These days, there are all kinds of blockchain development services to help you implement blockchain faster and with less risk.
Although many blockchain development services cover end-to-end development blockchain applications, some blockchain solutions providers offer stand-alone services or bundle them as parts of a full-cycle blockchain product development.
ELI5 Blockchain Technology: What is Blockchain?
Here’s an ELI5 (explain it like I’m 5) version of blockchain technology.
Think of blockchain technology as a spreadsheet that is duplicated multiple times across a network of computers. Now this network is designed to update this spreadsheet based on network consensus regularly. That is the most basic understanding of blockchain.
So basically, five things must happen for a ‘blockchain’ to work:
- A transaction must occur – this could also mean an event such as recording bar codes of a food product.
- Verified transactions– this will be done by a network of computers spread across the globe
- Stored transaction records in a block – this gives the transaction or the event the green light so that it can join thousands of others like it.
- Give a hash to the block – the verified transaction will have a unique, identifying code called a hash, together with the hash of the most recent block added to the blockchain.
- Lastly, the transaction is now available on the blockchain for everyone to view. That is what makes blockchain a disruptive technology. It can securely store information without the need for a central authority.
With all this and much more stored in it, blockchain holds promise for disruption in every industry. The technology holds promise to help improve operational processes, enhance transparency and increase the security of transactions. And this could translate into improved efficiency and reduced costs for both businesses and customers.
Using solid expertise in blockchain development, our team will help you create practical and scalable use cases. That way, you can get the best of blockchain technology for your business.
What is Blockchain Development?
Blockchain development includes cryptocurrency exchange, wallet development, smart contracts development, and other projects. It also involves building a customized blockchain product for your business or consortium.
Whether the goal is to create a crypto wallet app or an enterprise-ready blockchain solution, blockchain development services range from ideation and concept to delivery to ongoing support.
The most common blockchain development services and solutions in the market include:
Blockchain development services consulting
It involves working with blockchain app development companies to help you identify the potential of blockchain for your organization. It also includes market research, project feasibility assessment, analysis of blockchain platforms, tools, etc.
There are providers of private blockchain development solutions for businesses, such as Corda, Steller, Ripple, and Hyperledger Fabric. However, you will still need an expert to help you build and deploy robust applications using these permissioned systems.
Smart contract development
Smart contracts refer to programmed contracts that utilize execution in a distributed environment for enforceability. They are useful in support crowdfunding, NFT auctions, multi-signature wallets, bespoke applications, and more.
Custom blockchain development services
That involves building custom blockchain software solutions for companies looking to develop decentralized applications (dApps) or integrate blockchain into their existing systems. So companies can request blockchain development services tailored for finance, supply chain, real estate, healthcare, gaming, and more.
It involves building full-stack dApps and smart contracts on the Ethereum blockchain. Ethereum is perhaps the most popular blockchain platform for building dApps.
Blockchain supply chain solutions
Companies can use blockchain technology to make supply chain operations more efficient, transparent, and secure. Some companies offer blockchain development services specifically targeted to supply chains.
Decentralized exchange development
These are blockchain platforms that enable the real-time exchange of digital currencies securely and efficiently. This solution is suitable for exchange operators, asset managers, token issuers, brokers & dealers, and custodians to manage the trading of cryptocurrency and other digital assets.
Cryptocurrency wallet development
It involves the development of blockchain wallet applications that can hold a wide array of digital assets and currencies and offer the ability to check balance and track transaction history.
Blockchain Wallet App Development
A blockchain wallet or crypto wallet app allows users to store cryptocurrency or digital assets like NFTs. Say people bought a certain amount of your tokens or coins. Since it has no physical form, how do they safely keep it? That is where you provide an online storage facility. A crypto wallet helps you will do that for your investors.
While it is easy to integrate and use readily available blockchain wallets for simple tasks like checking the balance, the recommendation is to have your blockchain wallet app development done for implementing more complex functionality.
The following are some of the primary features of a blockchain wallet pp.
- A blockchain wallet app must enable user authorization (primarily through 2-factor authorization methods).
- The wallet must support multiple currencies.
- The wallet sends/receives transactions via different addresses (and recognizes addresses using QR Code Scanner).
- It should have push notifications to alert users about transactions.
- The app should be able to show available balance and the entire transaction history on the blockchain.
- It should have a payment gateway integration that allows merchants to accept payments in cryptocurrency.
TokenMinds is one of the leading blockchain app development companies that provide blockchain development services for crypto wallets. We build secure blockchain wallet apps that safeguard the privacy and secure coins against fraudulent access and unauthorized transactions.
When to Hire a Smart Contract Developer
If you are planning to develop blockchain solutions for your business then you will need great developers. One such kind of expert is a smart contract developer. A smart contract developer has in-depth knowledge and understanding of blockchain development and can help you create highly secure smart contracts for NFTs, DeFi, and other dapps. These professionals also have experience with various blockchain platforms and as such can help you identify the right strategy for building and deploying smart contract applications.
Blockchain Development Solutions
TokenMinds is a reputable company providing blockchain development solutions to companies looking to implement blockchain technology. We are masters in offering cutting-edge blockchain development services, including smart contract development, crypto wallet app development, decentralized applications development, among others. Our skilled blockchain developers help you to build and deploy enterprise-ready blockchain solutions, allowing you to capitalize on numerous opportunities that this technology has to offer.