1. Blockchain

Ethereum Software Development: A Guide to Empowering Businesses

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Bested only by Bitcoin, Ethereum is a widely used and popular Blockchain platform. Considering the benefits offered by it, a number of business leaders are keen on developing decentralized apps that are based on Ethereum. If you wish to get started with Ethereum software development, then keep reading to find out everything you need to know.

What is Ethereum?

Ethereum is a decentralized and open-source Blockchain technology platform that creates a peer-to-peer network for securely executing and verifying application codes. The software platform is mainly used for supporting the second-largest cryptocurrency in the world- Ether.

Benefits of Ethereum Software Development

Ethereum software development offers a number of benefits. Since the decentralized apps are based on the Blockchain, they have the following properties:

  • Immutability – Ethereum’s database is immutable. Hence, Ethereum based apps cannot be manipulated. A number of businesses opt for Ethereum app development because its immutable nature makes the auditing procedure fast, efficient, and affordable.
  • Tamper Proof – Ethereum is a secure platform to record transactions. To add any new transaction to the ledger, the network has to be in concurrence.Moreover, when anything gets added to it, it cannot be changed. Any sort of tampering, no matter how trivial or small, will result in a change in the block’s hash. However, the hash of the next block shall remain unchanged. This causes discrepancies and makes it hard to make changes to data without having to change all the following blocks.
  • Secure – One of the key benefits of Ethereum is that it offers advanced security. Since it uses cutting-edge cryptography techniques and advanced levels of encryption, the security of apps and software increases. This not only benefits the software developers but the end-users as well. Also, since the developers do not have to fret over security, they can focus better on developing software with improved functionality.
  • Zero Downtime – Applications developed on Ethereum can neither go down nor be turned off. Ethereum apps are more flexible and powerful than their centralized counterparts. Moreover, since all nodes cannot crash simultaneously, they eliminate any chance of undergoing downtime.

4 Stages of Ethereum Software Development Process

The basic steps involved in the Ethereum application development process are as follows:

1. Identifying the Goals

Before getting started with the Ethereum application development, businesses must first establish clear goals and create a problem statement. Ethereum solutions can benefit different business aspects. Hence, businesses need to list down their expectations and find the issues they are looking to resolve with the software. They should also analyze if they wish to move the current software to Ethereum, or build a new one from scratch. After figuring it out, they must choose the right Ethereum development company and tools for the project.

2. Idea Generation

After identifying the goals and challenges, businesses must draft the business requirements and ideate. They must figure out which technology elements to add as off-chain or on-chain entities and create a roadmap for Ethereum software development. During the brainstorming session, businesses must also determine the time frame of development, the language to be used for front-end and back-end development, the databases that will be required, and if the app will be developed on permissioned or permissionless Blockchain.

3. Proof of Concept

Proof of Concept or POC helps in determining if the idea is feasible and can be transformed into a reality. It involves testing the design idea or a certain assumption to confirm the practical relevance of the project. Once the POC gets a thumbs up, the designing process begins.

4. Designing and Development

First, the architecture and UIs are created for all software components. Once the visual and technical designs are made, the app or software is ready for development. Ethereum software development involves creating or integrating APIs for specific applications of the software.

What is the Future of Ethereum?

In today’s tech-centric world, Blockchain is an effective technology that has great potential for growth. Valued at 250 billion USD in 2021, Blockchain technology is flourishing. Because of the benefits it offers, enterprise Ethereum software development is gaining traction across the globe.

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