A Quick Guide for Launching a Blockchain Project

A Quick Guide for Launching a Blockchain Project
A Quick Guide for Launching a Blockchain Project

The Digital Ledger, aka Blockchain created quite a fuss in the tech community. Thanks to this, every centralized application can now be decentralized. It helps to get rid of intermediaries to secure data and bring transparency.

So, if you are intrigued to use this technology to develop an application, consider the following guide:

Identify a Goal

If you want to develop an application, first define a problem. Define an issue, and how the application will solve it. Blockchain created quite a buzz since its inception. There are high changes you can solve the issue without blockchain, or you can’t solve it with blockchain.

Decide whether you should invest your resource and time on blockchain or not. Start with a cost-benefit analysis, audit, internal capabilities and identify the issue along with associated risk. If this analysis favors blockchain, then you should move to the next step

Consensus Mechanism

The blockchain is decentralized; it needs every member to authenticate the transaction. This is known as consensus. But you can choose the ideal method according to your preferences. Bitcoin uses this consensus mechanism. It helps with Crypto Accounting.

Choose a Platform

Blockchain Platforms build a decentralized application. It doesn’t need to create a separate blockchain. Most platforms are open source, so the choice depends on the consensus method.

When you decide between different platforms, make sure you audit both the advantages and disadvantages.

Blockchain Solutions exist on Cloud, in-house or even in Hybrid Models. There are several options for hardware and software configuration. You need to make sure the whole architecture compliments high-level requirements of the application.

So, you better use a cloud framework to support flexible working. You can choose between the following options.

  • Private Blockchain
  • Public Blockchain
  • Hybrid
  • Permissioned
  • Permission-less

Tweak the Application

Configuring Blockchain starts with careful planning. Thee are several aspects of the platform which are difficult to change once configured. Some of these components are user permission, asset issuance, re-issuance mechanism. Atomic Changes, Key Management, parameters, Hand-shaking, and address format.

Consult an expert if you don’t have any previous experience working on blockchain technology.

Building APIS

Yes, you can acquire prebuilt APIs for development. But you will need to create most of them depending on your use. APIs are mostly used for:

  • Forming Key Pairs and Addresses
  • Auditing
  • Data Authentication and Digital Signatures
  • Storage and Data Retrieval
  • Management of Smart Contracts

Admin Panel and User Interface

Now you know what purpose you serve, its time you create the User Interface and an Admin Console. Choose the front-end programming language, external database, and server. The admin panel will help you manage the soft launch of the applicant and incorporate analytics into the system.

Bugs and Issues

As Blockchain technology is quite young, you will need an MVP model to scale your application. Focus on developing a workable solution to prove your hypotheses instead of developing the complete application. Leave room for side features, and final UI.

Now try to track performance issues, crashes, latency, memory glitches, and other issues. Find a solution as problems arise, implement them and move ahead. It helps to save critical resources. But how you will market the solution? Don’t worry; we are not finished. see more of our hacks.   

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