Blockchain technology refers to a chain where data is stored in the form of blocks. It acts as the backbone of cryptocurrencies such as Bitcoin. It keeps a record of all the transactions executed on the platform in the form of an open and distributed ledger that is tamper-proof. Blockchain can be used for a plethora of activities such as identity management, processing of transactions and maintenance of records.
Steps to follow to develop a Blockchain App for your enterprise
- Decide the nature of the platform – Figure out whether you wish to have permissioned or permissionless blockchain solutions. Most of the blockchain solutions are cryptocurrency-based that includes wallets and token management applications using smart contracts. Choose the aptest type of blockchain solution to make the app development process easier and faster.
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To have or to not have smart contracts – Pay attention whether you need a smart contract or not. A smart contract refers to a self-executing program which processes tasks according to set terms and conditions stored securely on the blockchain system.
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Fix the Consensus protocol – There are different consensus protocols for each blockchain platform such as Proof of Concept, Proof of Stake, Proof of Elapsed Time, and Proof of Burn. Identify the right consensus to ensure a favourable situation in the competitive market.
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