Software and other digital functionalities that use the blockchain network form a “blockchain solution.” The term is loose and is also sometimes used to refer to blockchain ecosystem solution providers. Blockchain opens a wide new range of possibilities for business owners, individuals or people trying to set up a new project. Though blockchain is relatively new, it has still been around for a decade or so and many important developments in the technology field today like Web 3 are based on or make extensive use of blockchain technology and involve blockchain app development.
Key use cases to blockchain implementation
Blockchain is not just about crypto transactions ledger, but many different industries potentially undergo a great transformation with blockchain deployment in their business processes and operations through blockchain app development. The list of such industries includes but is not limited to:
Financial and Banking
Blockchain’s capabilities as peer-to-peer connectivity eliminate payment facilitator as no central authority exist to perform any transaction
Supply Chain Management
Real-time tracking to bring transparency in any supply chain from producer / distributor to supplier to retailer
Cybersecurity
Blockchain’s decentralized algorithm by default provide high security by eliminating the need of central authority. with single point of entry can identify any attack
Healthcare
Real-time tracking to bring transparency in any supply chain from producer / distributor to supplier to retailer
Government
Voting system can be highly benefitted to eliminate voting inaccuracy and fraud with blockchain solutions such as MiVote that works like a digital ballot box.
Real Estate
Blockchain deployment in Real Estate make a huge difference to safeguard buying and selling process as well systematically bringing transparency at all levels.
Blockchain Development services
There are a variety of types of blockchain development:
- Smart Contract Development
- STO and ICO Consulting/Development
- Cryptocurrency Development
- Cryptocurrency Exchange Platform Development
- Proof-of-Concept Design
- Cryptocurrency Wallet Development
- Decentralized Application (DApp) Development
- Android and iOS Mobile app creation
- Workflow Automation
Our Development Process
iSummation follows a carefully formulated process while conducting blockchain app development. These steps consist of:
Major Blockchain Platforms
Ethereum
The open-source Ethereum decentralized blockchain is characterized by its smart contract feature uses Ether as its native cryptocurrency. Ethereum also happens to be the most active blockchain in the whole blockchain ecosystem and many developers use it for blockchain development.
OpenChain
OpenChain is a distributed ledger technology using open-source licensing and particularly well suited to organizations and businesses that want a secure, robust, and scalable solution to issue and manage digital assets.
Eris
With Eris blockchain developers can build, test, keep and run apps over a blockchain backend.
Tezos
Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. Tez is the native cryptocurrency for the Tezos blockchain. Tezos network uses the proof-of-stake consensus method and an on-chain governance model that enables the protocol to be amended when upgrade proposals receive a favourable vote from the community. Tezos’s testnet came out June 2018, and its mainnet was launched in September 2018.
Stellar
Steller or Steller Lumens is decentralized open-source currency conversion protocol. It is meant to help the process of converting fiat currencies into their cryptocurrency counterparts. The Stellar Development Foundation which is registered in Delaware as a non-profit corporation.
Hyperledger
It would be best to describe Hyperledger as an umbrella project consisting of several open source blockchains and other tools relevant to the technology. The Linux Foundation incepted the project in 2015 December. Other notable contributors to Hyperledger include the likes of Intel, IBM, SAP Ariba, amongst others to foster developing blockchain-based distributed ledgers collaboratively. In October 2021, Hyperledger came out in its present form as the Hyperledger Foundation.
Polkadot
The blockchain and cryptocurrency development platform Polkadot is another open source characterized by its interoperability and interconnectivity between blockchains. Polkadot lets independent blockchain chains securely perform transactions and exchange messages both between themselves as well as a trusted third-party that makes cross-chain data or asset transfer possible between two distinct blockchains.
Substrate
Substrate is essentially a blockchain framework. Developers use it to create custom autonomous blockchains that do not depend on additional technology to operate.
Benefits of using Blockchain Solutions
- Security
- Transparency
- Inexpensive
- Rapid Transaction saves time
- Increased Efficiency in Finance
Blockchain Adoption (Industries)
Blockchain technology has already made deep inroads into manufacturing. It is also fast gaining popularity in the following industries:
- Distribution and services (14.6%)
- Public sector (4.2%)
- Infrastructure (3.1%)
Though the depth of the inroads might vary but blockchain has indeed found adoption in all industries and increasing number of businesses are considering how to use the technology to their benefit.
Now, to come to the industry where blockchain is making huge waves- finance. 2018 alone saw financial institutions spend over $552 million on projects using the blockchain technology. Research suggest that investment banks can save over 30% with blockchain technology on infrastructure alone. Blockchain is good for consumers too as transaction fees are negligible and minuscule when compared to traditional, mainstream banks.
Experts and research firms foresee a $7.59 billion blockchain technology market by 2024. They expect many industries to adopt the innovation right from consumer goods to telecom to healthcare and transportation. Further, a survey conducted by Deloitte in the past on blockchain technology found that a significant 24% of the surveyed companies intended to invest from $5-$10 million in blockchain by end of last year.
Some of the most noteworthy blockchain companies include:
- The digital currency exchange Coinbase (worth $8 billion)
- Stock betting platform Robinhood (worth $5.6 billion)
- Ripple (a cryptocurrency network valued at $5 Billion
The Food industry has been another eager adopter of blockchain. Walmart along with the likes of Dole, Nestle, Unilever and Tyson Foods have implemented the technology in the relevant business processes and operations. Blockchain can potentially boost productivity in the food industry by $700 million. To give you an idea of the kind of things we are talking about, a pilot project was able to track mangoes to its farm in 2.2 seconds. Walmart states that traditional business processes would take 6 days to trace a mango back to its farm.
You simply just cannot ignore the great possibilities of blockchain technology for your business. Contact iSummation today to schedule a consultation and know how we can help your business with our extensive blockchain expertise!