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Blockchain Development For Startups – A Complete Guide

Blockchain Development is portal to the future.

97% of financial service experts say Blockchain is here to stay. And the forecast says the total GDP of blockchain can cross $1.7 TRILLION by 2030. The rate at which this industry is growing forces you to believe all of this.

This industry is booming and companies are making not only millions but billions of dollars. One of the good examples of success in this niche is the infamous Cryptocurrency solution Bitcoin.

Blockchain has attracted a lot of start-ups with promises of big success. And if you are thinking of starting your own start-up on blockchain technology, you might be going in the right direction.

In this blog, we shall be discussing everything related to blockchain development for start-ups. So, let’s start by answering the most common question…

What Is Blockchain Development?

What is blockchain? This is the most common question asked by people entering or wanting to enter this niche.

To an uninitiated person, the concept of blockchain can seem like rocket science. While the concept is pretty unique, it’s not alien.

Starting from the basic, blockchain technology is digital data storage. In fact, the name itself defines how it works.

You see, there is a chain consisting of digital records which are timestamped. And these units of digital records are known as blocks. And this is why it is known as blockchain technology.

Blockchain platforms are quite popular today because of several reasons in both technical and ethical sense. But the main selling point here is, that this technology is decentralized. This means no one owns blockchain and no one regulated it.

That’s why it is the safest, most transparent, immutable, and free data storage platform you can come across. This has made the blockchain technology enable cryptocurrency development like bitcoin.

With this being said, let’s see how this technology actually works.

Is Blockchain A Future Development? How Does It Work

Is blockchain a future development? Absolutely. And this can be seen in the working of this technology.

So, how does this work?

Well, the work is actually quite simple. You see like you would use an online platform for creating a said document and sharing it over the web, you can create a block and share it via blockchain. Here, they aren’t receiving a copy but the real piece itself.

And due to the nature of blockchain, it is not possible to duplicate blocks making the technology quite the same.

Now, you can divide the real-life working of blockchain into three different parts. These are namely: Blocks, Nodes, and lastly Minors.

We shall be looking at all of these below:

1) Blocks

As we read, blocks are the basic units of a blockchain. The first quality a block possesses is that it can store information.

The data in the block will be encrypted, signed, and associated with nonce as well as the hash. Regardless of number or size, each block is unique and cannot be hacked into.

2) Nodes

The blockchain infrastructure is made up of nodes.

As the name suggests, nodes from the network enable data storage, transmitting, as well as keeping it secure.

So, you can say blocks are connected to each other using nodes.

3) Mining

Miners are people who mine, which is quite obvious. But what are we mining? Well, we are mining blocks.

The term mining refers to creating new blocks while recording and validating transactions over the blockchain.

Since there is no centralized distributer, mining is the primary processor medium associated with blockchain technology.

Blockchain is the building block that can be used for many different forms of development. And this is what happened. There are different types of development of blockchain. So, let’s see what these are:

Types of Blockchain Development

While blockchain technology is quite complete, over the years we have seen a little variation in it. If you want to develop a blockchain mobile app or web solution, it is a good idea to learn about the different types of blockchain development.

In this section, we shall be discussing the same.

A) Private Blockchain Development

As the name suggests, a private blockchain platform is privately owned.

It cannot be accessed by just anyone through the internet. Rather the person will require permission from the admin or ledger administrator.

B) Public Blockchain Development

The public blockchain platform is just the opposite of the former one i.e. private one. This platform can be accessed by anyone over the internet without any special permission.

One of the most common examples is the bitcoin cryptocurrency.

C) Consortium Blockchain Development

Contrary to popular belief, cryptocurrency application development is not the only thing blockchain is good for.

As you can see, in this type of blockchain, the consortium platform is owned by two or more businesses. Here, it is used for the exchange of information between two or more organizations.

As such, this type of blockchain is mostly used by banks, governments, and other institutions.

D) Hybrid Blockchain Development

Hybrid platforms are again used for data transmission and they sit somewhere between private and public platforms. This is one of the most common types of blockchains.

Here’s Why You Should Consider It for Your Business: Advantages of Blockchain Technology

Blockchain is all the rage and everyone is talking about it.

But somewhere in your mind, you might be wondering, is blockchain actually worth it? In this section, we shall be looking at “why” it is worth considering.

i) Decentralized

Throughout history, most of the highly valued services were mediated through a middle man.

While there are areas where this is removed with help of modern technologies, the financial industry isn’t on the list. But not anymore, the decentralized blockchain directly delivers the service to the customer.

There is no government agency overseeing it, there is no authority, no book rules, making it decentralized in an absolute sense.

ii) Impregnable

Why is blockchain app development so popular among geeks, financial institutions, and government agencies alike?

The reason behind this is quite simple, blockchain technology is impregnable.

A block once filled with data cannot be fooled around with. Meaning you cannot delete or even edit the data stored there.

So, if you want to grow a start-up that is based around privacy and security, blockchain should be your technology of choice.

iii) Safety and Security of data

As you have seen throughout this blog, storing data in the blockchain is like putting a person in the middle of a castle. No one can even touch it without the required authority.

This is why one of the best things that you get with blockchain is absolute safety and security of data.

iv) Visible & Transparent Network

Another reason why blockchain development services are recommended is the transparency it offers.

Unlike most centralized systems, blockchain doesn’t hide anything from you about the process or the network itself.

v) Accurate, Safe, and Effective.

Nothing is more frustrating than technology being inaccurate, ineffective, and all-around faulty. But this is a pain that blockchain users will never know about.

This is one of the largest advantages of blockchain technology.

These are some of the advantages you get and also the reason to consider blockchain development solutions.

Everything You Need To Know About Hiring Blockchain Developers

Considering you have decided you want to hire a blockchain developer, there are some things that you should be looking at.

In this section of the blog, we shall be showing you how to do it the right way. Let’s get right into it:

What are the two types of blockchain developers?

There are two different types of blockchain developers you will come across. These are:

a) Blockchain software developer

Blockchain software developers are mainly concerned with creating smart contracts. In addition, they also double as web or mobile app developers for blockchain.

In contrast to core developers, blockchain software developers are experts in creating the front end, while being fairly decent in blockchain management. (but not blockchain development)

b) Core blockchain developer

While the former creates software using already existing blockchain, the core developers develop the blockchain platforms themselves.

Thus, these kinds of developers are masters of developers’ consensus, blockchain protocols, network architecture, and security patterns.

Things To Consider While Hiring Blockchain Developers

Now, there are some things that you have to consider while looking for blockchain web developers. These things are, as mentioned below:

Familiarity with Blockchain Development Technologies like Solium, Geth, Embark, Remix IDE, and EtherScripter.
Relevant experience in the concerned niche.
Communication with the development team.
Location of the developers
Previous client testimonial and work performance.

These are some of the things that you need to know about hiring a blockchain or crypto developer. And in the next section, we shall be looking at the development process of the same.

Blockchain Development Process: The 7 Step Process

Blockchain development is quite similar to iOS or Android application development process. And here, we will be guiding you through exactly that.

So, let’s start with the first step which is:

1) Find a Concept

The first thing that you need to do is come up with a concept.

This is the first step.

2) Back it with Market Research

Now that you have a concept, it’s time to back it.

With market research, you can gain valuable insight and information. Using this info you can improve and correct your idea to be more market-relevant and hit the customer base.

3) Monetize and Finalize

With the information gathered in the previous step of your blockchain development projects, you can edit, omit, and correct the idea.

Another important thing that you need to do is monetize your concept so you can generate revenue.

4) Choose a Platform

It is important to choose a blockchain platform (add blog link). Some of the popular blockchain platforms are, as mentioned below:

Platform	Type
Dragonchain	Private Blockchain
EOS	Consortium Blockchain
Ripple	Hybrid Blockchain
Ethereum	Public Blockchain

5) The Development Process

The moment of truth is where your platform is developed. This step deals with API integration, development, designing, etc.

To ensure preferable results, it is recommended that you maintain open communication throughout the blockchain development process.

6) Testing and Deployment

Once the blockchain mobile application is developed, it’s time to test it for bugs and errors.

After testing necessary changes are made, then the solution is deployed in the market.

7) Maintenance

While the development process is over with deployment, maintenance is something that you can’t ignore.

With the right, web or mobile app maintenance and support services, you can ensure the constant performance of the solutions.

And with this, Blockchain development is done.

How Much Does It Cost To Develop Blockchain?

The cost to hire blockchain developers to depend on various factors. Nevertheless, you can expect the cost to develop blockchain development to be anywhere between $30,000 and $120,000.

However, if you are looking for a more accurate price, that won’t be possible without project specifications.

So, you can share all of your project specifications with us, and we will give you a quote.

How Nimble AppGenie Can Help You?

We understand the scope of blockchain development as a gateway to the future. And as a leading Blockchain app development company, Nimble AppGenie knows how to deliver market-leading solutions.

Our team of dedicated developers has years’ worth of experience delivering more than 800 projects. We are adapt to the latest blockchain development languages, technologies, tools, etc.

Nimble AppGenie has helped many businesses generate millions of dollars with innovative solutions. Will you be the next?

Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.