6 Things You Should Know Before Starting A Blockchain Technology Project.

 

The blockchain technology industry is becoming the fastest growing industry in the whole Information Technology world. Since the area is harvesting more and more interest from people around the world, connoisseurs are working hard to specialize in this movement. The main reason behind this is the expectation of the market reach. It is expected to reach 2.3 billion dollars by 2021. The main wizards behind these results are the finance experts and backend developers.

Blockchain has numerable career opportunities, which renders good money too. For example, the averages pay for a software engineer around $80 thousand in the US. The lucrative career is one reason that attracts so many people in this sector. However, if the developer specializes in this area they can get paid over $100 thousand for their projects.

In this blog, we are gonna discuss the things you must know before your first blockchain project. If you are a developer and wish to create your own blockchain project you need to have some preparation. There are 6 things you must consider before becoming a blockchain developer.

1. The basics: If you want to become an expert at anything, first you must consider knowing the basics. Before programming any complex algorithm, you must think over the very foundation of the blockchain. The basic three principles the blockchain relies on are decentralization, immutability, and transparency.

As we all know that the blockchain is not controlled by any authority, the immutability stands for the fact that every piece of information is secure and permanent. Also, blockchain is easily accessible that brings transparency to the process.

• The Data structure: Blockchain cannot be governed by any central authority, so as a developer you have to grasp the elements of the data structure. Structure such as stack and tree are highly essential for developers, along with time and economy. It is very important to classify resources when it comes to blockchain technology.

• The Cryptography: The most important element for building the blockchain. Cryptography is needed while building blocks in the blockchain. This can be considered as a skill that is used to protect digital data and encrypting assets. Cryptography makes sure the existence of the data remain forever, but still unavailable to unauthorized users. The blockchain is safe and secure; which attracts more and more businesses and organizations to save money via blockchain.

As I mentioned, cryptography is an essential part of the blockchain and it assures the safety of the blockchain. People are willing to invest in cryptocurrency because of its security, efficiency, and non-taxability.

• Distributed Computing: If you want to study and master blockchain, you should know how to enables developers to design large scale networks. Unlike other networks such as torrents, merging blockchain with distributed computing networks improves security.

In the blockchain, every participant is involved in security. The more and more investors are contributing to the blockchain security, the more breakthroughs are to be built.

• The Mechanism Design: It is another important part of the blockchain building. The mechanism can be described as a link between distributed computing and cryptography. It is used to create more secure algorithms for blockchain. Thus helps to involve more peers in the world crypto community. As you stockpile information, it would be easier for you to develop blockchain projects.

• The Development platforms: There are so many platforms available to develop your blockchain. Having a platform is the best way to accumulate learning. Some of the most prominent platforms include Ethereum, NEO, Dogecoin, and litecoin, there are many others as well. But these were worth to mention. Understanding and analyzing the structure of these platforms will give you profound cognizance of blockchain technology. The fun fact of blockchain apps or cryptocurrency networks is that it is not created from scratch. That is why all the blockchain networks work and support each other for the advancement of the technology.

We are only at the beginning of the blockchain saga, so this high time to expertise in your specialization in the area. Your blockchain projects will be successful if you only take advantage of the unique properties it offers. We mentioned a few of them in this article. If we missed out on something let us know in the comments below. We would love to hear your thoughts.

How To Develop The Blockchain Application?

We all know Blockchain is a digital ledger, offering a secure way of transferring money, recording agreements and contracts. Herein Blockchain everything that needs to be logged in a commercial application has taken place.

Blockchain application is unique from others; unlike other ledger network blockchain experiences distributed computed sharing. This network can encompass thousands of users at one time. The ledger has become an endless list of transactions that have taken place since the beginning of the system.  It is getting bigger with time.

So how does it work?

Well, Blockchain is specialized software that works behind the scenes; it automatically distributes information to the database. The individual users cannot see the Blockchain performing instantaneously for someone to note the transaction record in the ledger.

Is it secure?

The technology of Blockchain is quite different; it records every transaction’s information in each block and connecting with the previous blocks, thus creating a chain. The transaction content is hashed or coded, which validates each block — overall creating integral database security.

Coming back to development…

Blockchain technology has been around for the past few years. Over the years it has made prominent marks in various industries. The most known use of Blockchain is so far the Bitcoin. Apart from Bitcoin it as supported many other digital currencies. But blockchain usage is not limited to financial transactions. There is much other application in various sectors. Although, experts are continuously finding new ways of use for the technology.

It is an emerging technology; industrial enthusiasts are hopeful that it will gain significant development in the future. It provides transparent, instantaneous, and undisputable transaction records, which can take off corruption and provide transparency to the area of finance.  But there are still many confusions and questions about how to apply the technology in various sectors. Does Blockchain need to change what is already being served? And which markets it serves the purpose the most?

Those entire questions are coming out since its explosion. Recently the last year, the Start Network announced a project that includes Blockchain for speeding up and aid funding and traced the spending. The ultimate aim is to track the record of every pound in aid, from the donor to the recipient.

Blockchain can be widely used in the real estate sector, for keeping track of land tenure and property rights. Traditionally, the government holds all the details of property and land records, and owner as a piece of paper to prove its ownership. But often government records can be manipulated especially due to corruption. However, blockchain technology could act as a neutral body to determine the ownership; also it could provide the original land ownership history and verified documents stored in the blockchain database. This process would be secure and valid.

DAI or Development Alternatives Incorporated is looking for ways of incorporating Blockchain to keep medical records. The idea is to keep electronic medical records, which are becoming quite a phenomenon around the world. There are so many people involved in the healthcare system, the whole process for a single patient includes – Hospitals, Doctors, Insurance companies, the government. So many times, the records can be disrupted with time. So to make sure the history remains secure and encrypted and they aren’t lost, blockchain application can benefit. The technology can function as an encryption process to keep and share documents securely.

Keeping in mind the snags…

In blockchain development, there are debates like whether the technology is appropriate or not. Blockchain is resourceful and can serve many people based on their logging needs. It is a shared ledger network that is distributed in computers all over the world.  But one thing is essential that threads all the blocks are the Internet. So the countries were the government often shut down or limit Internet Usage, Blockchain can prove to be useless there.

So should we be using Blockchain Application?

We all know the truth that the government often Struggle to equip potential stuff for various works, also man staff as many drawbacks. All that can be cured by Blockchain as an individual does not support it. It can work on its own. Using blockchain technology not only makes the process transparent but also will remove corruption, thus making the infrastructure-less complicated and clear. Currently, we are witnessing blockchain usage in Health, bank, real estate, education, and more. No wonder experts are hoping it will change the whole economy.