Blockchain is absolutely everywhere these days, and it’s seemingly impossible to take even one footstep into the open market without encountering some new firm claiming that it’s leveraging the power of blockchain to reshape the economy. Thanks to the newfound interest in this technology that emphasizes the power of its decentralized ledger, many companies and IT developers are stepping up their game when it comes to developing in-house blockchain applications of their own.
Nonetheless, many newcomers to this trend are struggling when it comes to creating a solid application of their own that meets all of their needs without breaking the bank. Here’s everything you need to know about developing a blockchain application if you want to avoid dismal failure early on, and why this exciting new technology isn’t going anywhere anytime soon.
The future will be defined by blockchain
Much of today’s popular press is inundated with poorly reasoned arguments about how blockchain can never go mainstream, but it’s a simple matter of fact that this new technology is being adopted all across the market at a staggering pace. As a matter of fact, even established companies like Kodak, famed for its cameras, have announced blockchain projects that caused their stock valuations to soar upwards. It seems like virtually everyone is riding on the blockchain express these days, so what do you have to do to get onboard yourself?
First and foremost, before you even begin developing a blockchain application, you’ll want to clearly list out the goals your business hopes to accomplish by leveraging this new technology. Blockchain is incredibly exciting and deeply efficient when leveraged properly, but not every task calls for a new blockchain application. If you’re looking to dive deeper into the field of cryptography, or you’re trying to establish a distributed system that you’re sure is secure, you can be reasonably confident that a blockchain application will meet your needs. Don’t allow yourself to become one of those countless companies making fools of themselves by slapping the name of blockchain before their newest project, however.
Now that we’ve guaranteed blockchain applications are the right tool for you, you’ll want to set about assembling your team. There’s an uncomfortable reality that must be confronted before you start hiring new IT specialist to begin working on your blockchain application; demand for blockchain experts far exceeds the supply of them currently, and that’s unlikely to change anytime soon. You’ll need to be prepared to pay top-dollar prices, then, when it comes to both hiring new team members and building the IT infrastructure you’ll need for a genuinely effective blockchain app. There are many options on the market to make things is. Software such as OPEN Platform has created a way for developers to both distribute and monetize their applications on the blockhain, but this will require training of your team which itself will cost money.
Visit Innovation Enterprise's Blockchain Innovation Summit in San Francisco, October 15-16, 2018
Do your homework ahead of time when it comes to hiring a blockchain developer, then, and you’ll avoid wasting valuable time and money. You need to understand that you’ll want to start small, as getting ahead of yourself can all but guarantee your blockchain application fails before it ever got a real chance to get started. That’s why you should review a guide on how to establish your first blockchain network, which will be an essential step if you truly hope to develop an extensive distributed ledger application that can help bolster your business.
Understanding how blockchain communicates
One of the fundamental drivers of blockchain’s success in the market is the fact that it features peer-to-peer network topology, which means that if you want to develop a blockchain application of your own, you’ll need to gain a comprehensive understanding of computer networks as used in a business cell booster. After brushing up on computer networking and P2P network design, you’ll also want to take a deep dive into one of the biggest cryptocurrencies that’s helped make blockchain become as big as it is today.
By comprehensively reviewing the original Bitcoin whitepaper, for instance, you can gain the crucial insights needed to really understand how blockchain applications can be applied to real-life economic scenarios. Far too many rookie developers try to jump right into things, quickly getting in over their head because they haven’t taken the necessary time to do their homework when it comes to how blockchain applications became mainstream in the first place. Don’t let yourself commit that same rookie mistake.
Cryptocurrencies are obviously not the only way that blockchain applications can be applied to the real world, but they’re by far the most popular source of most of today’s blockchain applications. These digital currencies have grown incredibly popular over the past three to four years in particular, so if you’re looking to make a relevant application, you’ll want to include cryptocurrency studies in your initial workload when preparing to establish your own blockchain app.
Creating your first blockchain application is a rite of passage for many aspiring developers today, and for good reason. This amazing technology is only going to become more and more popular as time goes on, after all. Get started developing your own blockchain application today, and you’ll soon find yourself amongst the blockchain pros sooner than you’d ever imagined.