8 Simple Steps To Start Blockchain Development

According to GitHub, blockchain-related projects have boomed since 2007 and haven’t shown any sight of stopping until now. Almost every application and system uses blockchain to secure data and bring transparency nowadays. Not to mention that blockchain is also becoming more appealing to all businesses over time. So, if you’re looking for a way to use this technology to benefit your project or business, here is our guide for how to start your blockchain development.

1. Identify Your Business Niche

Blockchain is utilized in many industries. You should make an in-depth analysis of the business niche using blockchain before you start doing yours. Besides, you need to know if applying blockchain can solve your problems better than traditional ways.

Here are 3 industries in that blockchain does very well:

• Data authentication & Verification (Immutable storage, digital signatures, and encryption).
• Smart asset lifecycle management like issuance and escrow.
• Smart contracts.

2. Find A Suitable Consensus Mechanism

Even though there are many types of consensus mechanisms, you should always choose the suitable method based on your individual needs.

Below are some of the consensus mechanisms:

• Proof of stake
• Byzantine fault tolerant
• Proof of Elapsed Time
• Derived PBFT
• Deposit based consensus
• Federated Byzantine Agreement
• Federated consensus
• Round Robin
• Delegated Proof of Stake
• Redundant Byzantine Fault Tolerance
• Simplified Byzantine Fault Tolerance

3. Choose The Most Suitable Blockchain Platform

These days, most blockchain platforms are open source and they can help you meet every qualification of your project. But, whether you’re looking for an affordable blockchain development service or a trustworthy blockchain company, the most suitable platform for your project depends on your requirements and the problems you want to solve.

For example, you can build a Quorum-based app with smart contracts to test the issuance of debt instruments in your bank. But, note that building a blockchain will take a lot of time (months or even years) and research to develop successfully. So, just make sure you understand the exact business needs to identify the right blockchain platform.