Build Software Based on Blockchain

Business
09.05.2022
Build Software Based on Blockchain

Blockchain technology is the latest buzz in the world of innovation, with more than 68 million users having active blockchain wallets. This is an exponential growth given that the tech barely had 3.16 million users back in 2015.

Although blockchain technology is synonymous with cryptocurrency mining and trading activities, businesses can leverage the innovation to build tools and software applications that run autonomously by leveraging smart contracts. These tools are usually known as Decentralized Applications (DApps).

But how does it work? To give you a better perspective, here is a deep dive into building blockchain-centric software applications for business.

Decentralized Applications (DApps) Explained

Unlike standard web applications that leverage centralized server networks, DApps use decentralized system computing in a blockchain network. For this reason, DApps are secure, flexible, as well as independent from third-party oversight. To date, there are more than 3,734 decentralized applications both in use and under development across various blockchain networks, such as Ethereum, Flow, Solana, and Concordium.

DApps leverage smart contracts to automatically execute, control, and record predetermined actions on a blockchain network. Look at smart contracts as system protocols used by blockchain users to attain consensus, based on the prevailing agreement or contract.

Finding Business Solutions with Custom DApps

DApps have a huge business potential beyond their immutability and decentralization nature. Having a custom DApp for business means a competitive edge over other players as it is the latest innovation that aims to push the internet technology beyond limits. Here are some financial and pragmatic motivations to customize a DApp for your business.

  • A custom DApp can streamline transaction-based business operations
  • You can leverage a DApp for real-time insurance claim payouts based on event occurrences
  • A DApp can minimize the need for intermediaries in sales and real estate industries through automated bids
  • A custom DApp for crypto investment and exchange

Blockchain Proof of Concept

Blockchain Proof of concept is a consensus algorithm that helps DApp developers determine whether their software idea is practical and feasible in real-world applications. Before anticipating stimulated revenues with your newly customized DApp for business, here are the reasons why you need to implement blockchain proof of concept consensus.

  • Verify a blockchain project to determine if it works as envisioned before a mass rollout
  • Identify pain points and mitigate future risks before they manifest during implementation
  • Create the best blockchain project possible
  • Save time and cut unnecessary costs

Blockchain Minimum Viable Product (MVP)

Blockchain Minimum Viable Product, popularly known as blockchain MVP entails leveraging the proof of concept (PoC) to build the leanest version of a DApp with minimum functionality. The minimalist functionalities will then be adapted to the end product.

Here are the goals for blockchain MVP:

  • Save costs by testing your project at a stage where it requires minimum expenses
  • Save time by identifying pitfalls before mainstream deployment
  • Gather user feedback to enhance the experience during development

Launching Blockchain-Centric Software Successfully

You can launch your blockchain project successfully in the following steps:

  • Conduct market research to identify the most viable niche
  • Define the scope of your project’s MVP
  • Plan and estimate the costs
  • Build the smart contract as well as the web app and set them up on cloud infrastructure
  • Test on the Test net
  • Deploy on the mainnet

Reach out to our team of blockchain experts and build a successful DApp from the word go. We work in tandem with you to ensure that the final deployment embodies the initial concept without unnecessarily high overhead costs. Our team specializes in:

Don’t bangle the opportunity to revolutionize your business using blockchain technology by choosing a competent development team. Learn more about our Blockchain Development Services:

Build Software Based on Blockchain

Build decentralized applications using blockchain technologies or integrate existing software with the blockchain ecosystem together with Broscorp. Do you want to implement your solution fast, reliable, and successfully? Let us e-meet to talk more!

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