Society is increasingly developing according to modern trends, the most mentioned term is 4.0 technology. A new step towards this development is blockchain technology. The blockchain development processes are the cycles that business people need to go through. So what are the steps to success?
Learn some information about blockchain technology
Before knowing the blockchain development process, you should understand what it’s concept. Because when you really understand its essence, you can go further into the implementation steps.
In the simplest terms, blockchain technology is a series of time-stamped immutable stored data records. Management addresses are clusters of computers that are not owned by any entity. Each of these blocks of data is secured and bound to each other using cryptographic principles. Many experts assess that this technology has the potential to disrupt the industry?
Blockchain is a shared and immutable ledger. Thereby the information contained in this technology is open to the public for anyone and everyone to see. Any field or activity built on blockchain is very transparent. Therefore, when someone is involved, they are responsible for their actions.
A blockchain has infrastructure costs but no transaction costs. It is a simple yet ingenious way to transfer information from A to B in a fully automatic and secure manner.
Synthesize blockchain development process through stages
To develop, you must complete blockchain development step by step. You can’t take a step to your destination, and you can’t skip a step. Because all are very necessary to create a complete success.
Defining the problem and goal
The development process of any application should begin with identifying the problem that is going on and how to solve it. Blockchain has gained considerable attention, yet there are still many misconceptions about it. Therefore, this step is very important to avoid incorrect needs.
In fact, chances are you can solve your problem without blockchain. Because you do not fully understand its use, you think it is not necessary. You need to decide if the time and cost of investing in blockchain makes business sense.
Perform a benefit and cost analysis, examine your individual potential, and identify the issues and risks involved. Then make a decision whether to use Blockchain or the traditional way is better. Once you understand the problem and the goal, it will be the foundation to go to the next steps.
Define consensus mechanism
Blockchain is known as a decentralized system. Therefore, it requires all members of the network to authenticate a transaction. This process is called consensus. For example, Bitcoin uses proof of work as a consensus mechanism. Although it’s the most popular method, there are plenty of other alternatives based on individual needs.
Among all the alternatives to proof of work, the following are the most popular: Proof of stake, Proof of Elapsed Time, Byzantine fault tolerant, Federated, Round Robin and Delegated Proof of Stake.
The above methods all have their own advantages and characteristics in the consensus mechanism. Make your choice based on your goals and personal use cases. This step is also very important, so it needs to be more focused.
Choose the most suitable platform
One of the key stages in the blockchain development process is determining the right platform. Blockchain platform helps you build a decentralized application without creating a separate blockchain from scratch.
Most of these platforms today are open source so your choice should depend on the consensus method and the problem you need to solve.
Some popular platforms are widely used: Ethereum, BigChainDB, Hyperledger Fabric, Quorum, etc. Each platform has a purpose. You need to carefully consider which is the most suitable platform. You should make a choice by making sure you weigh the pros and cons of each.
In the case of enterprise-grade blockchain applications, you should place special emphasis on the stability and security of the blockchain platform. It will depend on a lot of factors so the most important thing is to find out.
Perform structural design phase
Blockchain solutions can exist in the cloud, on-premises servers, or in a hybrid model. There are also many options for hardware and software configuration such as processor, operating system, memory and disk size, and many more. While this may seem like trivial work, you need to make sure the system is in the best configuration.
You should use the cloud during this period whenever possible because it supports fast and flexible operation. Furthermore, you need to choose between different types of blockchain solutions as each will have a specific use.
– No licensing required: Bitcoin and other major cryptocurrencies where anyone can become a miner.
– Licensed: Government land registry or voting system
– Private Blockchains: Internal contract management system in hospitals and pharmaceutical companies
– Public Blockchains: Ethereum and other asset-secured cryptocurrencies
Application configuring stage
Configuring a blockchain application is not straightforward and requires very careful planning. There are many aspects of the platform that, once configured, are difficult to change.
Some of the key components include user rights, asset issuance and refinancing mechanisms. Besides that, it also has atomic exchange, consensus, key management and structure, parameters, signatures, shaking and addressing formats. This is an important step to choosing expert advice if you are still a new business person in this technology.
Building application programming interfaces (API)
Although you can get some premade API for development purposes. However you will need to create most of the API for separate use cases.
The criteria that the API aims at you also need to pay attention to:
– Generate secure key pair and address
– Perform audit related functions
– Perform data validation using digital signatures and hash functions
– Store and retrieve data
– Manage and activate smart contracts related to issuance, settlement, exchange, escrow and retirement.
User Interface Design and Admin
The step in creating the admin console and user interface is to make the management of the application more secure. At this stage, decisions need to be made regarding the programming language, servers, and external databases for the application.
You will use this console to manage the soft launch of the application thereby incorporating the appropriate analytics into the system. Completing this phase will also complete the steps to build the blockchain. Just go to the error checking step and it’s done.
Check aggregates and identify problems
Instead of developing the complete application, you develop a possible solution that is good enough to prove your hypothesis correct. But it doesn’t need to be full of extra features or premium user interface.
At this stage you need to identify any performance issues, timeouts, crashes, memory or memory glitches. When and when problems arise, find a solution, implement it, and move further. This way you save important resources that would otherwise be spent on extending a pointless solution.
This step should not leave any errors. Because if it’s done, you can’t change it, you can only start over. Determine if there is any unfinished business. To change and repair in a timely manner.
You should also test your product. Thanks to the support of experts to be contributed correctly. Everything has to be quality.
The blockchain development process has to go through many stages. Blockchain development has never been easy. Especially for new business people entering the profession.
The stages of the blockchain require execution in full order. Only then can everything go as planned. We can all rely on our strengths to move our business forward. So put in the effort and learn to get the intended results.