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As blockchain is the encrypted and distributed digital ledger, it has gained considerable attention to accelerate business operations. It has the potential to transform countless industries, including supply chain and logistics, healthcare, agriculture, food products processing, manufacturing, financial services and so on.Â
PwC surveyed 600 executives from 15 territories in 2018, where 84% of organizations were found actively involved with blockchain. Also, Gartner has forecasted that the blockchain will generate an annual business value of over US $3 trillion by 2030.Â
If your business requires trust and transparency and you don't know how blockchain can benefit it, you are simply behind a technology curve. To implement blockchain successfully across business operations, you should understand the blockchain application development process.Â
Here is a step-by-step guide to blockchain application development processÂ
Identify the use case and analyze the blockchain feasibility for your solution
Before you think about adopting blockchain technology into your business, you should identify if your use case requires a blockchain solution or not. You can determine the need for blockchain technology with the help of the following questions:
- Do you share updated data with multiple parties?
- Are intermediaries adding extra cost and complexity to your solution?
- Are business transactions time-sensitive?
If the answer to all of these question is "Yes", the blockchain can benefit your business in countless ways.
Choose the right blockchain platformÂ
Once you understand the need for a blockchain solution, the next step is to select the best blockchain platform your use case type. As blockchain is gaining traction with each passing day, you might come across a variety of blockchain platforms.
Do in-depth research about each blockchain platform such as Ethereum, Hyperledger Fabric, Hyperledger Sawtooth, Hyperledger Indy, Corda, Tron and Stellar and choose the blockchain platform for your business use case carefully.
Proof of Concept DevelopmentÂ
You need to develop a proof of concept to demonstrate the potential and feasibility of the blockchain project across any industry. It can either be a minimum viable product with a partial feature set or a prototype without supporting code.
It helps you understand how can a blockchain-based solution have an impact on your industry or use case.
Blockchain Application Development and DeploymentÂ
Once the prototype and designs are prepared, the solution comes to the core stage of development. It is the stage of blockchain implementation where you have to connect the front-end of an app with the blockchain as a back-end.
Build APIs for the application and launch nodes on the network to enable interaction with the components of a blockchain application.
After the application is developed and tested on the testnet, it can be deployed on the mainnet, i.e., main network to launch it officially for the public or enterprise use.
Though blockchain is still considered to be in its nascent stages, following the right strategy to implement blockchain in business solutions is crucial. In case, you have a blockchain idea in your mind and you don't have an expertise in the blockchain space, you can also consult the top blockchain consultants who can assist you understand the practical potential of blockchain for your specific use case.Â
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Author Bio:
Akash Takyar
CEO LeewayHertz
Akash Takyar is the author of Blockchain Technology and Business book. He is the co-founder of LeewayHertz and is a consultant to fortune 500 companies including Siemens, 3M, Hersheyâs and others. He has a Masters Degree in Computer Science. Akashâs experience of building over 100+ apps allows him to rapidly architect and design solutions. His ability to explain complex technologies in simple and practical ways has resulted in him becoming a popular speaker at colleges, universities, and conferences.
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