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Trending 7 Latest Technology in Enterprise Software Development in 2021

Trending 7 Latest Technology in Enterprise Software Development in 2021

Integration of top-notch technologies, implementing new development methods accordingly to customer requirements are key indicators that enterprises have become required to focus their efforts. Each year dictates new trending software development techniques and standing still is not an option. Conversely, becoming a leader in current trending technologies in software is the only way to gain an edge over competitors and meet the needs of their customers. Due to Covid-19, most of the business has been pushed online, due to which the enterprise software developers are ready to beat the trend. Our focus is always on emerging technologies and solutions that may prove to be artisans in promoting this market in the future. 2020 has turned into a blissful year for the enterprise software development sector.

We saw what the future might look like with AI-assisted development software. Not to mention the huge investment in robotic process automation (RPA) and progressive web applications (PWA). Some trends such as reduced code and no-code development also threaten to disrupt the sector. According to research and markets, the global market for low code development is on track to reach $ 187 billion by 2030 from $ 10.3 billion in 2019.

Expectations from 2021

The coronavirus epidemic has forced many people to go online unprecedentedly. In fact, online sales grew 45% year-over-year for the 2020 financial year. Not only this, experts predict a 10.9 CAGR in the enterprise application software (EAS) market over the next five years, reaching $ 26. 724 billion in 2025. These figures provide a significant boost to enterprise developers looking to build modern business apps.

According to experts, it is important to understand how the EAS sector is growing to help you stay ahead of the curve. In this post, we’ll discuss the trending seven latest technology in enterprise software development trends in 2021, which is: 

  1. Low-Code to No-Code Development

We have already mentioned the possibility of low code development. Fewer code platforms implement drag-and-drop editors that allow non-developers to build flexible apps in less time. We are likely to see more in 2021. However, we are also predisposed to heralding a new era of no-code coding.

As the name implies, no-code coding does not involve creating applications that write any code. Drag-and-drop editors in low code development are moving to allow new news to build apps without writing a single line of code. The no-code market will grow by 28.1 CAGR to reach 45.5 billion by 2025.

  1. Rise of artificial intelligence

Revenue from AI alone reached $ 156.5 billion in 2020, an increase of 12% from the previous year. But we can see even more growth in 2021 as more businesses and applications carry AI. Machine learning, the branch of AI dealing with computer algorithms that automatically improves and is gaining popularity through experience, not to forget deep learning.

The enterprise software development industry is poised to benefit from more intelligent machines. For example, we can implement IA to automate the development of applications. Some AI solutions can test tasks to reduce costs and help your organization be more agile.

  1. Native App Overflow

Businesses gradually realize that native applications are the future of e-commerce. Combining the strengths of both applications and traditional websites, technologies that provide endless benefits such as native app branding, speed, and trust have moved into the market today. Native apps are also freed from restrictions surrounding mobile applications.

Progressive web apps (PWA), in particular, are proven to be artisans in changing the way people access online content. They are simple, lightweight, and intuitive. Like apps, PWA branding is easy to use and boost. In addition, PWA offers a traditional and more rewarding website experience that makes it a win for both consumers and brands.

  1. Trends in big data and IoT

Big Data and IoT are all set to change the world in 2021. When the full potential of these two is realized, we will have a connective world where computer solutions are embedded in our day-to-day lives.

But this does not mean that we will not necessarily see significant applications in both fields. For example, embrace yourself in 2021 for a “data-as-a-service” solution. Das will eliminate redundancy by giving businesses access to accurate data in real-time.

  1. From Cloud to Edge

Cloud computing is already large. About 40% of conversations about enterprise software are likely to be around cloud computing. The value of cloud-based applications reached somewhere around $ 150 billion in 2020. Wherever you go, enterprise developers provide unique solutions for their customers.

We will see more trends in 2021, but with slight changes. Instead of using the cloud as we know it, enterprises are transitioning to edge computing, where resources and information are stored next to the consumer.

  1. Micro Services for Enterprises

Micro-services architecture is a new approach that organizes applications as a collection of loosely coupled services. In short, blocks of code that handle different tasks are stacked together, creating micro-applications.

A wide range of micro-apps are then offered to enterprises. Think of them as plugins in enterprise applications that users have become experts in customizing to meet their unique needs. Although still in the infant stage, we are expecting to see a substantial growth in this area in 2021.

  1. The Continuous rise of blockchain

Blockchain is here to stay, with the most successful cryptocurrency bitcoin already in place at the center level. But blockchain uses more cases than cryptocurrency. For example, the blockchain Covid-19 is playing a central role in vaccine shipment and management.

These two examples are the only clues you need to know where the blockchain is – this is the future. According to markets and markets, the blockchain market is expected to grow from $ 3.0 in 2020 to $ 39.7 billion in 2021.

Also Read :  B2B Website Design Companies

Final Thought

The enterprise software development sector will continue to see revolutionary trends in 2021 and beyond. Given this, you need to keep pace and improve to stay on top of your competition. Develop a strategy to reap the benefits of these innovative emerging technologies. If you need help determining which solutions are best suited for your long-term benefit, contact us.

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Creating a Cryptocurrency Exchange similar to Binance

Creating a Cryptocurrency Exchange similar to Binance

Since the creation of Blockchain Software Development in 2008, this technology has been successful in making a wide impact across the Internet. Since then till date, many companies across the world have been working towards incorporating blockchain into their business.

In 2008 the pseudonym was invented by an individual or group of individuals known by Satoshi Nakamoto, the blockchain was initially dedicated to bitcoin cryptocurrency. Since then, technology has seen many applications in other fields as well. In this article, we will explain how a cryptocurrency exchange is created, what are the main features of such a platform and what are the 5 stages of your future crypto exchange.

The Way Binance Works

Before deciding how to create a cryptocurrency exchange, it is worth considering how the most well-known crypto platform was built. Firstly, It is mainly important to mention that blockchain, by and large, has become a publicly available, worldwide database. This not only allows anyone in the world to add information to it, but it also makes it indestructible by spreading this information across the network. Data is not stored on a particular location or server, it is distributed everywhere which makes it immutable and more secure than the limitations of any technology that existed before the blockchain.

Further, it is open-source software, from which you can also create your own blockchain. The system is decentralized and cannot be controlled by any one party in the world. Also, editing previously submitted data is not impossible, at least not likely to happen. This has been achieved due to the fact that to optimize any information, extremely powerful computing power is required, and if bitcoin is compromised it will lose its value.

Blockchain for a common user, the use of blockchain in most areas of life does not make much difference. However, there is one area where this technology has gained the most popularity. Following the invention of blockchain as well as bitcoin in 2008, development of other cryptocurrencies began around the world. At the moment, there are about 700 digital currencies all over the net, although not all of them are super popular.

A lot of people started wondering how to start a bitcoin business or something like that (because bitcoin is illegal in some countries). Exchange resources for dealing with such a large number of currencies began to appear. While there are already dozens of exchanges available in the market, they differ by the number of currencies they allow to trade, their commissions, limits, etc. One of the biggest recent upsurges on the cryptocurrency exchange market was Binance.

Complete Information about Binance

Binance is an early Chinese-based company launched in the summer of 2017 by a group of highly experienced experts. It is now headed by its CEO Changpeng Zhao. He previously worked with Blockchain.info in Bloomberg as well as in the technical department and thus, was able to build a very strong team for Blockchain app development.

The company has launched ICOs and its own tokens to get things started with cryptocurrency trading software. Initially, it was easy to provide information via whitepaper before China issued a ban on token fundraising, they managed to reach their fundraising goal by mid-September. The funding round raised millions of dollars from venture capitalists.

The launched Binance Coin (BNB) was announced to be released with a limit of 200MM and to demonstrate the possibility of later use within the company for internal service purchases. Binance has also stated that they will eventually buy back half of the tokens issued and destroy them. Currently, ICO has nearly completed its course, exhibiting an impressive number of over 40,000 token holders.

Legend of Binance Take off

Binance is a fairly new player in the digital exchange market, but is already valued at around $ 2 billion. What was it about Binance that attracted so many people to start working with him? First, a clear and transparent idea generated by a highly skilled team with experience in exchange trading. Secondly, a large number of initial coin listings compared to other companies in the industry, as well as much lower trading fees. Each trade conducted from a user is charged only 0.01% and small fees are also charged for currency withdrawals.

Within 6 months, Binance managed to become a highly profitable company with around 3 million users globally and around 100 digital currencies in business. But that is not all that makes Binance different from other exchange companies. In addition to currency exchange, Binance has also created some unique services such as “Gifto ” and “Launchpad ” token sale programs for virtual gifting. They also provide support and guidance for new startups, including but not limited to listings and even cryptocurrency funding.

7 Useful Key Features in Creating a Cryptocurrency Exchange

The cryptocurrency exchange market has proved itself highly profitable if approached properly. The number of exchange platforms has increased but the quality of services of some resources may still be a question. Given that cryptocurrency exchange rates are not regulated, they have risen to unimaginably high levels, however, there is no guarantee of their staying there. On one hand this huge hype around the question of “how to create a cryptocurrency exchange” makes this market quite competitive.

But the more the market develops, the more trust is gained from users, and the more benefit it gets to those who know how to work with it. This is why creating a high quality cryptocurrency trading app is a wonderful idea. So, let’s take a look at what you need to pay attention to starting a cryptocurrency exchange service through the app:

  • Sign in OR Sign Up

A signup or login page is the first thing a user will see, but its main point is not only after registering people but to protect the system from any unauthorized login, hack attacks, or any other type of manipulation. For this reason, this functionality must be very well developed and conform to the highest standards. In addition to the normal login / password combination, there is also 2FA to provide additional security for users.

  • User Verification

One of the reasons why the crypto exchange market is so trusted among users is that every user is fully verified. Depending on the type of verification, verified users usually have more possibilities. For example, clearance limits for verified users are higher than non-verified ones. Verification is important to ensure transparency of trades and reduce the possibility of scams.

  • Deposit OR Withdrawal

This feature allows merchants to deposit money into the internal wallet shown by the cryptocurrency exchange software, as well as withdraw money to the wallet outside the software according to the limits set by the company.

  • Transaction Creation

Each user should have the possibility to buy or sell currency to other users in the system. It is very important that all trades are happening rapidly and without any system error. There should be many possibilities for creating order in the system so that users can choose the time which is convenient for them.

  • Analytics

A very useful feature that allows various graphs and statistics to be created for better visibility.

  • Internal API

Exchange’s own APIs need to allow users to create their own automated trading systems or data exchanges between verified devices using cryptocurrency exchange scripts.

  • Admin Panel

With the help of the admin panel, the employees of the exchange company will be able to monitor trades based on their access levels and manage the actions taken on the exchange.

These are only the main features required for any application of this type. There is much more to be implemented not only to make the app usable but also to make it safe and user friendly.

Steps to Create Cryptocurrency Exchange

Recently, the development process of most applications has been divided into aspects that are handled separately. Different aspects are usually developed by different teams in collaboration with each other. Such moments may include an API, web interface, and more. Their number and variations depend on the complexity of the application. Exchange trading systems such as Binance will require attention to the following app-building aspects:

  • Design

This is the first thing for the client before they start using the application. To develop a harmonic design combining both beauty and utility, we recommend you follow trending best practices and keep in mind the requirements of the product. Design construction consists of the following steps.

1. Wireframe: the basis of future design where its key features are implemented.

2. Prototype: Detailed visualization of user interaction with the application that allows for potential UX-related issues to be prevented.

  • Client-side Development

The web part of the application contains client-side logics of all the pages of the website and is based on a previously designed design. Front-end developers typically design by using HTML, CSS markup and JavaScript programming languages, including the Angular.js, React.js, Vue.js frameworks.

  • API

The API is the back-end part of the application that is not visible to the end-user. The server part of the application is responsible for executing the application’s internal logic and handling basic tasks:

1. User Authentication and Authorization

2. Server-side function of admin panel

3. Newsletter

4. Cryptocurrency bets and user deals

5. API which could be used by third party organizations

  • Blockchain

The part that is responsible for the actual processing and storage of data related to trades between users in a secure environment (any change by either party is impossible for the blockchain).

  • Testing

An essential part of modern application development. This is extremely important as it allows to isolate and eliminate most bugs within the UI, along with the logic before actually launching the application.

  • Security

Since the application is storing sensitive information of its users, it has to be properly secured to prevent potential data leaks and hacking attacks. We recommend securing user information in the following way:

  1. Secure Architecture – When developing the back-end part of an application, focus on creating a secure way of storing and exchanging confidential information. Firstly, the major components of the exchange are located on different servers and interact through dedicated channels. After that the encryption keys are also located on a dedicated secure server.
  1. Authentication of the user – To prevent the possibility of unauthorized login to the user account, it is best to implement two-factor authentication by generating a token once. Additionally, users receive notifications about their account login, specifying the location and IP-address.

Encrypted data is exchanged with the help of the latest algorithm SHA-256, which is currently impossible to hack. This generates a hash – a unique signature of the text that changes each time the initial message is edited. This allows checking whether the sent hash matches the received one, and to find out if the data was edited. Since the hash is not encryption, the original message cannot be decoded

Conclusion

Given the popularity of crypto exchanges all over the world right now, it is understandable why more and more people are incorporating themselves into these systems. Digital currency exchange offers great opportunities for both those who are familiar with the market right now. Are happening and who already have a very good experience. But the market still has some limitations depending on the country or the currency provided and it always means growth potential. Creating a high-quality application for your own cryptocurrency exchange company can bring you great benefits in a very short time.

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Brief Explanation of Blockchain App Development

Brief Explanation of Blockchain App Development

Everywhere, from news channels to social media platforms and office group discussions, blockchain has remained the hottest topic for the past few years. And yet, there is no indication that the noise around blockchain and cryptocurrency is going to end anytime soon.

Blockchains, with a lot of fans and critics, are rising to unimaginable heights in popularity with their tools and Blockchain app development. This is becoming a topic of discussion, where even a general company is changing its name and business model according to blockchain promotions, which is leading to higher profits.

On-line PLC, a UK-based organization, gained significant traffic, received high offers from investors and increased share prices by 394% by simply changing its name to On-Line Blockchain PLC. Let’s have a look at some of the following statistics:

  • The blockchain market size in 2017 was approximately $ 339.5 billion, while it is projected to cross $ 2.3 billion by 2021.
  • According to data from Dot Com Infoway, the global blockchain market is expected to be $ 20 billion in the year 2024.
  • According to Grand View Research, the global blockchain technology market size in 2020 was US $ 3.67 billion.It can be expected to expand at a compound annual growth rate (CAGR) of 82.4% or more from 2021 to 2028.
  • There will be 42.8% blockchain growth per year by 2022 and the main catalyst behind this rise will be the adoption of blockchain in currency exchange and the growing interest of the world’s top banks in creating cryptocurrencies like Utility Settlement Coin (USC) to ensure better cross-border transactions. .
  • According to a report, 71% of business leaders using blockchain believe it will play a key role in advancing technology, resulting in widespread support of industry standards.

With these opinionated statistics, it is clear to you that developing blockchain apps and building blockchain projects is growing as a business focus for many startups and established businesses. Interest is being shown in the production of blockchain application development ranging from manufacturing to media, telecommunications, finance, banking, healthcare, energy, real estate etc. and even government sectors.

Although blockchain is a technological breakthrough megatrend with matchless potential in the future, without a clear understanding of how it can be useful for your business, it would be completely impractical to invest in blockchain development – something that blockchain app builders Can help you get a clear idea of.

Therefore, in this blockchain development guide, we will cover the technical aspect of blockchain technology in this article, plus you can integrate blockchain into your business processes in this article. And if you need something more specific for a business manual, visit our personal blockchain guide for entrepreneurs.

Blockchain Technology

The answer begins with its meaning of how to develop a blockchain application. In layman’s language, blockchain is a decentralized, transparent, immutable and publicly accessible database where digital information (transaction records) is stored in blocks and interconnected with a hash function, Just like the current block has a hash code on the previous entry and the next block will have the hash code of the current block.

On the business side, it is an exchange network to transfer value from peer to peer. It is a mechanism that authorizes a transaction and legitimizes it from a legal point of view without involving middlemen. Now, as you know what blockchain development is, let’s dig into the technical aspects of technology, the meaning of blockchain based application development, and finally the various prerequisites and the time and cost that will go into blockchain application development. It all starts with blockchain types.

Types of Blockchain Systems

To explain how to develop a blockchain application, we need to start with a blockchain solution type classification: 

  • Network
  • Cryptocurrency support

Types of Network Based Blockchains

When talking about network-based blockchain development, you can either go for a blockchain solution without permission or a permitted blockchain solution.

  • Permissible Blockchain

In blockchain without permission, all computers and devices in the entire network are publicly accessible. Anyone can use code, start running a public node on local devices, initiate conversations in the network, verify transactions, and that too while remaining anonymous. In short, decentralized, equally accessible and anonymously available blockchains are called permission-less. Like Bitcoin, Ethereum comes under the blockchain without permission.

  • Permitted Blockchain

It refers to a closed ecosystem where only authorized participants can act based on their particular roles. These types of blockchains are founded on a set of rules that govern how a transaction will be implemented to meet the needs of a particular organization (for example: for database management, for auditing, etc.). For example, multichan falls under the permitted blockchain.

However, there are 2 types of network-based blockchains, but when it comes to public and private permissions, the types are categorized as public and permissions, public and permissions, private and permissions, and private and permissions. What enterprises are looking for is a private and licensed blockchain network. Private and licensed blockchains can also be called consortium blockchains.

This type of blockchain system provides core functionality of the blockchain architecture, such as automated data synchronization, immutability, the ability to deal with multiple permissions, process automation, and stringent privacy and security features to name a few, and thus more efficient construction. Paves the way. And have a data-driven business model at a low cost.

Types of Blockchain Based on Cryptocurrency Support

Based on cryptocurrency partnerships, blockchain is broadly classified as cryptocurrency based and non-cryptocurrency based solutions, Which has the following explanation:

  • Cryptocurrency based blockchain

As indicated by the name, these types of blockchain solutions run on the basis of cryptocurrency. The following are the popular types of blockchains that fall under this category:

  1. Wallets: These are secure digital wallets that hold public or private keys, with which anyone can send, store or receive cryptocurrencies. Also known as a cryptocurrency wallet or crypto wallet, this blockchain type is primarily concerned with the conversion and trading of cryptocurrencies in a centralized, decentralized or hybrid landscape.
  1. Crypto Exchange: These are basically blockchain systems that are used to trade cryptocurrencies or digital currencies. They accept credit card payments, postal money orders and other forms of payment and send the cryptocurrency to your cryptocurrency wallet. They are also known as digital currency exchange (DCE) systems.
  1. ICO: Initial Coin Offerings (ICO) or Initial Currency Offerings (ICO) is called a crowdfunding system that deals with the generation and sale of cryptocurrency / crypto tokens.
  1. Dapp: A decentralized app or DAP development service is one that deals with apps that are not controlled by an entity. It can be run by many users on a decentralized, P2P network with the help of reliable protocols in real time. Augur, Golem and Sia are the best examples of what a DAP development company can bring to existence.
  • Non-Cryptocurrency based Blockchain:

Non-cryptocurrency based blockchain app development services solutions eventually do not depend on any crypto tokens. Originally considered for inventory management, it is based on blockchain type distributed ledger technology (DLT). Wondering what is distributed laser technology? From a technical point of view, it is a database distributed across various nodes and computing devices.

Here, each node has a replica copy of the laser and can process it independently. And most impressively, bookkeeping is not governed by any central authority. Changes can be made at the individual level and then the node is voted on to obtain maximum approval. This process of voting where consensus is required by majority to update is called consensus. Once the consensus threshold is reached, changes are made directly to the database.

Blockchain Software Development Platform

There are over 25 platforms for building blockchain solutions, the top blockchain platforms commonly conceived for blockchain / DLT development, they are: 

  • Ethereum: It is an open source and public platform (and operating system) that is taken into account for blockchain DAP development and ICOs with smart-contract functionality. Unlike Bitcoin, it is flexible and adaptable – making it the first choice for every blockchain app development company to build a blockchain app.
  • EOS: The EOS platform aims to offer smart contract capability, decentralized application hosting and decentralized storage of enterprise solutions that solve the scalability issues found in blockchains such as Ethereum and bitcoin, as well as eliminating all fees charged by users.
  • Multichain: This is a platform that empowers blockchain app builders to create and deploy private blockchain solutions used within or between multiple organizations.
  • LiquidApps: The name behind the DAPP network recently launched DSP 2.0 to make the platform more flexible and powerful. They are capable of supporting a range of dApps constructions.
  • Hyperledger: It is an open-source platform used to build advanced blockchain solutions. For example, building blockchain solutions based on IoT, building blockchain apps for supply chain management, etc.
  • IOTA: It is an open source DLT based solution that is used to provide fast and secure payment services between connected IoT devices. This platform uses Direct Acyclic Graph (DAG) technology and offers unique features, such as free transactions, whatever the size of the transaction, fast confirmation time, handling unlimited transactions at a time, etc. which makes it an ideal platform for construction. payment system.
  • Quorum: It is an open-source DLT and smart contract Blockchain Software Development platform based on Ethereum.

Now that you are familiar with various Blockchain Software Development platforms, you will be confused as to how to choose the right platform to develop blockchain systems. To make it easy for you, here are some factors that you need to pay attention to while answering.

Factors to Consider for Blockchain App Development

Following are the factors to consider for blockchain app development:

  • Nature of Platform: While some blockchain platforms are cryptocurrency based, others rely on smart contracts or using more than one crypto token. Determining which type is suitable for you will make the process of developing blockchain applications easier.
  • Smart Contract: The second thing that you need to pay attention to is to determine whether you need a smart contract or not. A smart contract, as you know, is a self-executing protocol that processes, validates, or implements any trigger-based action stored on a blockchain system.
  • Consensus Protocol: Different blockchain development platforms operate on different consensus protocols, including proof of work, proof of stake, time elapsed, proof of burn, etc. Therefore, it is also a favorable situation to identify the right platform based on the consensus protocol.
  • Cryptocurrency: The next thing you need to consider while answering is how to develop a blockchain app, whether or not you need to use cryptocurrency in your mobile application also plays an important role in finding the right platform.
  • Public & Private Network: Ask yourself what kind of network you want – one where all are free to make changes or one where only authorized users can participate. Depending on the decision, choose the platform and start building your own blockchain application.
  • Adoption Rates & Functionality: It is important to look at adoption rates and community support levels for the current blockchain. Adoption rate means the degree of implementation that a specific blockchain innovation has attained. Choosing a technology that has been exceptionally adopted and adopted is a smarter choice than choosing one with a poor adoption level.
  • Scalability: People who are hoping to build blockchain platforms from existing innovations should focus on transactional capability and decide if their requirements will be met. Three central points (speed, security and decentralization) are considered when considering blockchain scalability. This is known as the scalability trilemma and points to the fact that any developer can expect to receive two out of three features.

Languages ​​to consider blockchain development

Platforms alike, are different programming languages ​​that can be considered during blockchain application development. You can either start with traditional programming languages ​​such as C ++, Python, Go, and Java, or switch to advanced blockchain-specific languages ​​such as Simplicity and Solidity.

  • Simplicity: Simplicity is used for the blockchain development of smart contracts. The language is simple, employs static analysis, and can be seen as an improvement of basic cryptocurrency languages ​​such as the Ethereum virtual machine (EVM) and bitcoin script.
  • Solidity: Solidity is a statistically typed blockchain development language specifically used to build smart contracts running on EVMs. With this language, you can easily implement self-regulated business logic in smart contracts, leaving a non-repudiation and official record of transactions.

Time & Cost Required for Blockchain Development

With all this information, you should be curious about the most frequently asked question, that is, the cost of building a blockchain application, but it becomes quite difficult to tell the exact cost directly, provided the blockchain development costs are the necessary efforts. Depends on it. For example, if you want to develop a blockchain wallet, then the average time required for this would be:

  • The backend development process requires 150-200 hours.
  • Frontend development requires 500–550 hours in the Android process.
  • Front-end development requires 470-510 hours in the iOS process.
  • Front-end development: 80-100 hours are required in the process of web / desktop app.
  • 120-150 hours are required in the design process
  • 60-80 hours are required in the process of quality assurance / project management.

Likewise, if you create any other blockchain app / system, the time and effort required will be:

  • 250-300 hours required time in the web wallet.
  • 450-600 hours required time in crypto exchange.
  • 50–70 hours of time required in a token issue with smart contracts.
  • 130–180 hours required time in ICO site.
  • ICO 6,000-8,000 hours required time in full service.

Thus, it can be easy for you to estimate the amount of money you need. However, do not consider it your last quote. The development cost of a blockchain app varies based on various factors. Therefore, it is better to discuss your app project with blockchain development companies and find out the exact blockchain app development cost breakdown structure.

But before you move on to that discussion, see if blockchain is used in your industry. Here is a list of industries in which blockchain has proved most useful:

  • Finance – Fintech is the industry in which blockchain has entered. The power factor transparency and decentralization that comes with technology is something that has adopted blockchain in the finance sector and empowers fintech software development solutions by giving birth to a new DFI and open finance ecosystem.
  • Government – From Dubai to Thailand, various cities have realized the role of blockchain in the government sector and adopted its ability to streamline many of their processes, from voting to land demarcation and a range of other political issues.
  • Healthcare – Healthcare and blockchain have a very direct relationship. The latter is used not only by the former to decentralize massive amounts of data, but also to prevent multiple instances of hacks and security breaches that occur due to the lack of a decentralized system.
  • Supply Chain – One of the most direct effects of blockchain can be seen in the Supply Chain Department of Operations Management. Technology makes it possible for the supply chain industry to ensure that there are no flaws in the system and that there is complete transparency in all supply chains from order procurement to delivery.
  • Real estate – Due to the large amount of data and paperwork in the property market, makes real estate an ideal recipient of blockchain technology. Also, the smart contract feature comes in handy in an industry that deals with many contracts.

While these industries are known to be the prevalent adopters of blockchain technology applications, the decentralization medium is not restricted to them. In fact there are many use cases for adopting technology in everyday processes.

Implementation of Blockchain in various Business Processes

Now that you are familiar with the technology world of blockchain, you should be excited to integrate blockchain technology applications into your business. Blockchain, with its unique capability, can be implemented in your existing business processes in various ways, such as:

  • For Transaction

Being the backbone of bitcoin and other cryptocurrencies, blockchain technology is all set to improve transactions. The absence of middlemen will not only speed up the process, but will also facilitate the transfer of funds securely at very low fees. Firms have few real-life use cases: Bitways, Abra and Coinpipe are using blockchain to handle fund transfers and payroll.

  • As a distributed cloud storage

You can also use blockchain to serve your customers with fast, convenient and secure cloud storage facilities like the Storage company did. For the same, you have to choose a reliable BaaS provider.

  • In the form of Smart Contract

Smart contracts can be employed to circumvent the rules and cut costs for a subset of many financial transactions. And the best thing is that these contracts are safe and unbreakable. One of the current applications is Slock, an Ethereum-based IoT platform that uses the blockchain to rent anything to customers by unlocking a smart lock when both parties agree to the applicable terms and conditions. Whereas Synaps relies on the blockchain to provide micro loans.

  • For Notary Purpose

Blockchain development also needs to be taken into consideration for notary creation and authentication purposes. Some real-life examples are as follows: The smartphone provides notary creation services using user-shared image, video, or sound recordings via the blockchain, a multimedia platform, Uproov.

  • For Supply Chain Management

Since the supply chain mechanism involves the exchange of components from multiple entities, failure at one end can affect the overall process. To deal with this situation, blockchain technology can be used as a secure and permanent auditable record, where stakeholders can view the entire process. Looking for some real-life use cases? SkuChain and Provenance are two companies that use blockchain to streamline supply chain systems.

  • In Digital Identification Process

Blockchain can be put into practice to provide us with irreplaceable, undisputed and secure digital identities, resulting in fewer fraud issues and seamless sign-in experience. One of the real-life use cases is ShoCard which uses the blockchain to verify the identity of individuals on their mobile devices.

  • In Rewards & Loyalty Programs

By eliminating middlemen, blockchain helps retailers connect their customers with gift cards, rewards and other loyalty programs in a cost-effective manner. Wonder if there is such an existing company / example, GyftBlock, which is a partnership between bitcoin API developer Chen and Gyft, offers digital cards that can be secured on the public ledger.

Closing Factor

Winklix is ​​ready to assimilate changes to your app development idea and is a trusted and reliable company that works with the blockchain development company USA. With all the above information and examples, you may have started creating your own blockchain app development idea. We would love to hear and contribute to your idea. A company that will help you expand your decentralized journey. Let’s meet and discuss.