According to a report by IDC, a renowned market research company, it is expected that the worldwide spending on blockchain solutions will be approximately $9.2 billion, with a CAGR of 81.2% by 2021.
These figures clearly depict that blockchain is one of the emerging technologies that businesses are desperate to integrate into their existing processes/infrastructure. However, it is also true that most of them don’t have sufficient information on how to make this possible.
As most of the businesses reckon that integration of blockchain may go out of their budget, it is the need of the hour to enlighten them with the correct and precise information. And this article is all about that. But before moving to the blockchain integration segment, let’s shed some light on what the blockchain technology is:
“The standard definition of blockchain technology is: it refers to a decentralized, distributed ledger that stores transactional records (called as blocks) of the users in different databases (called as chains) in a network. This network is connected via peer-to-peer nodes.”
To understand it in the layman’s language, consider a digital ledger that is entirely made of blocks, which are further connected together to compose a chain. Every time a user wants to make a transaction and add information to the ledger, they need to insert a completely new block. This newly created block gets attached to the end of the chain. The network blockchain is connected to, is not controlled by any single person as each node (each participant) can equally control it.
The immense benefits this technology renders to various business verticals include transparency, decentralization, security, immutability, and ease of use. Cryptocurrency is the most popular usage of this technology. So now you know the basic of blockchain technology and why it is in demand. Now, check out how to integrate it in your existing infrastructure to transform your business:
The first step to integration is planning. Yes, plan your project meticulously by considering these points in your mind:
- Do you want to release a crypto token?
- Do you need a public or enterprise blockchain network? The former is suitable when you don’t need to restrict participants to only trusted parties. Public blockchain networks are well when the data you are processing is not sensitive or doesn’t require high scalability. In other cases, the enterprise blockchain network would serve the purpose.
- What will be the way of hosting a blockchain network?
Choose the right development team or a blockchain development service provider
For integrating this all-new technology to your business, it is required to take the help of a trustworthy and experienced blockchain development services provider. While choosing the one among many, ensure that their development team is familiar with cryptography, the way decentralized peer-to-peer networks work, BigchainDB, Hyperledger, and other blockchain tools and techniques.
Go through smart contracts during the integration
Smart contracts allow an organization to access a large array of tools to improve their projects. They facilitate legally binding agreements to be drawn among different parties; thereby, eliminate the requirement of a third-party to execute the transaction. Viewing the importance of smart contracts, it is mandatory to test these contracts thoroughly. The analysis requires examining the static code, code quality, finding out vulnerabilities, and the functionality of the smart contracts.
After reading this article, we hope you have an idea of blockchain integration to your business processes. Since the technology is new, it is advised to find a reliable blockchain development company for the integration. While making the selection, make sure the firm has prior experience of working on blockchain technology. Also, ensure that its team of developers has sound knowledge of blockchain and understanding of your business domain.