In the last few years, Blockchain has gained a lot of momentum in the tech community. Now, everyone can see the potential of the Blockchain technology and its application in almost every digital process and industry. Technically speaking, every centralized application can be decentralized using blockchain technology. The widespread of blockchain can be noticed in the banking sector, insurance, currency exchange, contact management and much more. It is known for bringing transparency and eliminating the intermediaries to make data and the entire process safe and secure.
As a matter of fact, there are so many startups coming up with applications based on blockchain technology. There is huge scope for growth, and the best part is that it is not yet crowded. In fact, it is an open field now for the entrepreneurs to come up with innovative applications using blockchain technology and create a billion dollar blockchain development company. The following is the list of steps you need to take to start a blockchain development company.
Steps To Start A Blockchain Development Company –
Step 1. Identify The Problem –
You cannot create an application unless you identify the problem the people are facing. Therefore, you have to devote some time to understand the potential of the blockchain technology in all the different sectors and industries. Then you have to select a particular industry where blockchain development can be the best and pinpoint the problem you want to address with your blockchain technology-based application.
Once the industry, the problem, and also the potential solution is decided, you have to conduct a market survey. The market survey will validate the problem like it will validate whether the problem really exists and whether there is a huge demand for the solution of the problem or not. Moreover, it can also reveal about the sustainability of the solution as well as its scalability. From such estimations, you can understand whether you can create a company around it or not
Step 2 – Identify The Platform –
Once you have identified the problem, validated it, and confident enough to go ahead, you have to select a blockchain platform for development. When you use a platform to create your decentralized application, you do not have to create the blockchain from scratch. Depending on the problem and its probable solution, you have to choose a blockchain platform accordingly. Some of the popular blockchain platforms are Ethereum, Hyperledger Fabric, Hyperledger Sawtooth and likewise. You go to study each of them minutely to understand which one of them will be suitable for your solution development.
Ethereum is a general platform, and it has the feature of smart contracts. It uses proof of work algorithm. Hyperledger Fabric is suitable for enterprise applications having a modular architecture. It has the feature of distributed ledger solution and Chaincode. Hyperledger Sawtooth is suitable for permission-based blockchain networks. It uses proof of elapsed time algorithm. Currently, Sawtooth is the most used platform by the startups.
Step 3 –Design The Architecture –
There are multiple options available for blockchain development both in the hardware and software parameters. It can exist in the cloud, in-house as well as a combination of the both. You can choose to use different processors, operating system, memory, and disk size depending on the application you are about to develop. It is very important to clarify these parameters before the actual development begins. The scalability factor must be taken into consideration for this architecture.
You have to also choose among permission-less, permission, private, public or hybrid blockchain solution. Besides, you need a proof of concept to make everyone involved in the development to understand the potential of the project. Then you need to make a prototype containing information about the architecture, sketches, mockups, diagrams, designs and various other related things about the project. You need to get approval from the experienced people in the team to go ahead with it.
Step 4 – Develop The Application
The theoretical parts are over for the object. It is time to develop the project from scratch. First of all, you have to be clear about all the parameters in a blockchain application like consents, asset issuance and reissuance, atomic exchange, limits, signatures, key supervision, key formats, native assets and likewise. This actually decides the robustness of the application. Then go ahead and develop the user interface and transform the technical designs into reality. You have also to design the APIs to integrate with user interfaces.
During the development process, total documentation is a must. There are various types of APIs possible in a blockchain interface, and you need to choose the correct one for yours. The admin console is the best part of the user interface. The application must be thoroughly tested to identify the loopholes and amend them.
Step 5 – Deploy The Application
Most of the companies release a beta version before releasing the final version. The beta version should be released among trusted people with expertise to pierce through the application and point out the problems. As a matter of fact, companies release it to a new group of testers to try out the applications. The final version should be released on a tested network to test all the functionalities once more. You have already decided the configuration before development, and you have to follow the decision accordingly.
The success of an application rests on how fast it can upgrade itself to the needs and demands of the user. The application should be user-oriented and not what the developers and designers think is the best. There is a huge scope of growth in the blockchain industry and starting a blockchain development company is a very valid choice currently.