The blockchain is a decentralized, immutable transaction ledger that can be programmed to record financial transactions as well as virtually anything of value. This means it has the potential to change the way we do business and interact with one another in ways that are still difficult to imagine. However, while technology may be complex, its impact on society may be profound and far-reaching. This article introduces you to the intermediate guide to blockchain business development.
How can Blockchain help your business?
Blockchain is used for more than just cryptocurrencies, smart contracts, and other financial products. It has applications in every industry.
Here are some examples:
- Medical records management where complete patient history can be used to improve diagnosis (and reduce time spent waiting for test results).
- Personal identity verification without the use of flimsy ID cards.
- Industry-wide supply chain monitoring can track products throughout their life cycles, which benefits food safety and lowers the risk of counterfeit goods entering the supply chain.
Why should you invest now rather than later in Blockchain development?
Blockchain development has the potential to benefit a wide range of industries in the coming years. The Bank of England, for example, has published a report claiming that distributed ledgers could save banks billions of dollars in infrastructure costs each year.
You should do some research right now to see if your industry can benefit from blockchain technology and what that might look like. Assume you can invest in blockchain development right now. In that case, it may be a wise decision for your company’s bottom line.
Blockchain development technologies
Three major technologies power Blockchain development. They are as follows:
- Data storage – How data on the blockchain is stored, accessed, and verified. Data storage options include decentralized cloud storage platforms such as Storj and Swarm. You could also use blockchain-based tools like BigChainDB.
- Cryptography – Blockchain employs strong cryptography to secure data stored on it. Based on critical public infrastructure, various cryptographic tools are available (PKI). Everyone who uses PKI has a private key and a public key. The private key is only known to you, whereas the public key can be shared with anyone.
- Consensus – This is a method for multiple nodes to agree on a blockchain’s state, such as when a new block is added to the network. There are several consensus protocols in use today, the most common of which are proof-of-work (PoW), proof-of-stake (PoS), and delegated proof-of-stake (DPoS).
What is the cost of developing a Blockchain project?
Costs vary greatly depending on the developers, project requirements, and type of blockchain development desired.
The location of the developers is another factor that can affect the cost of blockchain projects. For example, the average price for blockchain development in the United States is around $150 (in some cases, even $250) per hour, whereas in India can be around $50 per hour. This could be due to various factors, such as the cost of living and the availability of talent.
A decentralized blockchain app can cost anywhere from $50,000 to well over $1 million to develop. The cost of more complex projects may vary significantly.
That’s all about the intermediate guide to blockchain business development. Contact SmartOSC if you are interested in blockchain development.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.