Blockchain application development is a technology many businesses embrace to be more efficient. The technology can help you organize processes and teams to make customers happy and achieve the best outcomes for your business. Eight steps are involved in completing the blockchain development process.
- Define the Issue that the Blockchain Technology will Solve
Identify a real issue that the technology can solve. That is important because using a blockchain application can be unnecessary and costly when it's not required.
- Select an Appropriate Consensus Algorithm
Any blockchain project requires a unique consensus algorithm. Though there are many consensus algorithms, Proof of Work is the most common among most blockchain developers.
- Know the Blockchain and Programming Language to Rely On
- Choose a Platform for Blockchain Development
The blockchain development process relies on several platforms, including Counterparty, Hyperledger, and Multichain, to streamline the tasks involved. Choose a venue that suits your unique needs.
- Develop a Plan to Finish the Remaining Work
The strategy you think of should revolve around what you have accomplished so far. It should take into consideration the features of your preferred blockchain development platform.
- Design the Architecture of Your Blockchain Project
Your blockchain architecture should define if you need a permissionless network, whether or not to use a public or private blockchain development network architecture, and much more.
- Develop the Application
Work on the API of your blockchain application. APIs are crucial in performing auditing functions, retrieving essential data, and generating key pairs. The project's goal should determine your selection of blockchain APIs.
- Test the Application Before You Release it
Put your blockchain application to test to identify potential issues likely to affect your project. Use an MVP to prove how viable your blockchain model is. You can eventually consider integrating complex functionalities when you test and confirm that your application is stable.
Before starting your blockchain application development project, ensure you know the time and resources you need to accomplish the entire task. The information will help you see if you can afford the project or handle the whole process smoothly.