Blockchain
Algorand vs. Aptos
Choosing the right blockchain is easy when you are informed and up-to-date. Read the technical overview of Algorand and Aptos blockchains.
Have questions regarding developing
your project?
You need a solution.
The only thing left is figuring out the software type - traditional or blockchain-based?
While blockchain can be used to build custom-software applications with similar goals, blockchain-based solutions, and their development process require a different approach.
This article will help you understand how blockchain-based solutions differ from custom software and what goals this technology can help you achieve.
One of the crucial things to look at in blockchain solutions is its unique features, as it gives us a better sense of what exactly blockchain is and the areas it can be implemented.
Blockchain is maintained by a network of nodes - individual computers connected to the blockchain network.
Each participant in the network has a copy of the entire ledger. If the network member makes changes to it, it will be verified and approved by other participants and replicated across the network.
The Benefits:
Data stored on a blockchain cannot be changed, modified, or deleted once added to the network.
The Benefits:
Blockchain technology is not only a great place for storing data, like a huge digital library of information. It is also a system that ensures the integrity and security of data.
The Benefits:
If you’ve had a question of ‘how exactly blockchain can ensure the security and privacy of the data changes’ - the answer is cryptography. Cryptography is a practice of implementing secure communication in the presence of 3rd parties.
The Benefits:
The consensus mechanism ensures that all nodes (computers in the network) agree on the ledger’s state. It can be done through different consensus mechanisms that prove that you have assets or have done work.
A great example of how it works can be visible through the consensus mechanism's reaction to bypassing the rules. The consequence of such actions is a possibility of asset loss.
Even a basic understanding of the types of blockchains can help you polish your idea of blockchain as a technology that is versatile to diverse needs.
There are 4 types of blockchains: Private, Public, Hybrid, and Consortium.
The only difference between these types is the rules for data input and the access to data from outside the network.
Private blockchains are less decentralized than public ones. Only authorized parties can add data to the blockchain.
Potential use cases: A company can use a private blockchain to keep track of its supply chain in a "closed ecosystem.”
A completely decentralized blockchain where everyone can access and add data if they follow the rules outlined by the protocol that governs the blockchain.
Potential use cases: Transferring Bitcoin through the Bitcoin blockchain.
A combination of the public blockchain and private blockchain, where the authorized entities that have access to data input are carefully determined by the blockchain network.
Potential use cases: Can be used to store industrial, real estate, or medical records.
This blockchain is controlled by more than one group or organization. The publicity of the data to the outside world is determined by the entities with access to the blockchain.
Potential use cases: Can be used in supply chain management or research purposes.
Covering the differences between blockchain solutions and traditional software is impossible without going through the necessary skills.
A blockchain developer should know how to build a secure and reliable digital ledger of data, decentralized applications, and smart contracts.
Blockchain software development is a process of creating and implementing blockchain-based solutions.
This can include:
A certified blockchain developer should understand the nature of this technology.
Experience with algorithms, blockchain limitations, security considerations, and technical expertise in cryptography, distributed systems, and smart contract development is vital in blockchain development.
Below are the skills that our developers believe to be the most important in blockchain development.
Only with a thorough understanding of these concepts a software developer can create a blockchain that is efficient, secure, and resistant to attacks.
Blockchain development requires understanding consensus algorithms used to validate transactions on the network. Developers need not only to be familiar with different consensus algorithms but also to be able to choose the appropriate one for their application.
The development of blockchain solutions requires a heightened focus on security, as the technology’s decentralized nature makes it a target for attacks. Developers must know about the best security practices and be able to implement them effectively.
Blockchain solutions' approach to development is similar to traditional software development, as it involves planning, development, testing, and deployment stages.
However, compared to traditional software, the requirements for each step are often more complex.
At the planning stage, it is crucial to have a clear view of the end-user of the solution, their aspirations, and the problems that you plan to solve with blockchain.
Other questions that you should consider include:
We've recently written a detailed guide on the product roadmap with actionable tips for successful project planning and questions to ask your potential blockchain development company.
As each blockchain has its coding language, blockchain development is quite a complex task requiring previous working experience with this technology.
One of the most important questions you might need to consider at this stage is: Which blockchain(s) would be the best option?
Choosing the right blockchain for your solution can be a real challenge. Some are more suitable for NFTs or smart contracts. Some can be a better choice if your project includes a significant scaling potential.
This is something that you have to brainstorm with your blockchain partner.
Apart from scanning for bugs, blockchain security testing is a process that aims to find system vulnerabilities before the potential attacker does so.
The blockchain security researcher browses or downloads the application, goes through all possible paths, and looks for ways to break something, steal the data, or block it, keeping in mind the possible mindset of attackers.
If you have more questions about blockchain security research, you might find answers in our interview with our Blockchain Security Researcher, Paweł Rejkowicz.
Once the blockchain solution has been tested and approved, it can be deployed to the intended users or customers.
After your solution is deployed, we provide you with ongoing maintenance and support, including bug fixes, upgrades, and security updates.
Blockchain technology can be a perfect match if your solution requires greater transparency and higher security. Implementing blockchain or building blockchain-based software can deliver a trustworthy and secure experience to software users.
Compared to blockchain-based solutions, custom software targets specific business needs and often requires less development time.
When deciding between blockchain and traditional custom software, the most important thing to consider is the business need, the target market, and the potential project scalability.
Each blockchain is different and can be the best option precisely for your project and its associated requirements. Choosing the best blockchain can be pretty difficult, and that's why we've made an overview of blockchains in the market based on: Programming language
To answer this question better, let's examine how blockchain revolutionizes the fintech sector and streamlines business processes. Blockchain has made data sharing more efficient, transparent, fast, and secure. Its ability to eliminate the need for 3rd parties can reduce transaction costs and accelerate many operations that are dependable on finances. Advanced cryptography, a feature of blockchain, safeguards transaction data and sensitive information from unauthorized users. This makes business transparent yet highly secure compared to traditional systems. Imagine the real potential of blockchain with abilities like that…
We treat each blockchain project differently, as each idea is unique. We calculate the cost of blockchain application development based on the project's requirements, platform and programming language, timeline, and overall solution complexity. If you'd like to get the estimates for your blockchain project, contact us, and we will come back to you with our proposition.
Read more stories about Ulam Labs and crypto-space wrote by our specialists and engineers.
