As an ever-growing technology blockchain sure does offer a wide range of benefits and applications across different industries.
That said, it’s no wonder that its adoption is just increasing with time. So much so that 52% of experts believe that blockchain will play a crucial role in verifying customers’ identities in the future.
This is just an example of how blockchain is revolutionizing the way businesses and industries operate by providing secure, transparent, and decentralized systems.
So, whether you’re an enterprise looking to explore the potential of blockchain or an individual developer eager to dive into the technical aspects of the technology, you’re in the right place. This article will guide you step by step on how to develop a blockchain platform.
Understanding blockchain technology
Blockchain is an immutable ledger that’s used for sharing transparent information within a business network. It was first introduced as Bitcoin’s underlying technology – to operate without the need for an intermediary.
However, the concept has gained worldwide attention and is now way beyond being just Bitcoin’s companion. From cryptocurrency transactions to smart contracts, blockchain is continuously proving there’s almost nothing that it can’t do.
Developing a blockchain platform
With blockchain evolution, traditional systems of exchange and record-keeping are already fading. Financial institutions can even save up to $12 billion yearly just by using blockchain.
Knowing this, it’s not even surprising that so many individuals and organizations are interested in developing a blockchain platform. Not only will it allow them to experience blockchain technology first-hand but it is also an opportunity for them to create new business models and improve security.
There are many things to consider regarding the process of developing a blockchain platform. It may seem like a challenging task but by taking it step by step we’ll simplify the process and make it more manageable.
1. Crafting a unique idea for your blockchain platform
In a competitive market, you don’t want to just blend in with the crowd, you want to stand out. The competition nowadays is fierce, so creating a unique idea for your blockchain platform is a must.
Blockchain is slowly finding its way into every aspect of our lives, and many companies are working toward its implementation, as well as creating their own blockchain platform. This is your biggest indicator that you have to offer something the others don’t.
Imagine you’re scrolling through your feed and thousands of ads say the exact same thing ‘’Your funds are secure with us’’. However, in between you come across an ad that says ‘’Your funds – our top priority’’. You see the difference right?
Anything that’s new, innovative, creative, and even humorous is more memorable and eye-catching. That’s why before developing your blockchain platform you should put a good thought into it and make sure it’s a head-turning idea that’ll help you stand out from your competitors.
Moreover, that’ll give you an advantage in securing new partnerships, as investors and partners are always on the lookout for new and exciting ideas.
2. Importance of market research
Next, let’s take a look into market research, as this is a crucial step in developing a blockchain platform. Proper market research allows you to take a look into the interests and preferences of your target audience, current market trends, and additional insight into your competition.
This means that every decision you make from now on will be based on facts and accurate data rather than assumptions or guesses. By conducting market research, you’ll understand your potential customer’s needs and wants better and will be able to create a platform that fits their demands.
Secondly, you’ll take a sneak peek into your competitors’ offerings. This’ll help you analyze their strengths and weaknesses and determine what makes you different from them. Last but not least, market research is your best chance at keeping up with the latest market trends in order to stay ahead of the curve – always keep your platform relevant.
All in all, conducting market research before developing your blockchain platform is highly beneficial. Without it, you’re just another platform developer shooting in the dark.
3. Choosing a programming language
All these technologies in the world and coding still seems to be an inevitable process. However, blockchain might be new to you but the programming language you choose doesn’t have to be.
In fact, blockchain development supports many of the programming languages you already know. Some of these include:
- There’s no doubt that Java is one of the most popular programming languages. In terms of blockchain technology Java is incredibly easy to use, as well as providing a wide array of resources and tools.
- C++. This one is an Object-Oriented programming language, which is known for its performance and efficiency. C++ is usually used in blockchain apps that require a high level of processing power. It is rapid and powerful, and definitely developer-friendly.
- Another easy-to-use programming language that has made it to the list of blockchain-supported programming languages. Python has a wide selection of libraries and resources, allowing you to develop a blockchain platform rapidly.
- Unlike the others, Solidity is specifically designed for developing smart contracts on the Ethereum blockchain. It’s a relatively new programming language but is recommended by thousands of developers worldwide. The language is user-friendly and provides a high accuracy rate.
- Also referred to as Golang, Go is another programming language that is well-suited for blockchain development. It’s easy to use, offers organized typing, and a run-time efficiency, so what’s there not to like?
It’s very important to choose a programming language that fits your interests and preferences. Every language has its own set of rules and can be difficult to understand and implement one that’s not your cup of tea.
Choosing a language that’s easy to integrate with another technology will aid in the ease of development, as well as affect the performance and scalability of your blockchain platform.
4. Pay attention to design and features
When it comes to developing a blockchain platform, its design and features are super important. It’s not only about creating an eye-candy platform but creating one that’s also user-friendly and easy to use.
Around 38% of customers will stop engaging with a website if its content and layout aren’t appealing. Well, this also applies to your blockchain platform. It’s always better to keep things simple rather than complicate them to the point where it becomes confusing.
A perfectly designed platform will help you increase the user experience, while its carefully-thought features will determine its use cases and capabilities. Attracting and retaining users is the goal of every business, and paying attention to the design and features of your blockchain platform will help you achieve that goal.
5. Integrating Bitcoin into your blockchain platform
Now, of course, there are thousands of cryptocurrencies you can choose from but let’s be real – Bitcoin is the most well-known and widely adopted cryptocurrency. So, what is Bitcoin exactly, and what makes it so different from other digital assets?
Simply said, Bitcoin is a digital currency that’s powered by Blockchain in order to enable secure and decentralized transactions. Bitcoin has been with us for quite some time now and has made sure to leave its mark on the world.
Sure, many have invested in Bitcoin and treated it as an alternative way to earn some money. However, what makes Bitcoin so special is its acceptance as a payment method. It’s definitely a lot different than traditional payment methods but has proved to us that it’s perfectly capable of conducting transactions.
To integrate Bitcoin into your blockchain platform, you need to first make sure the platform follows its standards. Additionally, you will need to ensure your platform is capable of safely and correctly processing Bitcoin transactions.
There are many things to consider but it will surely pay off in the end. Bitcoin can offer many benefits by integrating it into your platform such as faster transactions, lower fees, global accessibility, and improved security. Lastly, make sure to consider its technical and regulatory requirements and you’re good to go.
On your way to a decentralized future
If you’re already thinking about developing your own blockchain platform, then you’re on the right track. We’re all awaiting the decentralized web ecosystem, so getting into the blockchain world isn’t a bad idea.
There definitely are many things to consider – from creativity to programming languages, but at the end of the day, it’s all about having a clear vision and a solid understanding of the technology.
Makedonka Micajkova is a freelance content writer and translator, always bringing creativity and originality to the table. Being multilingual with professional proficiency in English, German and Spanish, it’s needless to say that languages are her biggest passion in life. She is also a skilled communicator, as a result of having three years of experience as a sales representative. You can find her on Linkedin