Blockchain development - A simple guide on how to get started?

What is blockchain?

  • Proof of work - It is one of the most commonly used consensus algorithms. Here the work done by each participant node should meet a specific standard to acquire the right to initiate new transactions within the blockchain. For example, both Bitcoin and Litecoin works based on this principle.
  • Proof of stake - Here the authority to maintain a distributed ledger is assigned to a participant node based on the number of crypto tokens held by it. For example, both Peercoin and Ethereum cryptocurrency tokens function based on proof of stake.
  • Proof of space - Proof of space functions based on the reserved memory space of the contributing nodes in the network. The authority to manage the shared distributed ledger is given to the contributing node that has allocated the most space. For example, Burstcoin cryptocurrency token works based on this consensus algorithm.
  • Proof of authority - It is used in both private and public blockchain networks. Every transaction initiated between the blocks is validated by means of a validator account. Validation is an automated process and doesn’t require constant monitoring. However, for that to happen the operating computer (authority node) needs to properly maintained. Proof of authority is most commonly used in networks that work based on trust.

How does blockchain work?

  1. Firstly, a transaction needs to be initiated.
  2. Secondly, the initiated transaction must be a verified one.
  3. Thirdly, the verified transaction needs to be stored in a block.
  4. Fourthly, the block must be given a unique identification code or cryptographic hash.

Why you should adopt blockchain technology in your business?

  • Decentralization: Instead of relying on a single trusted entity, trust is spread across multiple or all participants, depending on the agreed-upon consensus algorithm.
  • Immutability: Once data is committed to the blockchain and a sufficient number of participants have agreed on this state, the information is stored permanently and immutably.
  • Security: Blockchain is considered to be a highly secure system due to its digital signature and encryption. The system is specially designed to be secure, convenient, and tamper-proof.
  • Fraud control: A system that is based on data stored in a number of places is immune to hackers; it’s not that easy to get access to it, and if so, any piece of information can be easily recovered
  • Transparency: Banks, as well as the clients, are immediately notified about the completion of transactions, which is both convenient and trustworthy.
  • Speed: Transactions are processed way faster than usual as there is no need to include payment systems, which reduces the cost and increases the processing speed.

Some of the practical applications of blockchain technology

Financial Services
cryptocurrency
healthcare
smart contracts
supply chain
government
media and entertainment
retail
real estate
travel

When to use Blockchain for your Startup or existing Platform?

Blockchain development process

blockchain development process

Requirement evaluation

Decide on a blockchain platform

Visual and technical design

Blockchain development & deployment

Costs associated with blockchain development

  • The cheapest and most risky option would be to hire freelancers.
  • If you want more control over your project, you could go with a more expensive option and onboard an in-house team.
  • Hiring a blockchain development company offers an ideal middle ground between these two options as it doesn’t involve much risk or high expenses.

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Accubits Technologies is an enterprise solutions development company focusing on AI and Blockchain technologies, based in Virginia, USA. https://accubits.com/

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Accubits Technologies Inc

Accubits Technologies Inc

Accubits Technologies is an enterprise solutions development company focusing on AI and Blockchain technologies, based in Virginia, USA. https://accubits.com/

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