Blockchain technology has changed the way transactions used to happen between different people. This technology officially came into existence in the year 2009. With Blockchain app development, people living in different countries can easily transfer money. They no longer have to depend on third-party banks. Blockchain development solutions have reduced the time spent on both national and international money transfers. They have also improved security, making transactions smooth and worry-free.

Here in this blog, we will learn more about blockchain app development. We will also cover various blockchain development services and their process.

Understanding the Blockchain Application Development Process

Blockchain application development has become one of the well-known technologies, especially among developers. From real estate and government to finance and supply chain, this technology has transformed the way these industries used to operate. Blockchain app development is all about building platforms that are secure and distributed in nature. This process involves multiple steps, which we will be discussing below. 

Step 1: Industry Analysis for App Development 

We’ll start by looking at how blockchain can be used in everyday applications. We’ll also explore the benefits it brings when added to our systems.

Banking & Finance    

When we talk about transparency and security, blockchain automatically comes to mind. Blockchain development solutions integrated with banking and finance applications offer several benefits. A few benefits include improved efficiency, enhanced security, and ease of use. That’s why most banks have already started using blockchain technology. 

Insurance

Blockchain in insurance doesn’t add so many new features, but it helps the industry work faster and more efficiently. This reduces overall cost, speeds up time to deployment, and enhances customers’ experience.     

Healthcare 

In healthcare, storing large amounts of sensitive data in different systems is a big challenge. Managing data across different systems makes it more open to attacks. Here’s when blockchain comes into play. With blockchain development solutions, healthcare industries can easily share data with different networks.  They don’t have to worry about the integrity and security of data.    

Real Estate 

Dealing with real estate comes with a lot of risk. It involves too much paperwork in purchasing and selling real estate. This leads to increased chances of errors and fraud in official documents. With blockchain app development, the real estate industry eliminates paper records. Moreover, blockchain lets them track and store data securely.

Step 2: Think of an Idea

Just like any other business, you require a good idea to start with. The same applies to creating a blockchain app. First, define what your app intends to achieve. Find out whether the blockchain is actually necessary for your idea. Even if you’re considering applying blockchain to a mid-sized app, you should consider the pros and cons of development.

Let’s take an example of a decentralized social network you are creating. Here, applying blockchain with cryptocurrency for payments and user transactions is appropriate. Alternatively, you may simply want to introduce transparency to your current business procedures. In any case, you should test to see if blockchain is the right solution. Make sure it fits what you are trying to achieve.

Step 3:  Research Your Competitors

The next step of blockchain app development is to do competitor analysis. If you aim to build a blockchain app, analyse your competitors first. This will help you stay ahead before moving forward with the development process. 

Step 4: Select an Appropriate Platform For Your Blockchain Project 

There are mainly two ways:   

Create New Blockchain

In this way, you can create your own blockchain architecture. Here you can make choices and customize it based on your requirements.      

Clone Popular Blockchain Platforms

Another way to develop blockchain-enabled apps is to use existing blockchain networks. All you will have to do is copy the code from the repository and run it on your own servers. A few well-known blockchain platforms are  Ethereum, Ripple, and R3 Corda.

Step 5: Create Your Blockchain App Design

Depending on how complex the project is, the design can take up around 20% of the total budget. Creating the design of your blockchain applications helps you outline all its functions. Make sure they are working as expected.

Step 6: Development & Testing Process

Once the design phase of blockchain app development is completed, you can start with your development and testing process. Building a dApp can look different based on different factors. It also depends on whether you are using an existing one or creating your own from scratch. 

Step 7: Maintenance and Support

As soon as the development and testing process is done, the maintenance phase starts. Updating and maintaining the OS, libraries, and frameworks come under this stage.  

Step 8: Marketing and Promotion

Even after developing your application, it won’t have much impact without good marketing. Effective promotion is essential for success. To grab users’ attention, you can use different marketing strategies. These include SEO, content marketing, paid ads, social media, and email marketing. Another important point is to focus on the client’s feedback. However, it is important to know what your target audience wants.   

Custom Blockchain Development Services for Enterprises & Startups

Blockchain Consulting and Strategy

Blockchain consulting service offers you guidance on the best blockchain solutions. Whether a startup or a large enterprise, blockchain consulting services offer secure solutions. These solutions also align with your business goals.

dApps Development

Blockchain development services help you build decentralized dApps that run on multiple networks. This not only offers enhanced transparency but also provides scalability and better security. 

Smart Contract Audit and Development

Smart contract audit and development services check every line of code. They look for security problems and inefficient coding in smart contracts. After identifying the inefficiencies, it finds ways to fix them. Afterwards, deliver solutions to address the issues. This process helps you make sure the application is secure and bug-free.  

DeFi Development

Decentralized Finance (DeFi) is a fast-growing financial system. It lets individuals, companies, and organizations make transactions directly using blockchain and cryptocurrencies. Instead of relying on traditional financial institutions, DeFi platforms allow direct transactions. This helps lower costs, increase transparency, and speed up processes.

Cryptocurrency Wallet Development

Cryptocurrency wallet development involves building software or hardware to store and manage cryptocurrencies. It also allows users to make secure transactions. This includes developing applications that let users engage with blockchain networks. Users can send, receive, and store their digital assets securely. 

NFT Marketplaces Development

NFT marketplace development is the process of creating a digital platform. Here, users can mint, purchase, sell, and exchange NFTs (Non-Fungible Tokens). The marketplaces are decentralized ecosystems driven by blockchain technology. They enable the trade of distinct digital assets such as art, music, videos, collectibles, and so on.