What is Blockchain Development? Things you need to know about Blockchain Technology

Blockchain development is becoming a rapidly progressing technology used by businesses to improve their workflow and competitive advantage. Tech, and finance companies in 2016, alone invested $1 billion in blockchain technology. And this is expected to grow in the coming years as this technology continues to open new opportunities across almost every industry sector.  However, since blockchain development is a new technology, many businesses are still struggling to understand it completely. If you are also looking to learn about blockchain and incorporate it into your business, this article is just for you. Today, we will let you know about blockchain development and how you can incorporate this latest technology into your industry.

What Is Blockchain?

Blockchain seems a complicated term to understand but its basic concept is quite simple to understand. A blockchain is a type of database. A database refers to a collection of information that is stored electronically. This means under Blockchain, a sequence of the database is being managed, held, and simultaneously updated across a network of computers.  With the help of blockchain technology, users can make and manage transactions immediately without the involvement of any central authority thus making the whole process decentralized.  Many banking and financial sectors like Deutsche Bank, Barclays Bank, Citigroup, US Federal Reserve, etc are using blockchain development in their sectors. 

A Decentralized System

The main focus of Blockchain technology is creating a decentralized system to store and share information.  This means that no one party or system is in control of the system. Thus, this technology is more secure than traditional databases as it removes middlemen from the system thus replacing them with a distributed node that works on its own to verify each transaction thus omitting any human error in the network.

Advantages of using Blockchain Technology

Once the database entered and distributed is written in blockchain, it cannot be altered unless a consensus is reached. For example, in the case of bitcoins, 51% of nodes have to agree for the transaction to be approved. This is one of the biggest advantages of Blockchain technology as due to this blockchain stays secure and untampered. Some other advantages of blockchain include:

• Quicker Transactions
• Enhanced Safety
• Increased Transparency
• Reduced Costs and 
• Better Tracking of Transactions

Quicker Transactions: Transactions performed via blockchain technology can be quicker than is minutes and are handled 24*7 contrary to physical markets that take longer to execute transactions. 

Enhanced Security: Being decentralized in nature, the transactions performed using blockchain are done without the intervention of any third party. This enhances the security of transactions as well as reduce the risk of unauthorized intervention. 

Increased Transparency: The consensus verification procedure in Blockchain development reduced the chances of fraud thus giving complete control of the database and transactions to the users. This creates a transparent system which is another advantage of using this technology. 

Reduced Overall Costs: Under Blockchain technology, the involvement of third-party intermediaries is reduced which results in reduced overheads for the exchange of assets. Thus, this technology can be used by banks to reduce their expenses and offer faster transactions to their clients.

Better Tracking of Transactions Blockchain Technology makes the tracing of transactions an easier and better process. Once the transaction is recorded on a blockchain, it cannot be altered or modified. It also provides you with an audit trail that shows the complete history of a transaction thus making it better to track.

What Is Blockchain Development?

Now, coming to the development aspect of Blockchain, it is the process of developing software projects using blockchain technology.  Blockchain developers handle the entire life cycle of a blockchain application. From researching the application ideas that a business required for executing that application, they perform all the required functionalities. Blockchain developers create the architecture of the system, make smart contracts, and optimize the protocols. Using blockchain development you can perform two types of projects:

1. Developing new blockchain software by using technology. 
2. Improving the existing functionality of a project or blockchain system by introducing new protocols

A blockchain developer might use different blockchain platforms to develop Blockchain-based software solutions. These include:

1. Ethereum
2. QTUM
3. Neo
4. Cardano
5. Hyperledger Fabric
6. EOS and more. 

How Can You Find a Good Blockchain Developer?

Being a comparatively newer and lesser-known technology, the job market under blockchain development is somewhat lacking. You cannot easily find developers who are skilled and experienced in developing blockchain-based software. By the time the industry will grow, we can expect more developers who are well-skilled in this technology.  If you want to hire blockchain developer for your business to leverage this incredible technology, you can outsource blockchain developers for your business. These developers will work as your extended team and will offer your blockchain-based software that is scalable, feature-rich, and modern.  We at Coherent Lab, have the best industry experts who can provide you fully-featured blockchain development services specifically as per your business requirements. We offer affordable, progressive blockchain software solutions including blockchain consulting that can take your business to new heights. 

Wrapping Up!

Thus to conclude, Blockchain development is a rapidly growing and efficient technology that can help businesses to make fast and transparent transactions in a decentralized manner. From health, banking, manufacturing to other industrial sectors, this technology can transform the workflow of every industry by making it more smarter and secure.