Blockchain Product Development: How to Implement Blockchain for Your Business

blockchain product development, tokenminds
blockchain product development

There is little doubt that Blockchain Technology if understood and implemented well, can help organizations reap multiple benefits. Then again, successful Blockchain Product Development is a meticulous task that requires vision, long term planning, expertise, and a collaborative mindset to pull it off.

What is Blockchain Technology?

Blockchain is a secure digital database that is managed through a peer to peer network. Transactions are recorded on the blockchain and authenticated by network participants. This creates a decentralized database that is continually verified by nodes to ensure that no repeat transactions occur.

Traditional databases, on the other hand, store data in the forms of spreadsheets and tables, which makes the database cumbersome and easily altered. Today, blockchain is being widely implemented across different sectors, particularly finance, supply chain, energy, etc. 

Private Blockchain Development

Private Blockchain Development typically involves building a Private Blockchain Network, either for your business or consortium. Also known as permissioned blockchain (the opposite is permissionless), these distributed networks emphasize confidentiality and as such, require permission to validate transactions. Every new participant, therefore, needs permission from the main party to enter the network.

blockchain product development
Security trade-offs of different blockchain types.
[Source: World Economic Forum]

Private Blockchains are mainly adopted by banks and organizations who need to control which transactions are added to the chain. For instance, Walmart has developed a blockchain system based on Hyperledger Fabric to trace the provenance of its products. De Beers also launched a ‘secure and immutable trail’ using a private blockchain called Tracr, to verify the authenticity and provenance of diamonds.

There are several providers of private blockchain development solutions. To name a few, Corda, R3, Ripple, and Hyperledger Fabric. However, you will still need a Blockchain Product Development Company. Its experts can help you build and deploy robust applications using these permissioned systems.

Public Companies Developing Blockchain

What companies are developing Blockchain Solutions today, and why? Here’s a list of some of the top public companies implementing blockchain to transform their business processes:

  1. Comcast
    Comcast has partnered with other industry leaders to launch Blockgraph. It is a blockchain based system that allows advertisers to target viewers with specific adverts while maintaining viewers’ privacy.
  2. BBVA
    Red Electrica Corporation and BBVA recently completed a syndicated loan using this blockchain technology, slashing approval time on syndicated loans.
  3. Barclays
    Barclays is using blockchain technology for streamlining fund transfers and KYC (Know-Your-Customer) processes.
  4. HSBC
    HSBC currently uses R3’s Corda technology for Digital Vault. HSBC’s custody blockchain platform will digitize the transaction records of private placement assets including equity, debt and real estate.
  5. DHL
    Shipping giant DHL is at the forefront of blockchain powered logistics. It uses the technology to maintain a digital ledger of shipments and protect the integrity of transactions.
  6. BurtsIQ
    BurstIQ’s big data blockchain platform helps patients and doctors securely transfer sensitive medical information using smart contracts that establish the parameters of what data can be shared.

Blockchain Business Development

With the right approach, companies can develop a successful blockchain product development strategy for their businesses. The key to successfully blockchain business development is to identify the problem you are trying to address. Then, figure out whether blockchain really is the best way to solve it. You need to know the technology inside out to be able to identify the holdups and explore other possibilities if need be.

Remember that the kind of blockchain you need will differ vastly from that of your competitor. Besides, it also depends from project to project. In order to understand what works best, it becomes crucial to have a blockchain expert in your team. Another solution is, to seek the help of a consultancy firm that provides blockchain product development solutions.

Furthermore, creating a niche community of blockchain specialists can help create trust in the technology among clients, since the team of experts can brainstorm challenges surrounding the technology together. Thus, it becomes a collaborative effort.

Blockchain Product Development Company

If you decide to outsource your blockchain product development you have at least three options to choose from:

  • Hire a blockchain development company
  • Hire freelance developers
  • Go with an off-the-shelf software solution

Your choice will depend on the scope of work you need, the type of blockchains solution you’re developing, and your budget. If you’re building a blockchain product for an existing business and you don’t need anything too extravagant or totally unique, an off-the-shelf solution might be the one for you. Similarly, outsourcing blockchain product development to a freelancer might be worthwhile for a simple app. 

But when your solution is more complex, the advantages of outsourcing blockchain product development with an established company become glaring. With a dedicated blockchain development company, you get all the specialists you may need: blockchain developers, UI/UX designers, testers, including project managers and business analysts. A full team is more beneficial when you need to build a blockchain solution from scratch.

Why Hire Ethereum Blockchain Developer

Ethereum is an open-source, decentralized database platform mainly used to develop decentralized applications (dapps). You need an Ethereum blockchain developer to build smart contracts and dapps as per your business use case on the Ethereum blockchain. . These developers are part of the core Ethereum development community and understand the updates and changes happening on Ethereum Blockchain in advance. As such, they can help identify the right strategy for building and deploying Ethereum applications. This may include user personas and components to be involved in the blockchain product development process. 

Some Ethereum blockchain developers also have in-depth knowledge of solidity smart contract development and can help you create highly secure smart contracts for NFTs, DeFi, and other dapps. 

At TokenMinds, we have a dedicated team of experienced Ethereum blockchain developers to help you develop robust smart contracts that meet your business needs. In addition, our blockchain product development team has hands on experience in building enterprise-ready blockchain solutions, including cryptocurrency wallets, decentralized application development, and smart contracts. 

Contact us to learn more about how we develop scalable blockchain solutions and to discuss your business’s needs and requirements!