications to the recorded data seem to be impossible as then one should gain control of all the nodes that are working within the system.

Industries that benefit from Blockchain development:

With the recognized benefits of Blockchain, many industries have employed this platform for their business and have generated considerable results.

For more information about the industries that benefit from Blockchain, access this link: http://www.tpptechnology.com/Blockchain-technology-benefits-for-business

Some considerations when working with a Blockchain company:

Big Blockchain companies

Mobile app development is now growing in the fastest rate ever. More and more mobile app development companies join the game using Blockchain. MacDonald and even a county of US accept cryptocurrency. This proves that Blockchain is not a gimmick but a long-term developing and prosperous future.  

Besides, more tech leading companies such as Microsoft, LG, and Fujitsu are also joining the game of Blockchain companies. This means that the game would be more dynamic and the market would also be more rigorous and competitive. A potential mobile app development company could now expect a big wave of Blockchain development to come. It should be well prepared to make use of the opportunity and “stay” alive in a brand new market.

Suitability to the field:

Blockchain is not new now. But to get along and develop on this platform is still a big challenge to most of the app development companies. Blockchain development companies need to understand the Blockchain process and how it could be adapted to the mobile app development projects. This sound simple. But to implement this new platform accordantly, a lot out research and study, as well as investment on training, would be required. Serious consideration would be taken into account on the resources that a company could delegate on the implication of this new platform.

How to use Blockchain development on mobile apps?

Keeping the mobile app safe from attacks is not the only purpose of Blockchain. The new platform could do much more than that in a variety of industries. But, to appropriately implement the new tech, the following steps should be followed:

Choose a suitable consensus-based method:

A particular consensus such as Proof ow Work or Round Robin, etc. would suit a particular mobile app based on its characters. Then, a Blockchain developer would understand the characteristics of their apps then select the most appropriate method to use.

This requires a thorough understanding of both Software development and Blockchain platform.

Architecture design:

After the consensus method, now you have to think of the configuration of the architecture. For example, you could choose to develop your app on a cloud-based or in-house model. Then, other considerations on processor, operating system, and so on should be discussed. Finally, you should decide if your app would operate on iOS or Android, or cross-platform.

UI and Admin panel Design

Finally, similar to other platforms, you need to develop app UI and admin panel of the app.

Distributed databases in Blockchain: pros and cons

Distributed data is among the main features of Blockchain development. This brings both the chances and the challenges to developers and users. For the upsides, as distributed, each element of the data has a timestamp for itself. This enhances the readability of data among users in the system and fosters the transaction speed of the system overall. Moreover, the security of the system using Blockchain could also be improve as mentioned in the previous section.

The downside that causes trouble to Blockchain developers is to keep the data in the nodes consistent. When data of a node is changed, the system should then modify the information of all the other nodes in the system. This is quite a big challenge and requires a strong expertise in the field 

More challenges for QA

The structure of Blockchain cause a big trouble to QA. There would be more tasks to work on as you are not just testing on merely a computer but the whole system. Then, to become a Blockchain company, more personnel and resource would be demanded on QA. 

Blockchain developers should stay updated and maintain the relevance of technology

A software development company once make up its mind to develop on Blockchain technology should constantly update its skills. Blockchain application to the mobile app development industry is contemporary so we could expect a lot of changes in the coming years.

This would take up some kind of resources of a company to stay competitive in this new game. In case your company is not capable enough, Blockchain is, to some extent, not a field that you should try now.

Conclusion

For the years to come, Blockchain technology will be built into a mass number of mobile apps in including various industries. The next generation of apps would be more dynamic, safer, and useful.

Software development companies that go for Blockchain development need to prepare to successfully integrate Blockchain technology to future mobile app development projects.

To secure a Blockchain mobile app for you company from now, you could exploit our dedicated Blockchain development team at TP&P technology.