Blockchain development roadmap
The concept of blockchains technology is set to revolutionize not just the finance or healthcare industry but many aspects of business, government, and even our personal lives.
So what exactly is blockchain?
The blockchain is a chain of time-stamped digital records, known as blocks, which are linked together cryptographically. Since every record that goes into the blockchain always stays there, it can be traced anytime, and nobody can tamper with the blocks of information.
The technology comes with the following benefits:
- Decentralization: removes single points of failure from the system.
- Transparency: makes it possible for every member of the network to access the data simultaneously.
- Trust: achieved through mass consensus.
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Steps involved in a blockchain development process
Now let us look into the stepwise process of developing a blockchain roadmap and understand the blockchain development process.
Step 1 - Identify the problem and goal
The basic step is to define a problem statement, meaning, you should know the problems a proposed solution is expected to solve. Ensure that the blockchain solution will benefit your business abilities. Analyze whether you need to migrate your current solution to the blockchain, or you require a new application to be developed from scratch.
For example, if you are a food supplier and looking to build a blockchain-based supply chain application, you should understand the multiple use-cases of the application and how it is going to benefit your business and the consumer.
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Step 2 - Identify the suitable blockchain platform
A blockchain platform is required to build a decentralized application without having to create a blockchain from scratch. Building a blockchain from scratch requires thorough research and takes months to years to develop successfully. Therefore, you should build a blockchain app on top of a blockchain platform that meets your business requirements. This platform depends on the consensus mechanism and the problems it has to solve.
Some of the blockchain platforms you can choose on the basis of their functionality and mechanism are:
- Ethereum
- Hyperledger Fabric
- Hyperledger Sawtooth
Step 3 - Blockchain ideation
In this step of the blockchain development process, you need to evaluate, formulate, and prioritize use cases for blockchain experimentation. Find what technology components should be added as off-chain or on-chain entities on the blockchain ecosystem.
Create a roadmap of the product that will help you to build an application within a decided deadline. You should come up with a blockchain model and conceptual workflow of the blockchain application. Also, decide if the application needs to be developed on a permissioned or permissionless blockchain network.
Step 4 - Developing a proof-of-concept
A proof-of-concept is a way to demonstrate the practical potential of a blockchain project and it can either be a theoretical build-up or a prototype. In Theoretical Build-up, each project requires theoretical cases so that users could understand the applicability and viability of the product. Proposals can be created to explain the project’s parameters. After creating theoretical build-up and receiving feedback, a prototype is designed.
Step 5 - Visual and technical designs
Start creating UIs for each software component. Design APIs that will be integrated with user interfaces to run an application at the back-end. Visual designs are created to give a look and feel to the application, whereas technical designs represent the application’s technology architecture.
Step 6 - Development
Development is the core stage of the blockchain development process where you should be prepared for building the application. In this specific stage, you either have to develop or integrate APIs for particular use cases of the application. The application is built under multiple versions. The application is developed under different phases. It should have the potential to upgrade according to the new business requirements and prioritization.
For example, if you have to upgrade the smart contract, later on, you should be able to deploy the new contracts seamlessly. Design and develop the application in a way that adding or upgrading components does not affect the existing application
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Closing thoughts
When you are done with all these steps, you can generally land up with a solution according to your needs. The decisions related to all stages should follow the objectives you want of the solution alongside the desired infrastructure. Completely new blockchain solutions could lead to a long and comprehensive blockchain development process. However, you can also opt for existing blockchain platforms that can support the resourceful development of blockchain applications.
Therefore, blockchain has the potential to disrupt countless industries and how organizations operate within them. The technology is real and it is being evaluated seriously by many enterprises and government agencies to enhance and streamline operations.
