Blockchain App Development Ideas

Whether you believe it or not, Blockchain is rapidly approaching every aspect of our lives. 

Developing a blockchain app for your company isn't just a long-term strategy; it is what will help you raise the standard in your industry today.

Most corporate leaders are eager to develop dApps in inventive methods (aka decentralized applications). It's time to think about blockchain app development for business seriously.

With the blockchain development company, you can make your business processes highly safe, transparent, scalable, and globally accessible. Decentralized blockchain technology has numerous business applications. 

Are you looking forward to getting started? Continue reading to learn how to create a comprehensive blockchain app for your company. 

What are Blockchain Applications (dApps)?

Let's start our discussion with the basics. 

A decentralized system is not owned, controlled, or managed by a single person or authority. Decentralized applications, or dApps, are a new type of application that is neither owned nor controlled by a single entity. The apps can't be turned off or taken offline.

Blockchain apps or dApps are still in their infancy stage, although they are very similar to traditional apps. They serve the same purpose. Just a key differentiation is that they function on a peer-to-peer network, such as Blockchain.

There are other reasons why the enterprise blockchain development has proven appealing to private and public entrepreneurs and businesses. Here are some of those reasons, which are also features of blockchain application.

• Decentralized: All the data and information stored in the Blockchain is public, and there is no single control. Everyone has to maintain the digital ledger. 
• Distributed: Nodes, also known as the participants in the Blockchain, are not in just one location. They can be in any place around the world on the blockchain network.
• Pseudonymous: Crypto Wallet address, the strings of alphanumeric characters, are used to identify the participants in the blockchain network. 
• Immutable: It cannot be altered or changed, making it unforgettable. In general, data cannot be altered once data has been entered into the digital ledger.
• Open-source: Blockchains are usually open source. Anyone can download the software and start using it and provide feedback and recommendations. Changes to the software can also be made and released as their work.
• Cryptography and Hashing: Cryptography is employed on the Blockchain to encrypt (secure) data entered in the digital ledger. The possession of a private key establishes ownership and authorizes transactions. Private keys are used to sign transactions, while public keys are used to engage with other network participants. 

Types Of Blockchain Applications For Your Business

You can build different dApps using blockchain architecture according to your business goals.

PUBLIC

Public decentralized apps are accessible to all network members (e.g., Ethereum) on which they are deployed. When blockchain app developers want to reach as broad an audience as possible, this strategy is chosen for DeFi solutions and crypto games.

PRIVATE

Only authorized users can access private (or permissioned) dapps. In such decentralized apps, transparency, data integrity, and all other DLT properties still have an impact, but only for authorized users.

CONSORTIUM

Private dApps are consortium blockchain apps. Consortium dapps, on the other hand, are created by a collection of companies who collaborate to regulate how the app works and who can use it.

Further, we will discuss the benefits of the blockchain app for your company. 

Benefits Of Blockchain Application For Your Business

Many companies can benefit from the Blockchain for business. Many such companies are using blockchain apps and realize the advantages of Blockchain for business growth.

Have a look at such benefits of Blockchain.

Blockchain Provides Accurate Traceability

With blockchain technology, businesses may focus on building an effective supply chain with suppliers and vendors. We can see a more transparent supply chain than ever because of blockchain technology. It lets all parties in the supply chain trace commodities and verify that they are not being re-used or mistreated.

Blockchain Increases Security

The security of systems afforded by Blockchain is another benefit of this new technology. Because of the way Blockchain works, it provides additional protection. End-to-end encryption is used to create an unbreakable record of transactions on the Blockchain. It also prevents fraud and improper behavior.

Blockchain Gives Better Transparency

Without Blockchain, each business would have to keep its database. Because Blockchain is an open ledger, transactions and data are held in separate locations. Total transparency is provided by everyone who has simultaneous access to permit information. Every transaction is time and date stamped and is kept on file indefinitely.

Blockchain Provides Individual Data Control

Blockchain technology allows individuals unparalleled control over their data. It automatically safeguards your data as the data is a valuable resource. It also gives you control over the data.

Blockchain Gives Speed

You can process transactions much faster in Blockchain rather than in traditional methods. The Blockchain system can complete transactions in as little as a few minutes in some cases. However, depending on the Blockchain system, time frames may vary. It gets simple for you after you eliminate intermediaries.

Blockchain benefits many business sectors for their growth and provides more stability. 

Industries That Use Blockchain For Business

Some of the industries that get benefits from Blockchain are:

Finance: Many finance companies work with Blockchain to make entries and give birth to a new DeFi and available finance ecosystem. Fintech is one of the best finance companies that use Blockchain.

Government: Voting, land boundary, and other political issues are being resolved by the Blockchain by the government in many countries like the USA, Dubai, Thailand, etc.

Healthcare: Healthcare and Blockchain are inextricably linked. Blockchain not only decentralizes vast amounts of data but also prevents hacking and security breaches that occur due to a lack of a decentralized system.

Supply Chain: The best use of Blockchain can be seen in the supply chain. Blockchain handles all the operations with complete transparency and without any loopholes from order to delivery.

Real Estate: Blockchain technology helps the real estate industry resolve issues like high paperwork and a tremendous amount of work at the property market deals. 

These are the primary industries that are using this advanced blockchain technology. Along with these, some other sectors are opting for this technology which will rise soon. 

Now, we will see the steps further to develop the blockchain app for your business.

Steps For Blockchain App Development for Business

We have explained the steps below on how to develop the blockchain app. Consider these steps for blockchain app development.

Step 1: Understand Your Purpose For Choosing Blockchain

Before you dive in, you need to see if this blockchain app is beneficial for your business or not. You'll design a private or public decentralized solution based on this selection, limiting or allowing public access to the app accordingly.

Go through these questions below before stepping further:

Do you have enough data to store?

If you're developing an app or software that needs to store and handle large amounts of data, Blockchain will come in handy. Its implementation will allow you to create a single ledger accessible to all network participants.

Do you need to track your data?

If you need to maintain track of data and the history of all changes, Blockchain can assist you in creating a transparent system with auditable records.

Does your business need fast transactions?

Blockchain can help your company by enabling safe transactions among all network participants if speed is more important than security.

Does your business need a trustless environment?

Blockchain is a trustless ecosystem in which parties can collaborate without worrying about other nodes adhering to the protocol and previously agreed-upon regulations. Nothing goes unnoticed because the system is visible.

Step 2: Understand the benefits Of Blockchain Application

You're undoubtedly wondering how to create a blockchain app and use it to your benefit in the company. This section of the article will explain the main advantages of integrating your solution with a decentralized ledger.

• Integrity: No one can change the data in the Blockchain, providing data integrity. 
• Privacy: Information about all the transactions are safe and secure in the Blockchain, hence providing privacy to the participants.
• Speed: Blockchain provides speedy transactions by simplifying and automating the process. No third party is involved in the development process. 
• Cost-efficiency: Blockchain makes the developing process more cost-effective by removing third parties and improving business processes.
• Security: Blockchain protects by keeping data and transactions secure with no risk of hacking, leaking, or stealing. 

Step 3: Perform Market Research

Before moving forward with blockchain application development for business, market research can assist collect important data. The gathered information will provide an overview of market solutions. It can also assist you in determining how you might provide better solutions to get a competitive advantage.

Let's look at some of the industries that blockchain is disrupting to gain some ideas for your next business.

• Banking & Financial Services
• Insurance
• Healthcare
• Real Estate
• Retail
• Supply Chain
• Copyright & Intellectual Property
• Internet Of Things
• Gaming
• DNS

Step 4: Choosing the App Idea

Before you can figure out how to design blockchain software from a technological standpoint, you must know what problem it will answer. If you operate with cryptocurrencies, for example, you might wish to develop a mobile cryptocurrency wallet, an exchange app, or a crypto signals service.

The same can be said for other sectors and their issues. The initial step in developing blockchain applications in business should always begin with identifying problems and brainstorming solutions using a decentralized app.

You can begin by responding to the following questions:

• What problem would your application solve?
• Who are your competitors?
• Do you have any successful competitors?
• Methods for attracting customers?
• How to stand out from the crowd?
• What is your target market?
• What makes your blockchain app so appealing to users?

Step 5: Choosing the Best Platform

Before selecting the best platform for your app development, you might want to consider these features that will help you with an easy choice. Have a look:

Platform’s Nature

Choose the best platform for your business processes. That can be either based on cryptocurrency or smart contracts or can even run on multiple crypto tokens.

Smart Contracts

A smart contract is a self-executing protocol on the blockchain system that validates or enforces a trigger-based action.

Consensus Algorithm

Before you begin developing a blockchain app, think about the various consensus protocols.

Cryptocurrency

Do you want to use cryptocurrencies before developing a blockchain app? One of the things that influence your platform selection is the input.

Public/Private Network

Furthermore, consider if you want to create a network that is open to the public or one that is only editable by authorized individuals.

Step 6: Knowing Nuts & Bolts for Development Process

For further execution of the development process, you need to choose the best technology stack for your app. Before hiring anyone for executing blockchain in your business, check whether he/she has a deep knowledge of the below-mentioned tools for development.

• JavaScript (React/Vue)
• Python, Go, Rust, C++
• Node.js, Solidity
• Truffle
• MetaMask
• Ganache
• Web3.js or Ether.js
• Express.js
• Remix

Step 7: Starting App Development Process

After checking and selecting all the steps above, now you can start the development process. This phase consists of some steps, which are:

Business Analysis: The Business Analyst is responsible for creating the technical specification about the people responsible for the development process.

Design & Preparation: The complexity of each project varies, and it can cost anywhere from 8% to 20% of the total development budget, depending on the design complexity. The development environment, including APIs, architecture, and backend, has been set up.

Development and Quality Assurance: Working on QA on the developed modules is crucial before deployment. A regression test will be done by a QA engineer to ensure that the modules/project are working properly.

Step 8: Deploying & doing Marketing of Blockchain App

After the app is finally ready, the next step is to deploy the app and take it to the market. You need to submit the app to the Google app or play store. One of your primary responsibilities is to attract and retain users. Companies usually design marketing strategies and begin promoting their solutions while they are still in development.

Now you’re all clear about how to develop a blockchain app for your business and how to make it successful for your business growth.

Closing Thoughts

With some exciting trends like improved UI and UX, more NFT (non-fungible tokens), decentralized finance (DeFi) DApps, and video game DApps, company leaders must use blockchain apps to gain a competitive advantage.

Do you want to create a blockchain app for your business? The developers' team in Suffescom Solutions has vast experience in emerging technologies like AI, AR, and VR, providing robust blockchain solutions to expand your decentralized journey.;

• Blockchain App Development Ideas