Are you a blockchain wallet app development company that wants to utilize blockchain to enable business transformation? Read this blog to learn more about Implementing Blockchain in Business.
Blockchain Technology has evolved, and it can be used for several things, from cryptocurrency to decentralized systems. Since this technology is the future of businesses, it is widely used by industries and organizations, which helps them increase efficiency, trust, and transparency in day-to-day transactions. This has led to many companies developing projects and technology products utilizing blockchain. As a result, the adoption of blockchain technology is rapidly expanding and is now considered a crucial aspect of business transformation.
As per the “Time for Trust” report by PwC, it is expected that blockchain will increase the global GDP by 1.76 trillion dollars. It will also influence spending by organizations towards blockchain technology to infuse growth.
Whether you are a technology company or a blockchain wallet app development company, To help you understand more about blockchain and give you a view on how you can implement it into your business, this blog covers everything you need to know about blockchain.
Implementing Blockchain in Business?
Blockchain integration follows several steps which you need to follow. These are as follows:
- Start with a Use Case & Understand Organisational Needs
It is crucial to identify organizational needs before beginning with Blockchain Integration. It involves a thorough analysis of needs and starting with the use case on where and how blockchain needs to be implemented. It can either be a process or large-scale implementation within the organization so it is crucial to run a pilot project before to ensure better evaluation that will lead to successful implementation going ahead. In the case of blockchain wallet app development, you need very strategic planning to implement it successfully.
- Develop Proof of Concept
The Proof of Concept is a unique strategy to build the MVP to analyze how well it will work for certain use cases or problems within the organization. It is recommended that before any large-scale integration, it is always good to go with a viable prototype to understand implications in an in-depth manner. The PoC can be built with architecture and a minimalistic set of features that even doesn’t cost much to the organization.
- Choose the Right Blockchain Platform
There are numerous Blockchain platforms available in the market, and if you are a Blockchain Wallet App Development company, you should know which platform is right for you to choose. The various platforms available are – Quorum, Ethereum, Stellar, Corda, Multichain, Openchain, etc. You need to evaluate your purpose of blockchain integration and decide which way to go.
- Build & Test Blockchain Solution
Once you are clear with your thoughts on the implementation of Blockchain within your organization, you should develop a Blockchain solution and infrastructure to kickstart operations required for blockchain integration. For this, you need to build a solution using the right technology and platform with a robust approach to allow scalability and large-scale implementation.
- Operate Network
Creating your own block is the crucial step when it comes to the implementation of a Blockchain System within the organization. The network works through an encrypted token that ensures the communication node stays active and persistent. It offers a decentralized way to validate and record transactions.
- Blockchain Activation
This stage is where you finally deploy and activate the blockchain solutions. You can use the hybrid server for on-chain and off-chain entities. The smart contract implementation and the token distribution among network participants are also part of the activation process. Overall, the purpose of blockchain activation is to create a functional and secure blockchain network that can support the desired use cases of the company.
Powering Blockchain Integration: Consensus Protocol in Blockchain
Consensus protocols are procedures used in blockchain technology to ensure that all network members agree on the blockchain’s present state. These protocols are used to securely, and decentralized validate transactions and add them to the blockchain. Here are some of the consensus protocols, which are as follows:
- Proof of Work (PoW): This is Bitcoin’s original consensus mechanism. It requires the use of computational power to solve complex mathematical problems by participants (“miners”) in order to validate transactions and add them to the blockchain.
- Proof of Stake (PoS): To validate transactions and add them to the blockchain, parties must hold a particular quantity of the cryptocurrency linked with the blockchain.
- Delegated Proof of Stake: This is a variation of PoS where token holders vote for delegates and miners to approve transactions on their behalf or even choose the miners who will build the blocks.
- Proof of Weight: In the Proof of weight consensus protocol, the agreement is done based on the quantity of cryptocurrency held by the miner and its weight. This means that the miner’s weight is determined by the number of coins they possess, and this weight is used to validate transactions and add them to the blockchain.
Implementing Blockchain in Business – How To Do It Right?
The Blockchain Wallet App Development company can widely use blockchain as a secured mode of transaction to transfer, manage and store digital assets in a trusted manner. Blockchain Wallet App Development also requires smart contracts to allow the execution of digital agreements.
Blockchain integration within the organization can help companies enable trust and decentralized systems. Whether you are a blockchain wallet app development company or building a tech product, blockchain is really a great future to scale your profitability in enormous ways. Looking for blockchain development? Connect with experts at Alphonic.