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Blockchain Development Roadmap

Today we are going to guide you through the process of building something based on an existing idea or taking an existing business and expanding it to the blockchain. We’re not building a new cryptocurrency, but rather exploring how an existing business could be expanded to utilize the technology that is powering cryptocurrency; blockchain. We will start with the basic principles then dig in deeper to guide you on how to bring your idea to live with blockchain technology.

A 6-step guide highlighting how to take an existing business and improve it with blockchain technology.

Step 1: What is Blockchain?

Blockchain is a distributed ledger that provides a tamper-proof record of digital transactions. It’s the technology that underpins cryptocurrencies like Bitcoin.
Blockchain is composed of blocks (hence the name) that are chained together through cryptographic signatures. Each block contains a hash pointer as a link to a previous block, timestamp, and transaction data.

Step 2: How does Blockchain work?

The best way to understand blockchain technology is to imagine a spreadsheet with rows and columns that can be edited simultaneously by multiple people. Unlike regular spreadsheets, though, blockchain spreadsheets are shared and continually reconciled through a peer-to-peer network.
This spreadsheet is called the “distributed ledger” every transaction that happens within the system gets recorded on it. When changes are made or new transactions occur, these changes are visible to all participants in real-time. And because no one person controls the ledger, there is no chance of fraud or tampering like there might be with traditional databases.

Step 3: Define a strategy and Development Roadmap

The best way to get started with blockchain development is to understand the different stages of the project lifecycle. The following diagram outlines this process:

Starting from left, we have ‘Discovery’ where you explore the problem, understand your users, define business objectives and identify key stakeholders. Next is ‘Design’ where you create a conceptual architecture and design for your system. The third stage is ‘Develop’ where we build your prototype and bring it to life. Finally, we reach ‘Deployment’ where we deploy your product in production.

Step 4: Define your concept or business case for blockchain

This is the most important step in the process, as it will determine how many resources you need for your project, which platforms you can use and which solution is best for your needs.
The key questions to ask yourself are:

  • What problem am I solving with blockchain?
  • Is that a problem worth solving?
  • How will this solve my customer’s problems? What value does it create for them?

Step 5: Develop your proof of concept platform and test for success

Before you can develop a blockchain-based platform, you must first have a proof of concept (POC) that demonstrates how the technology can be used in your industry. You can use this POC to test whether or not your idea is feasible and if it will work in practice.
Once you have a proof of concept for your blockchain application, you need to determine what exactly it will do for your business. You should also decide which components will be necessary to build out the platform, such as smart contracts and other code libraries that can be reused by other developers within the ecosystem.

Step 6: Determine if the Proof-of-Concept is ready for production

  1. Build POC using existing tools and open-source code
  2. Have your developers write a testnet – an isolated network running on test servers  and deploy it to the cloud platform of your choice
  3. Use a private blockchain network that mimics your production environment

Takeaway: Blockchain is a complex technology that can be used to solve real world problems and its implementation should be executed with in a careful manner. Hit us up if you are looking for a Dubai-based Blockchain Development partner to help bring your idea to life.

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