According to Dot Com Infoway’s report, the global blockchain market is expected to be worth $20 billion in 2024.
Blockchain offers excellent business upgradeability by providing them with decentralized benefits like NFTs, smart contracts, etc.
However, anyone can quickly start their blockchain application development to target a vast audience base in the blockchain market.
In detail, let’s understand how you can use blockchain technology to improve your business or can start your blockchain app starting from scratch.
Blockchain applications are decentralized apps built on blockchain networks such as Ethereum, Solana, etc. All the blockchain applications inhibit the properties of decentralization, such as crypto payments, tokenization, etc.
The thing that separates blockchain applications from traditional apps is their property of decentralization, where no single entity has total control over the blockchain application(as typical in centralized apps).
Also, blockchain apps’ data cannot be altered once stored on a specific blockchain network. But how do these blockchain applications work? Let’s check.
These are the sequential working steps of the blockchain applications:
So, how is it profitable to target the audience base of blockchain technology? Understand in detail by checking the blockchain market size.
Let’s check the latest market trends to know the profitability of the blockchain market:
These market stats represent how fast the market of blockchain applications is growing and the profitability of upgrading your business with blockchain technology.
There are many benefits that blockchain apps offer over traditional apps that you can check below:
Businesses can review their entire records on a specific blockchain network, which gives them better transparency in their infrastructure as each blockchain member can easily view the whole data of the specific blockchain application.
Having app security is another best reason for many businesses shifting toward building blockchain applications.
As we already discussed, once the data stored on the blockchain network cannot be altered, the blockchain becomes resistant to hackers or suspicious individuals trying to manipulate data by making unwanted changes.
Blockchain applications simplify the transaction experience through the help of cryptocurrencies and NFT tokens, as there are no restrictions from government and banking authorities to make transactions between different blockchain networks.
With tokenization, businesses can safely store their virtual assets and documents on their preferred blockchain networks.
Tokenization is the best way for businesses to protect their essential documents against hackers and competitors. Moreover, tokenization gives businesses a higher level of ownership than centralized platforms that store documents.
Now let’s check common examples where blockchain technology benefits businesses.
Check how different businesses are implementing blockchain in their infrastructure:
The platform uses a decentralized blockchain database to host and connect music tracks, artists, and licensing agreements.
Recently, Spotify acquired Brooklyn-based blockchain startup Mediachain Labs to empower their music platform to connect to artists and other music rights holders even better.
The company has created its blockchain platform known as KODAKone. This blockchain platform uses ledger technology to protect copyrighted images and videos of its customers.
Implementing blockchain technology helps Kodak improve its digital assets’ ownership on its platform. Also, the company has launched its cryptocurrency known as Kodakcoin, which can be used as a token for licensing and purchasing images.
IBM uses a blockchain network to get full transparency over their business records and perform real-time tracking of all parts in terms of location and conditions.
Also, IBM offers its blockchain platform to other businesses, such as Walmart, to help them simplify their supply chain management systems and track the status and condition of every product during the supply process.
Ford has partnered with BMW, General Motors, and Renault to develop an innovative blockchain network in the automobile sector known as “The Mobility Open Blockchain Initiative,” (MOBI).
The MOBI blockchain helps its members to develop a digital mobility ecosystem for offering their customers a wide range of services such as safe data sharing, payment processing, and self-driving car securities.
This pharmacy company is looking to create a blockchain platform to ensure safety and security of its medicines. Pfizer has announced its partnership with Aimedis and Chronicled to develop a proof-of-work system and formal blockchain supply chain for improving its business infrastructure.
Also, let’s check the most common use cases of blockchain apps used in different industries.
You can start your new businesses by looking into common industries that actively use blockchain technologies, such as:
Many games can implement blockchain technology to enable users to trade in-game virtual assistance, such as characters, weapons, etc., in the form of NFTs.
Also, games can launch their cryptocurrency and tokens to simplify the purchasing experience of their users. Metaverse is another best example, where users can virtually interact with the help of VR and augmented devices.
Crypto exchange businesses are launching their platform where users can purchase a wide range of cryptocurrencies and NFTs. Moreover, many platforms are hosting their business infrastructure or blockchain networks to get a high level of security and control over their business infrastructure.
Exchanges can offer a wide range of services, such as Crypto wallets, crypto trading, crypto staking, etc.
Decentralized finance, and many other blockchain applications offer banking-related services such as earning interest on crypto savings, applying for loans, enabling crypto transfer, etc., which is more secure and less restricted than centralized banking services.
Many industries under real estate use blockchain technology to store their important legal properties in the form of NFTs. Also, the industry uses blockchain to set up its supply chain management for effective internal management, setting up smart contracts, verifying ownership, etc.
Blockchain offers a great range of services for healthcare industries, such as storing and securing their patient data from hackers. Also, many laboratories, clinics, and hospitals use blockchain technology to share their patient data reports with other hospitals.
Any health insurance company can use blockchain technology to verify any frauds and scams from their customers when they apply for fake health insurance claims
As we all know, blockchain offers a great level of ownership compared to other centralized networks. Therefore many music creators are verifying the ownership of their self-made music in the blockchain network through NFT tokenization.
Also, many popular music platforms, such as Spotify, use blockchain networks to set up their business infrastructure for connecting music creators worldwide to the audience.
Integrating IoT gadgets with blockchain technology is another best-use case where different start-ups create their IoT products and services, such as VR devices, smart hand gloves, smart glasses, and so on, for metaverse and blockchain-related domains.
Now, Let’s understand how to build your blockchain application.
You can follow the given below steps to build your blockchain app on your preferred blockchain network:
Decide how you are going to use blockchain technology for your business. Next, identify the use case such as data encryption and validating transactions for your application to ensure whether you will require blockchain technology or not.
Identifying your business goals through building blockchain applications is the first step you need to take to determine what you want from your blockchain app.
List all the benefits and objectives you want to fulfill by building your blockchain application. Also, identify business challenges that will be solved by developing your blockchain application.
It’s important for you to identify the multiple use cases of the application and understand how you are going to benefit by using blockchain technology in your business.
Figure out how your business competitors have tackled the challenges and what advantages they get after implementing blockchain technology in their business.
Also, you can explore the areas of improvement in your competitor’s business to determine how you can use blockchain technology to outperform your competitors.
There are different ways by which you can use blockchain technology in your business that we have discussed below:
You can create your own blockchain network starting from scratch, where you can enable multiple features such as validating transactions, data encryption, and so on.
However, creating your own blockchain can be costly compared to other blockchain options. Creating your own blockchain network can be a good option if you are planning to have your own cryptocurrency for your business.
You can check some open-source blockchain platforms where you can fork their repositories and deploy the code on your own servers. By cloning popular blockchain networks, you can create your own applications by consuming the benefits of decentralization technology.
You can best select the Ethereum blockchain platform for cloning as they offer varieties of features which are suitable for decentralized application development.
Instead of cloning the entire blockchain network, we can use Tokens on existing blockchain networks such as Ethereum and Hyperledger Fabric.
These platforms offer ready-to-use algorithms, APIs, and mining strategies that can help you quickly implement blockchain technology in your application.
Since using blockchain development is costly, it is advisable to first create a prototype of your application that includes only the necessary features that are required to operate your platform.
During developing prototype, decide which part of your app will be “on chain” and what part will be “off chain”
Also decide which part of your application will be built on a permissionless and permissioned network.
You can choose from three options to advantage your business from blockchain technologies.
Although numerous blockchain networks are available, we suggest you select from the given blockchain networks, as all these are suitable for building blockchain applications.
|Ethereum||The blockchain platform is ideal for developing smart contracts with Solidity programming languages.|
|R3 Corda||Use R3 Corda if you want to create a platform for the industries such as commerce, healthcare, trade finance, and supply chain. |
The best thing about this platform is you can easily integrate with legacy systems.
|Ripple||The blockchain platform is for creating a financial tool. Ripple allows you to send money globally and connect with different banks and payment providers. Also, the blockchain is very fast and allows up to five transactions per second.|
The selection of your blockchain platform will depend on the skill set available in your development team.
Developing blockchain applications on specific networks depends on the programming language on which they are built and the list of tools and technologies they need to build an application from scratch.
The development process of the blockchain application may differ which will depend on the following factors:
The development process for building your blockchain application will include the following stages:
After identifying the business needs, you will work on designing the interface of the blockchain application through which your users will interact with your business.
Partnering with IT companies can help you design the best user interface for your product and help you build your blockchain application from the start.
In this stage, your team will work on creating the decided features and functionality for your blockchain application. It includes creating APIs, backend architecture, databases, and other required areas to make your blockchain application fully functional.
Once your blockchain application is ready to launch, the development team will do testing and quality assurance to identify any possible bugs and technical issues in your application.
Now, your development team will publish your blockchain application on decided platforms, such as mobile devices and websites.
Ensure your team follows all the guidance provided by app distribution platforms such as Google Play Store or Apple App Store to avoid any difficulties while publishing your app.
This stage includes maintaining your app by building and adding new features and eliminating any technical glitches from your blockchain application.
Constantly maintaining your blockchain application will help you provide the best user experience to your customers.
To get a fruitful result from your blockchain application, promote your application among your targeted audience with the best app marketing practices.
However, partnering with the best IT companies can help you efficiently promote your blockchain application among your targeted audience to get fruitful results for your business.
There are multiple programming languages available, and you can choose to start building your blockchain application.
The programming language you select for blockchain development will depend on the platform you prefer for building your blockchain application.
However, these are the few common programming languages you can use for creating blockchain apps:
Each programming language used for blockchain application development has its suitability as some are preferable for smart contracts while others for asynchronous code handling (that you can identify by knowing your business needs).
If you want to implement the blockchain solution to your existing business, let’s check the next section to know how you can easily integrate decentralized apps into your business.
After creating your blockchain application, the next step is to implement them into your business infrastructure. However, partnering with the best IT companies can help you quickly implement blockchain applications in your business.
Now, let’s check out how you can integrate blockchain applications into your business.
Simplifying the transaction experience with cryptocurrencies and NFTs can help you offer a better user experience to your customers for purchasing your products and services.
Moreover, blockchain applications can offer highly safe and secure transaction options with minimal restrictions to your business infrastructure.
You can connect the entire elements of your business infrastructure on a particular blockchain network with supply chain management.
Setting up supply chain management on a decentralized network is economical, safer, and less restricted compared to centralized networks.
You can manage the control access level and execution on your business infrastructure by implementing blockchain technology such as smart contracts in your business.
Moreover, blockchain applications can simplify internal communication or operational management easily and securely due to their decentralized nature.
Instead of centralized cloud storage, you can go for decentralized cloud storage and integrate them into your business for economical and secure cloud storage solutions.
Moreover, you can benefit from blockchain cloud computing, where you can use the computing resources of a particular blockchain network for your business.
There is a wide range of business opportunities in the blockchain domain. However, most blockchain businesses will need your exclusive blockchain application to target customers and make profits.
To get started with building your blockchain application. You can partner with the best IT companies with blockchain domain experience, such as Idea User.
Idea Usher has a team of experienced and talented blockchain developers and project managers that can efficiently handle your business requirements for turning your business ideas into reality and let you make incredible profits in your business.
Blockchain application development creates a digital platform where users can access decentralized services and technologies such as NFTs, Cryptocurrencies, smart contracts, and so on. Blockchain applications are created as shared and unchangeable distributed ledger technology(DLT) that securely keeps transactional records and digital assets.
Blockchain supports a wide range of application development, such as:
These are the following steps to get started with building your blockchain application:
Idea Usher is a pioneering IT company with a definite set of services and solutions. We aim at providing impeccable services to our clients and establishing a reliable relationship.