How Can You Establish Productive Blockchain Technology Solution?September 24, 2018
The blockchain technology was released via the paper titled Bitcoin, last 2008. Technically, it is a digital ledger of records, which are collected in groups of data known as blocks. Such blocks are linked with other blocks, in time, create a chain – a blockchain.
The data kept inside the chain is distributed across networks. Therefore, it’s accessible to all and not changeable by any entity. Blockchain technology specializes in presenting the following instructions:
- Smart contracts. Blockchain technology aids in automating the work through smart contracts. In case you didn’t know yet, smart contracts are considered pre-defined computer code of agreement residing in the setting of a distributed database of the blockchain network. It gets triggered automatically in case of incidence of any event.
- Management of crypto assets. Blockchain technology aids in the management of issuance, exchanges, transactions, escrow and more.
- Verifying and authenticating the records. It offers a fully secure and encrypted environment through integrating the functionality of permanent storage as well as digital signatures. Blockchain facilitates the keeping of various data types and development of private-public key
Improvement of Blockchain Solutions
The procedure included in the development of an efficient blockchain technology solution is the following:
- Documentation of Desirable Use-Case
Documentation of the use-case caters to the requirement of the business. It must be guaranteed that blockchain plays a significant role in fixing the issue. That’s because, on different occasions, the principle of a centralized and single is enough to handle the issue.
- Assortment of Proper Consensus Mechanism
As per the chosen use case, the consensus mechanisms should be selected. Basically, blockchain on which bitcoin is sourced, made use of PoW as a consensus mechanism.
- Assortment of Blockchain Platform
Different blockchain platforms like XinFin are free and open sources. XinFin (XDCE) is a hybrid blockchain technology that is branched from Quorum, a permissioned technology designed by JP Morgan over Ethereum. XinFin has established a smart contract manager which enables interoperability between public blockchains and XDC blockchains. They have added punitive smart contracts to guarantee people who stake the XDCs token to run network infrastructure remain transparent.
- Nodes Designing
It’s significantly crucial to consider where the nodes will run. For example, on-premise, on the cloud or on both network.
- Development of APIs
You will find different blockchain technology platforms which have built-in APIs. Some APIs are needed for:
- Smart contracts
- Authentication of data by hashes and digital signatures
- Data storage and retrieval
- Generation of key pairs and addresses
- Doing audit related functions
- Designing of the User Interfaces
At this stage, an assortment of the external database and servers is done. Correspondingly, the front-end, as well as programming languages, are selected. Some such options are affected by using a particular blockchain platform.
Incorporation of Future Technologies
The power and functioning of the blockchain solution can be improved tremendously by the incorporation of the trend-shifting technologies such as Data Analytics, Artificial Intelligence, Machine Learning, Cloud, Internet of Things and more depending on the use case.