Blockchain is one of the newest technological innovations storming the tech industry. Blockchain is leading the entire tech industry along with the whole world in a new direction where transparency, security and trust are the building blocks of any business model. Whether to buy art using cryptocurrency, trade or invest in it or secure confidential data, blockchain is influencing most of today’s technologies and businesses.
We all know that blockchain is the backbone of cryptocurrency marketplaces. There’s no way to imagine the workflow of cryptocurrencies without blockchain. But the implementation of the blockchain is not limited to cryptocurrencies only. Various companies from different backgrounds are realizing the advantages of blockchain technology while also planning to use the technology to increase ROI.
This blog will discuss the ways of blockchain development. It will explain blockchain, the process of developing it and the services that can be utilized. This blog will mainly make you familiar with various blockchain development services that a company can offer and clients might look for. At the end of it, you will be able to explain blockchain services such as DApps and NFT Development with many more.
But first, let’s revisit the concept of blockchain.
What is Blockchain
Blockchain is a digitally distributed decentralized public ledger which operates over a network of computers around the world. If we break the name ‘Blockchain’ we find two words – Block and Chain. Here, a block is a space in a database that collects and holds information. These blocks have a certain storage capacity and once the block is filled with data the next block is created and linked with the previous block forming a chain. This chain of immutable data is called Blockchain.
What is Blockchain Development
Blockchain is emerging as one of the technologies that are currently experiencing a rapid evolution. Its development has gone through several changes nourishing the technology to become even sharper. To utilize blockchain technology the developers must know about the programming tools and frameworks.
Blockchain development involves the creation of different blockchain services such as private blockchain networks, decentralized Dapps, smart contracts, crypto wallets, blockchain-based crypto markets and many more.
1. Blockchain Developers
Blockchain developers are responsible for building the blockchain ecosystem and handling the entire cycle. There are two types of blockchain developers who work on different parts of blockchain development services.
Core Blockchain Developers
A core blockchain developer plans and designs the pipeline and architecture of a blockchain system. They work closely with the team of blockchain software developers so that everyone can have a clear understanding of the pipeline to follow accordingly.
- Working on the architecture of the blockchain system.
- Ensuring Proper work function of a blockchain system.
- Implementation of new features and keeping the blockchain network operational.
- Implementation of the blockchain ecosystem with other services.
2. Blockchain Software Developers
Blockchain software developers use design pipelines made by core blockchain developers to implement them thoroughly by creating Dapps.
- Working on a pipeline designed by core blockchain developers to build smart contracts.
- Ensuring the Dapps are running as planned.
- Working on assisting issues regarding the blockchain ecosystem with other services.
Cost of Blockchain Implementation
The cost of blockchain implementation varies from industry to industry, which means the industry in which the blockchain needs to be implemented such as healthcare, social media, entertainment etc. Every other client is interested in implementing blockchain solutions as it provides secure transactions with minimal effort.
If a client wants to hire freelancers for their blockchain product development then the cost of blockchain development ranges from $35,000 to $90,000 and it also depends upon the skillsets and experience of the freelance blockchain development team.
Blockchain Development Companies
if clients want to hire blockchain development companies for their blockchain product development then they might have to spend a huge amount of money because they cost a lot, it varies from $2,00,000 to $5,00,000 and of course it further depends upon their expertise in providing blockchain solutions.
What Are Blockchain Development Services
Many companies provide blockchain development services as per clients’ needs but it’s equally important to look into what services they provide. Every company has a different pipeline to approach building a blockchain and many provide effective blockchain solutions while many struggle to deliver a robust blockchain ecosystem as they misunderstand the niche, we will look at some of these blockchains development services clients look for.
1. Private Blockchain Development
Before we make an assumption about what a private blockchain is let’s look at the types of blockchains.
Public blockchains are permissionless blockchains which means everyone who has access to the internet can participate in the blockchain ecosystem to perform certain tasks. Though public blockchains are well accessible, they are not much of secure blockchains. Bitcoin and Ethereum are Some of the popular public blockchains.
Private blockchains are permissioned blockchains and these work on the principle of access control which restricts the people who can participate in the blockchain ecosystem to perform certain tasks. Generally, its centralised blockchains as there are always one or more entities which control the network, and this often leads to reliance on third-party vendors to transact. The entities participating in private blockchain are the only people who will get aware of the transaction, others won’t hence it’s preferred by many clients as it provides robust security.
- Prevents the participation of unknown participants.
- Robust security.
- Fast as compared to the public blockchain.
2. Dapps Development
Dapps(Decentralized apps) are the crucial elements of a blockchain as they provide peer-to-peer encrypted autonomous transactions without requiring any central authority. Dapps operate through smart contracts which enables them for encrypted transactions from one user account to another.
The primary objective of the Dapps is to make secure transactions, connect new people in the marketplace, share any kinds of data and restore them, maintain cryptos and implement smart contracts etc. hence, Dapps are important and a company always looks for this blockchain development service.
- Faster operations.
- Anonymous working.
- Data record.
3. Smart Contract Development
The smart contract is a program which decides its execution automatically whenever the terms of a contract between buyer and seller are updated. Smart contracts are made to finish their task in order to avoid any time loss. These smart contracts are nothing but lines of programming codes which predetermines what should be done when an action is performed.
For example- let’s consider two parties, one party is a development team which is working on another party’s project, here the goal is to transfer money. When the development team completes the project and that project is verified on the blockchain smart contracts will perform the transaction operations automatically and if the first party fails to do so then the money is sent back to another party. Hence, smart contracts are programmed to perform a particular task whenever the contract between buyers and sellers is updated. This key characteristic is catching the eyes of clients as it performs tasks automatically.
- Auto execution of tasks.
- Can’t be controlled by any participant.
- Can be distributed to any node.
4. NFT Development
NFTs are the new boom of the tech industry as it promises to deliver unique collectables over a decentralized platform i.e. blockchain. NFT marketplaces have become the center of attention for every collector and artist who is willing to sell their NFTs online. Many NFT platforms have nourished their businesses by providing art collectors with unique art which portrays that they own the art while giving a chance to artists to gain popularity worldwide. This resulted in even more companies entering into the NFT marketplace niche to achieve greater benefits. NFTs can be bought using cryptocurrencies which are stored on the blockchain attached to a crypto wallet.
NFTs are becoming the online stores where one can buy any item and there is a high possibility that NFT marketplaces may sell real-world assets like houses or any other property. Companies have been curious about NFT and its marketplace as it shows the potential of the next online stores where anything can be bought and they have even started investing more than ever before, some companies have decided to go further to build their own NFT marketplace with their favorable niche so they can achieve maximum benefits.
5. Development of Cryptocurrency Trading Platforms
Digital currencies have introduced a new way of transactions which are secure and fast as compared to the traditional banking system. Cryptocurrency is decentralized hence it doesn’t operate under any government body or any central authority means there is no political interference in the cryptocurrency industry. Many experts suggest that the cryptocurrencies are likely to replace the traditional currency system in the near future and for this reason, many companies are heavily investing in crypto markets and some are eager to open their own marketplace or exchange platforms where users can buy and trade using popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and many more.
The so-called crypto boom is attracting many clients to heavily invest in crypto and in return gain huge profits, as their market value expands the company is likely to get more profit. Another thing that interests companies and clients is that they can even introduce their cryptocurrencies to bring more ease to their marketplace.
- Rapid Transaction.
- Accepts Fiat currency.
- Choice of introducing a new cryptocurrency.
Blockchain Development Companies
Optymize is a worldwide talent marketplace where you can hire elite talented developers from different parts of the world to fulfill your project requirements. Optymize has a skilled and highly experienced blockchain development team which is capable of working in the blockchain development process to leverage your blockchain ecosystem to a greater extent. We at Optymize are devoted to providing clients with the best blockchain solution, we focus on major areas of blockchain development such as NFT development, DeFi development, smart contract development, custom blockchain development, cryptocurrency marketplace development and web 3.0. So you can rest assured about your blockchain development we have got you covered.
Why choose Optymize
- 48-hour matching of elite developers.
- 24*7 support.
- 1-week free trial.
- Verified Developers.
- Cost-effective price.
Solulab is one of the most popular blockchain development companies in the world. It is a core blockchain company which provides blockchain solutions in many different sectors such as healthcare, supply chain, education, finance, architecture and many more. Solulab focuses on providing blockchain technology consulting, blockchain protocol development, enterprise blockchain development, dApps development, NFT marketplace development, blockchain-powered metaverse development, smart contract development, crypto wallets, cryptocurrency marketplace development and many more.
Reasons to Choose Solulab
- Active engagement business model.
- Client association at every stage.
- Use of latest technologies.
- Agile project execution approach.
Blockchain Development Packages
Although blockchain development packages vary from company to company. But we have prepared a standard chart on the development packages. The chart contains three packages, generally base, silver and gold with different features and different pricings. From this chart, you will have the idea to choose your best-suited package and begin your development process.
|19k USD to 29k USD/ month
|29k USD to 59k USD/ month
|39k USD to 79k USD/ month
|1 Blockchain or Solidity Developer
|Everything in Base
|Everything in Silver
|1 Backend Developer
|+ Solution Architect
|1 Front-end Developer
|+Blockchain Quality Assurance
|1 Web3JS Developer
|+Blockchain Project Manager
Blockchain technology is here to revolutionize the tech industry as it craves more secure platforms. No wonder the blockchain industry and its future seem brighter than ever as it offers a great deal of security and a clean and transparent operating process which again attracts clients and builds trust among users. As many blockchain companies promise to deliver robust blockchain solutions, it is equally important to understand what services clients look for, and how they can adapt to that particular service to provide clients with robust blockchain applications. Though the Blockchain industry is still evolving, new blockchain services are likely to storm the industry which will enhance the work function of the entire blockchain ecosystem.