2022 is certainly the year for blockchain technology. Tech nerds from all parts of the globe have gone crazy about blockchain and ever since news broke out that the mobile app development division will feature blockchain technology, firms have been looking for ways to get the best out of this tech for the overall growth of their business.
The concept of Blockchain mobile app development has taken the world by storm. But how does it into a business and what factors should be kept in mind? Let us dig right in.
Here are some things that one should keep in mind when it comes to blockchain app development services.
Key Factors in Blockchain App Development
Need for a Smart Contact
Identifying the need for a smart contact is one of the key factors when it comes to development services via the blockchain. For the general audience, a smart contact simply refers to the protocol that processes, validates, or enforces all sorts of trigger-based action that gets stored on the system of the blockchain via self-execution.
Analysis of the Platform
It takes a lot of effort to create an application. At times, a blockchain platform is based on cryptocurrency while other platforms may function on the basis of smart contacts or even on multiple crypto tokens. This makes it pretty important for developers to determine which one suits their needs the best to make the application development process relatively easy.
Crypto
Finding the right platform includes a lot of brainstorming and exploration. The use of cryptocurrencies in a mobile application that is being developed with the use of blockchain technology can change the course of action and may play an important part in the overall development process as well.
Track the Consensus Protocol
There are different consensus protocols for different platforms that work via blockchain development services such as proof of stake, proof of work, proof of burn, proof of elapsed time, and other things. Choosing the perfect platform on the basis of protocols can come in handy for the development process.
Functions and the Rate of Adoption
Checking for the adoption rate and the level of community support available for the ongoing blockchain is more important than some might think. In technical terms, adoption rate refers to the degree of implementation accounted for by specific blockchain innovation. Going forward with the technology that has been acclaimed as a smart choice and is used often can be a way better pick when compared to one with a low adoption level.
Extensibility
In case you are hoping to build blockchain platforms via the use of already existing innovation, blockchain app developers should take a clean look at the transaction and check to see if it meets their requirements or not. Three distinct points are to be kept in mind whenever one is trying to check the scalability of the operation, namely, security, speed, and decentralization, also popularly known as the scalability trilemma, further stating that any developer can get a maximum of two characteristics out of the three mentioned.
Use of Public or Private Network
It is important for one to know about the kind of network that they want. There are two major types, one where anyone can make necessary changes for free. The second type is where users that have the authority can participate. Make up your mind and once you follow through with either of them, you can start with your application development.
Various Ways to Implement Blockchain in Business Processes
The integration of blockchain-based applications into your business might excite you. The following are some ways in which you can implement blockchain for your business.
In the form of a distributed cloud storage
Blockchain makes it easier for you to serve the customers in a better and more efficient manner. The use of a trusted cloud storage facility can make things easier. Combining these two can result in the rapid growth of your business.
Transactional use
It is no secret that blockchain technology holds together Bitcoin and all the other major cryptocurrencies. With no place for a middleman in this method, the overall process is significantly faster. It also allows for funds transfer at an insanely low fee in comparison to conventional methods. Plenty of firms such as Bitwage and Abra make good use of blockchain technology for handling payrolls and fund transfers.
For the chain management mechanism
Every supply chain mechanism consists of component exchange that includes more than a single entity. This further implies that if any of the entities involved failing, it can directly affect the overall process. Blockchain technology resolves this by offering secure and auditable records. These records are permanent and offering stakeholders the option of keeping tabs on the complete processing. You can find plenty of firms in the modern world that are using blockchain technology for the supply chain system.
Notary
Authentication procedures and notary creation are among the top ways to implement the technology of blockchain development into business models. Take a good look at this example to better understand this;
A renowned smartphone multimedia service makes use of notary creation services while using videos, image, or sound recording shareable by the users by blockchain technology.
Loyalty and reward programs
As the middlemen are out of the whole equation, the technology can better help them to interact with their customers more with the use of gift cards, loyalty programs, and rewards in a very cost-effective and convenient manner. There are plenty of pre-existing companies that are ahead in the competition as they make good use of this method for their business processes.
For digital identification purposes
Practicing blockchain methods in a professional setting can offer digital identities that are secure and indisputable. It also ensures that the user experiences a perfect login experience while cutting down the possibility of online fraud.
