An Ultimate Guide On Blockchain Software Development 

By Suffescom Solutions

August 08, 2022

The primary technology that holds power over most industries is blockchain technology. Billions of dollars have been invested in blockchain. From 2022 to 2029, the blockchain market will hit a 56% growth rate yearly. Industries worldwide proactively participate in blockchain development for banking, financing, real estate, healthcare, and trading services.

Here in this post, we will discuss all major aspects of blockchain development in various business domains. However, before all, let us know why businesses adopt the blockchain development trend.

Suffescom solutions  Inc. is named the pioneer in the blockchain development sector as we have adopted this trend early. And till now, we have built a vast experience developing blockchain solutions. If you want to hire a trusted blockchain development firm, we are the right choice for you!!!

List Of The Blockchain Development Benefits For The Business?

The blockchain industry can meet the needs and standards of almost every business domain as it offers security, transparency, speed, and threats protection, all that a business needs to be successful in the market.

You can go through all the benefits enlisted below that blockchain bring to your table. All these perks can influence your decision to launch a blockchain project without taking any time. Let’s look at the benefits.

Enhanced Transparency

The transaction details are more transparent for both parties on the blockchain network. The same ledger is shared between all participants, and the transactions are legitimated by the validators using the consensus mechanism. The data recorded on the blockchain networks is more transparent, secure, and accurate.

Better Speed

The existing business processes have improved enough; however, there are still loopholes, and speed is one of the most concerning. With blockchain implementation, no intermediaries are required. So, the processing time is automatically reduced and takes less time. Especially the transactions become fast, and the data is accessible to everyone. Therefore, quick results in no time for everyone present on the network.

Increased Traceability

Tracing the products in logistic and supply chain management is easy and efficient with the introduction of blockchain. Monitoring the life cycle of the products is fast, cost-effective, and accurate with blockchain integration. Nonetheless, it adds flexibility to the financing.

Reduced Costs 

Intermediaries or third parties dont play any role in any business process. The participants present on the network verify the transactions using a different consensus mechanism. So, no need to pay any third entity holding the authority over the whole network.

Stepwise Blockchain Software Development Process 

Identify Your Idea

The blockchain solution you go for should offer the best business opportunities. Before reaching any blockchain development company, you must recognize the idea that suits your business best and examine the current market and the existing blockchain projects in the same business field. 

Recognize the problem in your business and determine the blockchain solution that can solve the problem and bring better opportunities. Then you can start the blockchain software development to migrate your current solution to the blockchain network or craft your business over the blockchain network from scratch. 

For example, if you are in the real estate industry, you can launch a blockchain-powered application that can track the payments and offer complete transparency to both parties.

 Choose the Right Blockchain Platform

The next step is to select the blockchain platform you want to use to launch your blockchain software. There are various platforms available that can meet your business goals. Recognizing the right platform is all you need to do to carry the process smoothly. 

Therefore you can choose the best fit among all the popular platforms. For example, you can choose the Ethereum-based platform to launch a dapp with smart contract implementations.

 Proof of Concept

The practical implementation of the blockchain project depends on the proof of concept used. It is more like a design protocol or a theoretical build-up for blockchain development.

Once the theoretical build-up is ready, get feedback from the stakeholders. It includes outlining the mockups and designs, tested products, and the information-related architecture.

After the client approves the proof of concept, the next stage is to craft the visual and technical designs for the blockchain software.

Technical & Visual Designs

The blockchain developers evaluate, formulate, and design the whole software. For each component, there will be an easy-to-use interface so that users dont face any difficulty navigating any of the screens of the application.

The data storage should be planned efficiently. Integrate the required features as asked by the clients once the backend technical development and the front-end designing are done. The blockchain software is ready to enter the testing phase.

Development Phase

When all the basic building components are finalized for the blockchain solution, now is the time to plan the development stages per the needs. The back end and the user interface are designed in this phase.

Also, the APIs are integrated at this stage. Once the product is fully designed, it goes through the testing stage to remove the glitches and bugs. After that, it is all set to launch the blockchain software by the blockchain software development company for you.

Do you want the solution for the challenges you face in your business process? Suffescom solutions Inc. allows you to leverage the top classes benefits of blockchain technology by creating top-notch blockchain-powered software for your business. Get in touch with us for more information!

Which Business Sectors Leverage The Potential Of Blockchain Technology?

E-commerce Industry

The e-commerce industry has harnessed the power of blockchain technology. The innovations brought by the blockchain have revolutionized the ecommerce industry so that customers now get the best data protection. The digital identification of the users is possible with blockchain, which is another way to restrict the entry of malicious agents. The smart contracts implementations design the features like rewards offered by the brands in return, which helps to retain the customer base.

 Real Estate Industry

Every industry in today’s era wants to automate its business processes, and nothing can be more trusted than blockchain technology for automation and accuracy. Identification to payments, all features offered by the blockchain softwares boost the system’s efficiency. The involvement of smart contracts brings more accessibility and surety to the users.

Blockchain in FinTech Industry

With the continuous launch of cryptocurrencies, the blockchain trend for tokenizing assets and trading has become more popular. It happens because there are no governance rules for paying through cryptos globally. Everyone can pay the service providers through cryptos. Transparent financial operations are possible with blockchain technology.

Blockchain in Healthcare

Blockchain technology plays its part in reshaping healthcare facilities. The drug supply chain works based on blockchain technology. Various healthcare blockchain softwares are launched powered by the R3corda blockchain protocol. Still, the practice is at the initial stage but is expected to proliferate.

Blockchain does not end with Cryptocurrencies, but this technology ensures the end of inefficient business operations and the beginning of the exceptional evolution as we move forward every day. Let’s have a look at the top trends in blockchain in 2022:

Central Bank Digital Currencies (CBDC)

Yes, the central banks of various countries are on the path to adopting cryptocurrencies. It predicts that banks are expected to generate digital coins equivalent to fiat money. As per the stats, around 87 countries show a keen interest in the CBDC. Numerous factors influence their decision, such as cost-effectiveness, low transaction fee, etc.

NFT Boom

NFTs are gaining massive popularity in past years and will continue in future years. Every sector demands NFTs in the virtual world, from artists to game players. Enterpreneurs are considering launching their own tokens and NFTs to capture the audience's attention. So, it is the right time for your business to enter this trend and make a remarkable place for you! AND WE CAN HELP YOU WITH THIS!! GET IN TOUCH WITH OUR EXPERTS!!

Metaverse

Metaverse is no longer a fancy term as people have experienced the opportunity to play the games, shop, and buy/sell property in the metaverse. The virtual world offers users unmatchable joy, making it more trending. And businesses have started looking for metaverse development company that can turn their idea into reality.

Blockchain-as-a-Service (BaaS)

Lastly, we like to introduce the BaaS, which is catching the most attention as it is the newest among all mentioned. Giants like Amazon and Microsoft have already tasted its potential. It works the same as the cloud services. Using blockchain, users can create digital products. The BaaS platform includes the tools and applications to create virtual assets on the network.

Top Frameworks and Platforms We Use For Blockchain Software Developement

Hyperledger

It is an open-source platform founded in 2016, suitable for projects like finance, supply chains, etc. It holds its own tools, frameworks, and libraries to create highly scalable projects.

Exonum

Launched in 2017, it is used for creating public sector blockchain projects for land registries. It offers fast transaction speed and supports cryptocurrency exchange developement.

Ethereum

Corda

Especially designed for financial institutions to manage and control the financial obligations of various organizations. Due to the low cost of transactions, it is used for healthcare, insurance, and digital assets-based platforms.

Leverage The Benefits Of Our NFT and Blockchain Expertise

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Out Top Notch Blockchain Software Developement Services

Blockchain App Consultation

Our high-class blockchain software consultation services can guide you on the best to replace your competitors by launching the right blockchain-powered solution. We can help you identify the best blockchain solution for your business.

Crypto Exchange Development

Our experts assist you in launching the hack-proof blockchain platform for trading cryptos with real-time tracking and all the required features on android and iOS.

Customized Blockchain Solutions

You can get tailor-made blockchain solutions with us at reasonable prices. You can integrate our solutions with your existing system to enhance the processes. We architect the customized blockchain software development that meets your business aims.

Crypto Wallet Development

Our crypto wallets can manage multiple currencies as per your needs. Hire us for reliable crypto wallet development services to get a high-quality outcome that can track and safely secure all your assets and transactions.

NFT Marketplace Development

You can easily manage the trading, bidding, and buying/selling of the NFTs on platforms designed by our expert teams. You can go for multichain or Cross-chain nft marketplace platforms.

What Is Best About Our Blockchain Software Developement Services?

Cost-effective Services

You dont need to pay blindly to your blockchain development firm. We follow a transparent and cost-effective approach. You dont need to worry about the cost factor as we offer customized blockchain software development services under your planned budget while maintaining the quality.

Agile Development Process

Our development team follows a sophisticated agile development methodology. The chances of bugs and errors in the final product are quite rare. The development process is done by going through multiple iterations to decrease the chances of mistakes.

  Years Of Experience

 Building  nearly 6 years of blockchain development under our belt, we know the best techniques to make your blockchain project successful. Serving multiple industries in our past experience, we have built loyal clients in the market who trust us every time we plan to launch a blockchain-powered solution.

Blockchain Experts

You can count on our well-trained and highly knowledgeable blockchain developers. Our experts have delivered more than 60 blockchain-based projects. Tell us your requirements; our professionals listen to the clients carefully and work accordingly to bring the best outcomes.

Round-the-clock Support

Get 24*7 technical support and maintenance services with us. If you face any technical issue, even postdelivery, reach us anytime as we are always available to assist you irrespective of the time zones.

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