Step 5. Review the Stages of Development
Many ask how to create blockchain applications. We won’t place all the code here — who would like that? In case you’re interested, rest assured to contact us and will write a detailed guide with code samples. For now, briefly about stages.
1. Installation and Setup.
There are lots of different packages that can make blockchain and smart contract concepts more usable and apply them to your project.
2. Granting Access.
At this stage, you can create some keys to allow particular users access to the service and application.
3. Creating a Blockchain.
Here you can instantiate a particular blockchain, providing the “genesis” state of the blockchain.
Now you can create a contract that sets a value and then gets it back again.
5. Making an Application.
Now it’s time to write some code that interacts with the blockchain and performs actions upon it.
It may seem complex. But unless you encountered any problems, these steps shouldn’t actually take too long and then you’ll be ready to start using a blockchain in your applications.
Step 6. Acknowledge the Benefits of Blockchain
The thought leaders of the world in the blockchain sphere offer numerous benefits of blockchain technology. That’s why we had to mention the top 10 benefits that are so much on all our minds.
This is a core concept and benefit of blockchain. There is no need for a trusted third party or intermediary to validate transactions; instead, a consensus mechanism is used to agree on the validity of transactions.
Transparency and trust
As blockchains are shared and everyone can see what is on the blockchain, this allows the system to be transparent and as a result, trust is established. This is more relevant in scenarios such as the disbursement of funds or benefits where personal discretion should be restricted.
Once the data has been written into the blockchain, it is extremely difficult to change it back. It is not truly immutable but, due to the fact that changing data is extremely difficult and almost impossible, this is seen as a benefit to maintaining an immutable ledger of transactions.
As the system is based on thousands of nodes in a peer-to-peer network, and the data is replicated and updated on each and every node, the system becomes highly available. Even if nodes leave the network or become inaccessible, the network as a whole continues to work, thus making it highly available.
All transactions on a blockchain are cryptographically secured and provide integrity.
Simplification of Current Paradigms
The current model in many industries such as finance or health is rather disorganized, wherein multiple entities maintain their own databases and data sharing can become very difficult due to the disparate nature of the systems. But as a blockchain can serve as a single shared ledger among interested parties, this can result in simplifying this model by reducing the complexity of managing the separate systems maintained by each entity.
In the financial industry, especially in post-trade settlement functions, blockchain can play a vital role by allowing the quicker settlement of trades as it does not require a lengthy process of verification, reconciliation, and clearance because a single version of agreed-upon data is already available on a shared ledger between financial organizations.
As no third party or clearing houses are required in the blockchain model, this can massively eliminate overhead costs in the form of fees that are paid to clearing houses or trusted third parties.
Step 7. Find Skilled Blockchain Developers
Now you know a lot about blockchain, so what’s left is to actually create an app with this technology. And at this point, there is a problem. Talented blockchain developers are a little like diamonds: they’re hard to find and expensive to get. No worries, every problem has a solution.
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