Blockchain Development became a trend with the advent of Bitcoins. Bitcoin was developed by a person (or a group of persons) named Satoshi Nakamoto. This Cryptocurrency works based on the distributed ledger technology, named Blockchain. It follows a decentralized format, which means there are no third parties to control the transactions involved. It is based on a peer-to-peer control mechanism.
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Well, a lot of industries have been embracing this technology to make their business more smooth and efficient. So for the starters, a basic understanding of the blockchain development life cycle is very much important. This blog intends to list out the various steps involved in the life cycle of Blockchain Development.
Blockchain Development Life Cycle
- Select an apt Use-Case That Matches Your Business Style
This part plays a significant role in your Blockchain Development Life Cycle. The use case you select should be matching with your business needs.
Blockchain can mainly provide the given below advantages. They are:
- Data Authentication and Verification
- Smart Asset Management
- Smart Contracts
Blockchain allows you to store data in any format. This data can be shared only through Crypto based authentication procedures. It’s safe and secure when compared to other conventional methods.
Blockchain allows you to manage smart assets. It includes issuance, payment, exchange, escrow, and retirement.
Smart contracts are what run the transactions more smoothly, without any involvement of third parties.
Read the blog on top smart contract development platforms
Select a suitable consensus algorithm, so that it suits your business style. There are various consensus methods available like Proof of Work, Proof of Stake, Proof of Burn, Practical Byzantine fault-tolerant Mechanism, Proof of Identity, Proof of Elapsed Time, and Proof of Importance. Everyone has their advantages and disadvantages. The Most chosen one by the developers is Proof of Work.
There are multiple Blockchain Development platforms out there, which were developed by leaders like Oracle, IBM, etc. Some examples of the most commonly used Blockchain platforms are as follows: Ethereum, Hyperledger Fabric, IBM Blockchain, Multichain, Hydrachain, Ripple, R3 Corda, BigChainDB, Open-chain, IOTA, etc.
After the selection of the Blockchain Development platform, then deciding on the architecture of its internal nodes is needed. Nodes in a network can be operated in various ways as given below:
- Permission – Procedures run by Government like a land registry, Voting systems, etc
- Permissionless – In permissionless networks anyone can mine the Cryptocurrencies. There is no need for any special kind of permission
- Private Blockchain – Contract management systems in hospitals and pharmaceutical companies
- Public Blockchain – Asset-backed Cryptocurrencies
- Hybrid – A group of financial institutions which are run on a shared KYC platform
Get the comparitive guide on public blockchain vs private blockchain
Other factors are hardware configurations like memory, processors, disk size, etc. The operating system that you choose is also essential. Most commonly used operating systems are Ubuntu, CentOS, Debian, Fedora, Red Hat, or Windows.
A Blockchain platform should be configured properly. The decisions should be made wisely. Some options made cannot be changed later. So opt for the configurations with care.
Some important elements that you need to take care of while configuring the application are permissions, asset issuance, asset re-issuance, atomic exchanges, Key management, Multi signatures, Parameters, Native assets, Address formats, Key formats, Block Signatures, Hand-shaking, etc.
Certain Blockchain platforms come up with in-build APIs and some don’t. The things that demand an API include:
- Generating key pairs and addresses
- Performing audit-related functions
- Data authentication through digital signatures and hashes
- Data storage and retrieval
- Smart-asset lifecycle management –issuance, payment, exchange, escrow, and retirement
- Smart contracts
One can make your Blockchain platform future-ready by integrating the platform with Artificial Intelligence, IoT, Big Data, etc.
Having a basic understanding of the various steps involved in Blockchain development life cycle is very much vital if you are planning to implement this technology with your business.
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