In the chaos of the current business world, one thing has become abundantly clear, and that is the need for transparency and security is at an all-time high. Centralized systems can no longer keep up with the increasing demand for speed and security, leading many companies to explore decentralized solutions such as blockchain technology. Ethereum blockchain also has a great potential to build trust between different organizations as it provides a decentralized platform that can be used to run smart contracts and dApps.
Many startups and established enterprises are coming up with ideas to use this game-changing technology to solve various business issues. Developing a blockchain solution can be a great way to streamline your business processes and make them more efficient. However, before you start development, there are a few things you need to take into consideration. This article will discuss eight things you need to know before developing a blockchain solution. Let’s get started.
1. Define Your Use Case
The first and foremost thing you need to do before developing a blockchain solution is to identify and define your use case. You need to clearly understand the problem you are trying to solve and how blockchain can help you solve it. Once you have defined your use case, it will be much easier for you to move on to the next development step. Every use case is different, so make sure you spend enough time on this step.
Identifying a use case for blockchain is challenging as the technology is still in its early stages and has much potential. If you are having trouble finding a use case for your business, you can look at some of the widespread use cases of blockchain, such as Supply Chain Management, Healthcare, Identity Management, etc. Also, make sure the use case you choose is something that can be implemented using blockchain technology.
2. Choose the Right Platform
Once you have identified and defined your use case, the next step is choosing the right development platform. Many blockchain platforms are available in the market, each with features and advantages. You need to choose the platform that best suits your needs and requirements.
Some popular blockchain platforms include Ethereum, Hyperledger Fabric, Corda, etc. You can also use the AI Saas platform like Infosys Nia to develop your solution. No matter which platform you choose, make sure it can support your use case.
3. Understand the Consensus Mechanism
One of the most important aspects of blockchain development is understanding the consensus mechanism. The consensus mechanism ensures that all the nodes in the network agree on the ledger’s state. Making changes to the ledger without most nodes’ consent is impossible.
Different consensus mechanisms are available, so you must choose the one that best suits your use case. Some of the popular consensus mechanisms include Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), etc.
4. Select the Right Development Team
Another important thing you need to do before developing a blockchain solution is to select the right development team. The team you choose should have relevant experience in blockchain development and should be able to understand your requirements properly. Also, make sure the team you choose uses the latest tools and technologies for development. It is a matter of your business, so don’t take any chances and select the best team for the job. Potential places to find good blockchain developers include online job boards, freelance websites, and social media platforms.
5. Perform a Feasibility Study
Once you have selected the development team, performing a feasibility study is next. This study will help you understand whether the solution you are planning to develop is feasible or not. It will also help you identify potential risks and challenges you may face during development.
Make sure the feasibility study is conducted by a team of experts with significant blockchain development experience. Not only will this study save you time and money, but it will also help you avoid any potential problems that could arise during development.
6. Develop a Minimum Viable Product
Once you have selected the right development team, developing a minimum viable product (MVP) is the next step. The MVP is a basic version of your solution that includes only the essential features. It is crucial to develop an MVP first because it will help you validate your idea and gather feedback from users. It is much cheaper and faster to develop an MVP than a full-fledged solution. Once the MVP is developed, you can add more features and functionality based on user feedback.
7. Test and Deploy Your Solution
After the MVP is developed, testing and deploying your solution is next. Testing is essential because it will help you identify bugs or errors in your code. Make sure the testing is done by a team of experts with significant blockchain development experience.
Deploying your solution on a public or private blockchain network is also essential. It would help to choose the network that best suits your needs and requirements. You can also use analytics tools to gain insights into your solution’s performance.
8. Maintaining Your Blockchain Solution
Once your solution is up and running, you must ensure it is properly maintained. It includes regular updates, security patches, and troubleshooting. You must also monitor your solution regularly to ensure it performs as expected. If you find any issues with your solution, fix them immediately. Monitoring and maintaining your blockchain solution is ongoing, so you must be prepared for it. After all, your solution is only as good as its last update.