Blockchain Development: Why Do You Need One?

Now you’ve come to learn about custom blockchain development services, we hope you’re thorough with the definition of blockchain technology and its functioning. Even though here’s a short description of the technology. “Blockchain is a distributed ledger technology. Thousands of blocks and together constitute a blockchain network. The blockchain network is decentralized, immutable, and transparent as well. Data in the network is distributed and stored across millions of computers. All information in the network is permanent, meaning they cannot be deleted or altered. Blockchain is used to capture, validate, and verify transactions with the aid of various encryption techniques and cryptographic principles. Participants within the network verify the transactions.” Adopting blockchain technology to your enterprise can change the way your business operates in ‘n’ number of ways. Custom Blockchain Development Services Exploring Different Blockchain Development Services ➡️ Enterprise Blockchain Solutions Public Blockchain Development Private Blockchain Development Blockchain for Consortium Hybrid Blockchain Development ➡️ Blockchain-based Decentralized Applications ➡️ Smart Contracts Development & Audit ➡️ Blockchain-powered Cryptocurrency Wallets ➡️ Blockchain-backed Mobile App Development and the list goes on… How does a Typical Blockchain Development Process Look Like? Blockchain Consultation 🔹 An individual or an enterprise (commonly called Client) approaches a blockchain service provider. 🔹 The service provider allots a consulting team to gather the required information from the client. 🔹 The client then provides his/her requirements and the consulting team explains all the outcomes. 🔹 After a thorough understanding, both the parties agree on certain Terms & Conditions and the dev process begins. Minimum Viable Product 🔹 A Minimum Viable Product is a prototype or a quick design of the actual product that is yet to be developed. 🔹This MVP helps the blockchain team to validate the requirements of the client and make the required changes. 🔹 As said, if the client is satisfied with the MVP, then it is a green signal for the company to proceed further. Development & Implementation Phases 🔹 The actual development process begins once the client and the blockchain team are on the same side. 🔹 The original product is developed and by now, the client would have paid at least half the payment money.🔹 The product is then tested under various circumstances and then launched after approval from the client. Blockchain Implementation in Various Sectors Though blockchain is considered a budding technology, it has proven its efficiency and potential impacts in various domains. In fact, each and every single business across the globe can benefit from this ledger technology, if understood well and implemented properly. Let’s see some of the industries that are impacted by blockchain. Finance Industry 🔹 The first and foremost sector disrupted by blockchain technology is the ‘Finance Sector,’ and indeed, it’s a good thing. 🔹 Finance has a part to play in our everyday lives and it is the one thing every person in the world is concerned about. 🔹 So, it is important to shield our financial systems from malicious attacks, ransomware, and unauthorized access. ✔️ Blockchain helps in developing a faster, reliable, accurate, and more straightforward financial ecosystem. ✔️ In addition to that, companies can reduce paperwork, transaction costs, and unwanted involvement of intermediaries. “In recent years, many companies have started offering reliable and secure standards for the system governing the finance structure. However, there are still some loopholes which pave the way for potential hackers to get past those securities and intrude into the system. As of now, the only solution to put an end to this is with blockchain.” Health Industry 🔹 Next to Finance, the second sector potentially impacted by the blockchain, is the healthcare industry. 🔹 It is the largest area involving millions of participants around the world, and yes, it needs utmost care. ✔️ A blockchain-backed healthcare system aids hospitals in providing quality treatments at reduced costs. ✔️ Also, this technology supports Clinical Trials and makes it easy to store medical records securely. ✔️ With the blockchain network being a private one, each patient can restrict who can view their data and who cannot. “Blockchain helps in creating a secure healthcare ecosystem wherein each patient is connected with multiple doctors, hospitals, laboratories, pharma, and the supply chain as well.” Supply Chain and Logistics Business 🔹 The Supply Chain sector involves a lot of participants operating from various locations and at different time zones. 🔹Managing the supply chain is really a tedious process and one single mistake at any level can cause a drastic loss. ✔️ Blockchain can revamp the traditional supply chain processes and help solve the existing problems in the sector. ✔️ When an item shifts from one place to another or from the manufacturer to the consumer, the transaction is captured.✔️ So, it is easy to keep track of the products and services and also the payment history of each participant. “With the world population increasing in millions every year, it is no doubt the demand for goods and services is increasing rapidly. So, in order to meet the demand and provide efficient delivery services, all supply chain industries should adopt blockchain technology.” Real Estate Sector 🔹 Being a billion-dollar market, the real estate industry still lacks security measures to protect itself from potential hackers. 🔹 However, the situation will not be the same when this lucrative real estate sector is incorporated with blockchain technology. ✔️ Blockchain is capable of connecting property sellers and potential buyers through new and innovative business models.✔️ Along with that, it becomes easy to keep track of the transaction time, tokenized assets, and the payment history. “With the aid of blockchain-powered Smart Contracts, the traditional method of recording land deeds and titles, and other information is revamped on the whole. Smart Contracts store all the details in the form of digital records or agreements in a decentralized ledger.” E-Commerce Business 🔹 From mobile phones to electronic goods and daily products to furniture, e-commerce plays an important role in our daily lives. 🔹So, don’t you think it is essential to make the e-commerce platforms reliable, secure, and transparent in all possible ways? ✔️The three most important practical use cases we get when incorporating blockchain and e-commerce are: Payments Supply Chain Channel Expansion ✔️ When you ask what more can blockchain bring to e-commerce apart from crypto payments, here’s the list: Loyalty programs Advertising Contracts Fundraising Commercial lending “E-commerce businesses powered by blockchain technology creates a decentralized distributed network, where all the individuals can buy goods and services from across the globe and secure their payments with integrated payment gateways, without any risks.” Voting DApps 🔹 Voting is one of the most important factors in all countries. It is the deciding factor of the rules & regulations of each government. 🔹 Although a lot of security layers are involved in an election, there are still doors for frauds to commit unauthorized actions. ✔️ The only way to put an end to voter fraud and organize a fair election is with the aid of blockchain technology.✔️ Blockchain-powered DApps could bring in transparency and accuracy in the voting system without compromising on the security. “A blockchain-backed decentralized voting application can help in facilitating the voting process and conducting a fair election while simultaneously putting an end to long queues & voter frauds.” Other Industries 🔹 Blockchain is not limited to the industries mentioned above. The list continues until all the industries across the globe are disrupted. 🔹 Here are some of the popular industries where blockchain’s potentiality can bring drastic changes: Digital Identity Royalty Protection Securing the Copyrights Healthcare Supply Chain Digital Asset Management Insurance Claims Settlement Music, Entertainment, and Media Records Management, Education, & Charity How Can We Assist you? Blockchain Firm is a team blended with developers, designers, testers, marketers, and research analysts. With more than five years of extensive research on the distributed ledger technology and reliable experience acquired from completing various projects, we are ready to provide custom blockchain solutions for your businesses. Blockchain is a feature-packed technology and it doesn’t need any additions. The only thing that’s needed is proper implementation of the technology and we do it with utmost care. We help you benefit from public, private, or federated blockchain for your enterprise. Know More --> https://www.blockchainfirm.io/blockchain-development-services