Research and development of Blockchain projects is a vital activity for almost every developer. That will be a step to help adapt to market changes as well as continuously expand the customer base. However, this process is never simple, even for professional programmers and administrators. Through this article, let’s learn about the importance of the Blockchain development life cycle and its implementation process.
Overview of Blockchain
Blockchain is a chain of blocks containing information. Blockchain is like the main accounting book (ledger) of a company. Where all activities related to the company’s money are very closely monitored. In this case, It is a ledger operating in many fields of technology, and the data stored is digital data.
In particular, all information is stored and transmitted transparently, completely, and cannot be altered or fraudulent. That is a new technology, which greatly improves the limitations of the traditional way of storing and exchanging information. For this reason, blockchain is increasingly being applied in many fields: economic and financial, education, agriculture, industry, entertainment, health, or education.
8 key steps in Blockchain development life cycle
Step 1: Identify your goals and spheres that you want to address
The first step is to define the goal you want to reach in your Blockchain project. The reason is that you should only use Blockchain when you have problems and goals. On the other hand, using Blockchain will be quite expensive, so you need to consider carefully and consult a reputable expert (if necessary).
To implement the most effective and optimal Blockchain project, you must thoroughly understand the advantages and disadvantages of Blockchain. From there, you will know how Blockchain can fix problems and help you achieve your goals.
Step 2: Determine the most suitable Consensus Mechanism for your Blockchain project
The most common ones that Blockchain can offer you are proof of identity, proof of burn, proof of work, actual Byzantine fault tolerance, and proof of stake. Among these mechanisms, you need to consider and choose the most suitable consensus mechanism for your Blockchain project.
Step 3: Identify the best Blockchain platform
The best Blockchain platform you can choose will depend mainly on the goals you need to achieve above and the consensus mechanisms. There are a few Blockchain platforms that you can choose from Ethereum, Hyperledger Fabric, and Hyperledger Sawtooth.
The platform you choose is not based on anyone’s personal preferences. You must choose them in order to form a solid foundation for the Blockchain project. From there you will make sure the whole project grows and has the proper scalability.
Step 4: Architectural Design
Next, you need to choose the architectural design of the nodes inside your blockchain network. In general, the arrangement of nodes inside the network can be as follows:
Permissionless – Major and reputable cryptocurrencies like Bitcoin, Ethereum, Ripple are likely to allow anyone to mine in this area.
- Permission – Governments and agencies have the power to allow people to register land or operate a voting system.
- Private Blockchain – Internal information data management system in enterprises, pharmaceutical companies, and hospitals.
- Public Blockchain – It allows other assets to be substituted for existing reputable cryptocurrencies on the market.
- Hybrid – Some banks can share KYC (Know Your Customer) management applications.
Step 5: Configure Blockchain application
The fifth step of the Blockchain development life cycle is that you need to define specific Blockchain configurations. If you do not have too much experience at this step, you should choose companies or experts to help you shape the Blockchain application structure.
At this point, several factors like block signatures, key management, permissions, address formats need to be decided quickly. The reason is that during the project implementation, some factors cannot be changed.
Step 6: Build APIs
When it comes to Step 6, the pre-made APIs will bring a lot of convenience to you in the Blockchain project development process. However, you need to choose what kind of API to help your project achieve the most favorable results.
Step 7: Build a suitable interface for administrators and users
What are you looking for in an admin and user interface? The most important thing when designing the interface for a Blockchain project is that you need to choose the right development language.
Step 8: Extend the application with MVP
The Blockchain project at this last step is still quite sketchy. Developers need to start with MVP. Instead of creating a perfect, sophisticated application, you should build extensive solutions to solve some basic problems and some common problems. We can refer to several issues such as storage issues, latency, and performance issues.
Omatech has just provided you with the most useful information about the Blockchain development life cycle. We hope that this article will satisfy you. If you want to know more information, visit our homepage to find out more interesting things.