From 2022 to 2030, the blockchain market is expected to grow at a compound annual growth rate (CAGR) of 87.7%. In 2022, the blockchain market was worth USD 10.02 billion.
Let's talk about how to make a blockchain app in 2023 and how it can help businesses.
Understanding the term - Blockchain and its working!
Blockchain is a digital record of all the events that has copies on all of the computers that are connected to it. There are several deals in each block in the chain. Every time a new transaction is added, a record of that transaction is added to the blockchain of every member.
Blockchain is a peer-to-peer (P2P) network made up of pieces of data called bits. These blocks, which are added to the blockchain in order of when they were made, make up digital blocks of transactions. Each transaction in the blockchain is given a number, which is stored in each block. A new entry is added to the ledger every time a new transaction happens on the blockchain.
For new blocks to be added to the blockchain, there must be contact and validation between nodes. For a new block to be recorded, all of the people who are part of the P2P network have to agree to it. Different types of agreement are used, such as Proof-of-Work (PoW), Proof-of-Stake (PoS), Proof-of-Authority (PoA), etc.
The data can't be changed without changing every block after it. This means that everyone can see every change made to the blockchain.
Let’s Explore The Steps To Launch A Blockchain Application
Step 1: Decide What kind of App you want to make
The State of the dApps says that there are more than 3,5459 active decentralized apps. These apps are used in many different fields, like gaming, banking, health, security, and so on.
Let's look at some of the areas that blockchain is changing so you can get ideas for your next project.
- Banking and Finance
About 400 new blockchain-based financial apps are made each month. Blockchain claims to make financial transactions more open, simple, and efficient.
The technology can be used for all of the most important services that banks offer, like transfers, clearing, and settlement.
Blockchain development services are already being used by a lot of companies in the finance field. Credit Suisse is one example. It uses blockchain to settle deals in US stocks. JPMorgan Chase uses decentralized technology to make it easier for large accounts to do business with each other. Ripple and R3 are two of the most widely used blockchains in this field.
Blockchain doesn't give the insurance business anything new. Instead, insurance companies are adding blockchain to their current solutions to improve operating efficiency, lower costs, speed up time to market, and give customers a better experience.
Because blockchain can't be changed and keeps track of different versions, it can be used for partnerships and deals across borders. Blockchain can be used in the insurance business for many different things, such as finding fraud, reinsurance, on-demand insurance, micro-insurance, and so on.
One of the biggest problems in the healthcare field is that there are many different systems that process and store data, but they don't talk to each other. Such systems store and handle sensitive, personal, and personally identifiable information, which is a huge target for hackers. So, making a single system that all institutions could use to share data is risky, if not dangerous.
This is where building blockchain applications can help solve the problem. Blockchain makes it possible for healthcare institutions to share data with other network users without putting security or the integrity of the data at risk.
- Real Estate
There are some risks that come with buying and selling property, such as lack of openness, a lot of paperwork, fraud, and mistakes in public records. Paper records are no longer needed because of blockchain. Blockchain can be used by real estate companies to keep track of land titles, transfer them, and make sure that all papers are correct and up to date.
Blockchain can be used to move trust away from markets and other eCommerce sites and put it in more than one place. Instead, decentralized technology makes it possible for buyers and sellers to meet directly.
Another way that blockchain could be used in shopping is to protect luxury goods from fakes and verify their authenticity. So, customers can be sure that the goods they buy are authentic and not fakes.
- Supply Chain
Supply chain management is already using blockchain technology. The technology can be used to track every step of a supply chain and make it completely clear, even if there are many partners in the chain.
The gaming business has done a good job of going from a fun hobby to a serious sport. There are gaming events with big cash prizes and even a black market.
Blockchain can solve some problems that have been around for a long time in the gaming business.
CryptoKitties, which became popular and made its creators millions of dollars, is one of the most well-known blockchain games.
Step 2: Decide Blockchain App
Before you can decide how to build a blockchain app technically, you need to know what problem it will solve.
For example, if you work with cryptocurrency, you might want to make a mobile cryptocurrency wallet, a trading app, or a crypto signals solution.
The same is true for other fields and the problems they face. The first step in making a blockchain application should always be to find problems and think of ways to solve them with a decentralized app.
Step 3: Choose a Technology Stack
At this stage, you need to choose the technology stack for your future answer. The final list of tools will depend on what kind of app you want to make and how you want to make it.
The seven most popular platforms for making blockchains
If you want to know how to build a blockchain app, you should first learn about the most famous blockchain platforms. You can use a number of different solutions as the base for your application.
- Hyperledger Fabric
- R3 Corda
Step 4: Start Making Blockchain Applications
Most companies break the process of making software into two main parts:
- Discovery stage (also called the pre-development stage): During this stage, the blockchain development vendor will figure out what your wants and business requirements are. The main goal of this step is to understand your project and all of its requirements as a whole.
- Development Stage: During this step, an application's code base is made. Experts like front-end and back-end developers, QA engineers, Software Architects, and Project Managers usually work on development.
After you've tried out your idea and found that it works, you can move on to full product development.
Step 5: Deployment
Once the code for the app is ready, it needs to be put on the main network and put on the market. If you want to make a mobile game, you will need to send it to Google Play and the game Store. If you decide to work with a software development business, they can usually help you submit the app to an app store and handle all the other steps without any trouble.
Step 6: Marketing and Advertising
One of your main jobs is to find and keep people. Companies usually come up with marketing plans and start advertising while their product is still being made.
The goal is to get people who might use your app to know about it.
You now know how to make a blockchain app and what it needs to do well.
How Much Does It Cost to Build A Blockchain Application?
You might be thinking how much it costs to make a blockchain app.
Most of the time, making a blockchain app costs between $20,000 and $60,000, but it can cost up to $200,000 or even more.
The final price varies on a number of things:
- What kind of app you're making and how complicated its features are?
- Third-party connections on the blockchain platform?
- Complexity of App
- Number of tools to be used
- Where mobile blockchain app creation is outsourced?
When working with US blockchain app writers, hourly development costs usually start at $100 and can go as high as $250. Offshore app development outsourcing is a good idea if you want to hire the best people on the market at a price you can afford.