Many people misunderstand blockchain, even those who always update the latest technologies. For this reason, entering or transitioning into blockchain development might seem challenging for many businesses. However, blockchain technology is less mysterious than rumors. The article written by VNEXT Global, a blockchain development company in Vietnam, suggests 9 essential steps for the blockchain development process.
Blockchain development steps suggested by VNEXT Global
1. Find your problems
It's simple to list all the advantages a blockchain system can offer your business. But keep in mind that there isn't a perfect solution. First, you should be very clear about what you want to achieve. In this stage, you can draft a problem statement.
A problem statement concisely summarizes all of the issues you're trying to address. Thanks to the statement, you can make sure a blockchain solution can genuinely address these problems before implementing it. Next, choose whether you can upgrade your current blockchain system or need to create one from scratch.
2. Create your organizational requirements
The next step is to clarify what your company needs. Think about the technology you want for a comprehensive ecosystem, both on-chain and off-chain. These detailed insights in this phase may be used to build a more concrete product roadmap that will help you stay on schedule and identify resource needs.
3. Choose a consensus-building mechanism
The next stage is to choose a consensus mechanism, which is a kind of approach used to foster confidence, security, and consensus inside a decentralized computer network. There are several consensus methods available; however, some of the most popular are:
- Work-related evidence
- Assertion of stake
- Deposit-based agreement
- Time-lapse documentation
Make sure to invest the time necessary to research each and choose the consensus mechanism that will best serve your specific company needs and goals.
4. Select suitable blockchain platform
It's critical that you choose the correct platform for your blockchain application since it will affect the technical set your development team will require. Make sure you select the platform that most closely matches the requirements of your company because the entire process necessitates extensive study and time for effective development.
Consider the issues you're trying to tackle, the consensus methods, the cost, the needs of developers, and the anticipated schedule while weighing your alternatives.
5. Create blockchain nodes
Determining the programming languages you will use, and any other factors that might influence development are essential. To satisfy your company's demands, do you need a private, public, or hybrid solution? Will the blockchain nodes operate on-premises, on the cloud, or on both? Which operating system (such as Ubuntu, CentOS, Debian, Windows, or Red Hat) will your application operate on? This stage involves a lot of variables, so be sure to thoroughly investigate all of your alternatives and compare them to your goals, available resources, and budget.
6. Create a configuration for your blockchain
You'll need to prepare for a number of configuration components for the majority of blockchain systems, including:
- Asset issuance
- Asset re-issuance
- Asset exchanges
- Key management
- Native assets
- Address formats
- Key formats
- Block signatures
Remember that some of these components are modifiable in real time. However, the greatest approach to guarantee effective development is to prepare ahead.
7. Construct your APIs
Application programming interfaces (APIs) are already created on certain systems, but not on all systems. You might have to create APIs for the following, depending on your needs:
- Generation of key pairs and addresses
- Performance of audit-related functions
- Data authentication (through digital signatures and hashes)
- Data storage and retrieval
- Smart-asset lifecycle management
- Smart contracts
8. Create the user interface
Once the entire app is laid out, you can begin creating the user interface (UI) for each piece of software. The back-end UIs and the APIs you created will work together: Technical and visual designs have an influence on the app's architecture as well as the way it looks overall.
9. Upgrade hardware system
How do you know your blockchain app will be successfully deployed once it has been developed? Blockchain applications that require a lot of computing power need a hardware accelerator to improve speed, give flexibility, and make optimal use of resources.
Additionally, accelerators help to improve certain blockchain elements, including transaction validation, governance, and data storage. When spreading transaction loads among several components to boost transactional speed and output, these accelerators are crucial for saving time and optimizing space.
The promise of blockchain development's features and functionality makes it a very attractive investment, but only for companies whose problems it can solve. When used properly, a blockchain technology may offer unmatched transparency, increased productivity, and lower costs. But in order to maximize your investment, you must combine that solution with the appropriate technology.
If you are looking for a trusted blockchain development company, VNEXT Global is the ideal choice. With 14+ years of experience, we surely can help you to optimize your business digitalization within a small budget and short time. Currently, we have 400+ IT consultants and developers in Mobile App, Web App, System, Blockchain Development and Testing Services. We have provided solutions to 600+ projects in several industries for clients worldwide. We are willing to become a companion on your way to success. Please tell us when is convenient for you to have an online meeting to discuss this further. Have a nice day!