Hot Trends in Blockchain App Development16 August 2017
The demand for Blockchain app development and professionals who can successfully implement it across enterprises & startups alike is growing. More businesses than ever are taking a closer look at their business efficiencies and new ways their business model can be bettered by the Blockchain technologies. At this point acceptance of bitcoins, Etheruem and other blockchain-based currencies are on the rise. They encompass both large and small companies, and this requires a creation of blockchain payment applications, as well as other solutions that use this new technology.
The blockchain application is now considered to be at the forefront of fast, transparent and secure financial operations. When the blockchain was initiated, it was equaled with Bitcoin by many, but the blockchain technology has outgrown the first decentralized digital currency legs and became a master of its own.
The blockchain software development is on the rise and growing, and various opportunities in blockchain technology are exploding. In this article, we discuss the current blockchain applications and trends in blockchain app development:
When we talk about blockchain development post-bitcoin, Ethereum is leading the pack of blockchain platforms. It got a firm footing last year and offers faster, more mature and up-to-date solutions compared to Bitcoin. Ethereum technology is the next level complexity, but it’s worth the effort as it has more to offer. In its essence, it is a cryptographic ledger that can store financial and other types of information that is 100% tamper-proof. Such data stored using blockchain cannot be changed historically.
Key benefits of Ethereum:
- encompasses the use of all cryptocurrencies, making it a prime place for blockchain financial transactions.
- fully supports smart contracts and applies them extensively.
- has its own programming language, Solidity that was designed for developers that need to write secure, error-free and robust code for the platform.
The term “smart contract’’ may confuse you if you take it literally as it does not involve making or signing contracts per se. Basically, a usual smart contract is a program based on the blockchain. To understand why you need to have it on the blockchain, we must dive in deeper into the blockchain benefits: security and resilience of the distributed system and fast execution are among the top priorities.
Smart contracts are usually programmed to controls digital assets and release them when all pre-set conditions are met. Below are the most common examples of how smart contracts operate:
- They can release funds gathered on crowdsourcing platforms only when a minimum number of contributions have been made by a pre-set date. If not the money is returned to investors.
- With their help, you can create and send legal contracts for attorneys only when the signatory submitted the required digital credentials and attached a payment confirmation.
Smart contracts are at the forefront of blockchain trends, although we’ve only scratched the surface of the ways they can be used and how they can benefit your digital business. Such security, resilience, and ability execute numerous programs and release assets on blockchain (financial being among the key ones) offer a world of opportunities in this new age.
At the core of Ethereum is the concept of decentralization of all things. Its advocates feel electrified by the applications that can be built on this computing platform. The decentralized apps can be subdivided into two major categories:
- apps that help users manage money and its flow
- apps of the “other” type, like voting systems
The most widely known is the first app type, where users can hold or exchange funds, settle contracts and employ the network's distributed computer nodes to distribute this data.
Emerging Markets for Blockchain App Development
Blockchain technology is a powerful and exciting force. When developing apps on blockchain you should think through the niches where they would be highly requested. As mentioned before, the key advantages of blockchain are speed, security, and flexibility. And according to these markers, we should consider the following markets:
Securing data is of paramount importance in the healthcare industry, and this is where app development on blockchain is of the essence. Considering that multiple parties require having instant access to large swathes of data blockchain becomes invaluable. Presently only a few companies offer app development on blockchain for healthcare, and professionals that can deliver such solutions are in high demand. This niche is still wide open, and the first healthcare companies to enter it will get all the rewards.
Gaming is not something that clearly relates in people’s mind to the blockchain, but it should be. Many gaming companies launched ICOs on the basis of building an app using blockchain technology to support their business. It makes easier to share, sell and incorporate game-based asset-sharing. This can be even done across games and platforms! The emergence of blockchain to support gaming is in the early onset, but developers are already making use of it to give certain gaming platforms an edge over competitors. On top of that gamers love new technological advances and enjoy testing new tools in their favorite games.
Fintech was on the books when the blockchain technology was created. Indeed, the fintech disruption caused a tidal wave of blockchain implementations. Many financial institutions thought that the fintech disruption would pass them by, but the wide use of blockchain left these ideas unrealistic nor self-preserving. Actually fintech blockchain offers very interesting ideas to regular financial institutions that can improve their operations.
The blockchain is no longer a simply buzzword, as applications based on it gain traction and gather millions in funding. This decentralized and disruptive force will take over the usual ways of doing business. Many companies that get on board soon enough and request the services of blockchain app developers will make a name for themselves and reap rich rewards. Your company may be the leader in your industry in a matter of years, much of it determined by the ways you approach the question “how to build blockchain applications that improve the services you offer?”. It will be determined by your commitment and your competence in building applications using blockchain technology.
With is a leading outsource provider of technology solutions like Softermii, getting the right blockchain app developers is made easy through the required skills and experience offered by their team. If you need a custom blockchain development solution, reach out for a no-cost consultation.