Blockchain is the most innovative technology of the 21st century set to define our future. It has not only laid the foundation of a decentralized financial ecosystem but also transformed other industries. From banking and finance to supply chain management, retail, e-commerce, Insurance, and Healthcare, Blockchain is changing how we do business.
Though blockchain has been with us since 1998, it was reintroduced to the world in 2009. In 2009, Satoshi Nakamoto launched the world’s first cryptocurrency, Bitcoin, backed by blockchain technology.
Since then, blockchain adoption and use cases have soared to the sky. The value of the blockchain market was $10.02 billion in 2022. Further, the blockchain industry will be worth $163.83 billion by 2029. As per the market report, the blockchain industry will grow at 56.3% CAGR.
Blockchain solutions are helping businesses streamline and decentralize processes. It is assisting companies to introduce decentralization, transparency, and automation. Therefore, blockchain apps are guiding businesses to enhance their efficiency and value.
You too can integrate blockchain apps into your business to increase your productivity. Hire the best blockchain development company to build reliable blockchain apps to scale your business growth.
What is a Blockchain App?
A blockchain app or dApp is a decentralized software. It is built over the blockchain network.
Blockchain apps are more efficient and secure than traditional apps. It eliminates the central authority and establishes transparency in the system. Moreover, blockchain apps ensure data security through an immutable distributed ledger. Further blockchain applications ensure faster processing. It is because there is no intermediary to delay the process.
What are the key benefits of blockchain apps over traditional apps?
Blockchain apps offer the following benefits which are irreplaceable:
- Immutable Data
- Data Integrity
- High security
- Easy transactions
- Faster processing
What makes blockchain apps unique?
When we talk about blockchain apps, we are referring to decentralized apps or dApps. These applications derive their unique features and potential from blockchain technology.
Have a look at some prominent features of blockchain apps.
- Blockchain apps are decentralized. It means that there is no central authority governing the app functions.
- In addition, due to the lack of intermediaries, dApps reduce unnecessary costs.
- dApps are built on a distributed ledger that is immutable. Therefore, no one can hack into the system and alter the data. In this way, blockchain apps ensure data integrity.
- Because blockchain eliminates the role of a third party, these apps are faster and more efficient.
- Further, blockchain apps are open source. Therefore, it ensures transparency and opens opportunities for collaboration.
- Most importantly, dApps development includes smart contracts. These are self-executing digital contracts that enable secure and automatic transactions.
10 Tips To Build The Best Blockchain App For Your Business
In 2022, companies across the world have spent over $11 billion on blockchain solutions. Moreover, 60% of CIOs globally are looking to integrate blockchain solutions into their business infrastructure. Further, 53% of executive-level officers consider blockchain a key player in boosting efficiency.
Observing the hot blockchain trend in businesses, you won’t like to be left behind. As an entrepreneur, it has become crucial for you to explore blockchain opportunities in business.
For this, you first need to contact a professional blockchain development company. They will help you visualize your project idea and build a reliable blockchain app.
But before you onboard a blockchain app development company, you must consider a few important factors. Here is a list of the top 10 tips from experts for successful blockchain app development.
Decide Whether You Need Blockchain For Your Business
Before you decide to develop a blockchain app, you must ask if your business needs blockchain.
How can you do so?
Ask yourself these questions:
- Do you need to securely store data?
- Does your business need secure transactions?
- Do you need to eliminate central authority from your business process?
- Do you need to create a trustless and permissionless business ecosystem?
If your answer is yes to all the above questions, then blockchain is the right for your business.
It is because:
- Blockchain will help you store and manage large chunks of data.
- Further, it stores data over an immutable distributed ledger which is tamper-proof.
- Blockchain will help you replace paper-based documentation. It will create a transparent system with traceable recordings where you can keep track of all changes.
- By eliminating the third party, blockchain enables secure and faster transactions. In addition to this, smart contracts automate transactions and reduce transaction fees.
- Blockchain will help you build transparent systems. Thus, you do not have to worry if the parties follow the protocols and rules.
Understand The Business Benefits Of Blockchain App
Blockchain offers impeccable benefits. It is you, who has to decide how to use the remarkable features of blockchain to your business advantage.
The key benefits of blockchain apps are as follows:
- Cost efficiency
Sort Out The Ways To Implement Blockchain Into Your Business
By implementing a blockchain application in your digital business, you can streamline your operations, increase efficiency, and enhance security. Here are some ways you can use blockchain technology to optimize your business:
- Supply chain management
- Cloud storage
Identify The Industry For App Development
According to the State of the dApps, there are over 35459 active apps. These apps are functional in diverse industries.
As an entrepreneur, you will have to decide on the right vertical to build a dApp. If you wish to integrate dApp into your existing business, that’s a different thing.
But if you are looking to start a new business venture, then you must first select the right industry. You should look for an industry with the maximum potential to transform itself through blockchain. In this way, you can build and launch a scalable dApp in that vertical to offer better services to the customers.
Have a look at some prominent industries for blockchain app development.
- Banking & Finance
- Real Estate
Currently, healthcare is actively adopting blockchain solutions to enhance its infrastructure. YourTechDiet predicts a 55% increase in blockchain healthcare apps by 2025.
You can come up with an innovative idea to build an efficient healthcare blockchain app.
Come Up With An Unique Blockchain App Idea
You will have to come up with a brilliant blockchain app idea for a successful business venture.
How can you do so?
Firstly, you should identify the problem in your industry. Secondly, you should start searching for ideas to resolve that problem.
For instance, the retail sector has inefficient supply management systems. Therefore, you will want to solve this problem by integrating blockchain solutions that streamline the supply chain.
Here are some of the ways you can come up with an innovative blockchain app development idea.
- Research well about your industry.
- Identify the strong points and issues within the industry.
- Understand the customers’ demands and pain points
- Know your competitors
- What services do your competitors offer?
- How are they attracting customers?
- How can you offer better services than your competitors?
- What will make customers choose your blockchain app?
By the time you are clear on all the above points, you will have an out-of-the-box blockchain app idea.
Choose Your Blockchain Platform Wisely
Selecting a blockchain platform suitable for your business is essential. There are many blockchain platforms in the market, like Ethereum, Ripple, EOS, Corda, NEO, and OpenChain. However, all have different purposes.
For instance, Ethereum is most suitable for creating dApps, ICOs, and smart contracts. On the other hand, HyperLedger Fabric is the right blockchain platform for building supply chain management blockchain apps.
Monetize Your Blockchain App
As a business owner, you must implement monetization models into your blockchain app.
Here are some ways you can make money with blockchain applications.
- You can keep the basic version of the app free to use. While you can set a fixed charge to access the premium version. The premium version of the app will have exclusive features.
- You can also set some platform fees for selling products and services through your app.
- Most importantly, you can profit immensely from transaction fees. In this way, you will earn a fixed percentage on every transaction made through your blockchain app.
- Another way to make money with blockchain apps is to charge other companies who make apps on top of yours.
- Lastly, you can earn through brand advertising on your blockchain app.
Hire The Right Blockchain Development Company
If you wish to build a productive app, you must hire a competent blockchain development company.
How can you find the best blockchain development company to build dApp?
Firstly, you should look for a company with experience and expertise in the blockchain tech stack. Secondly, the company must have certified and qualified developers. Thirdly, you should check the company’s portfolio. Lastly, you should check the services they are offering and the cost.
Blocktech Brew is a leading blockchain development company that will help you build robust blockchain apps. Our blockchain developers have hands-on experience building blockchain apps tailored to your business needs.
Market Your Blockchain App For Exposure
Many business owners overlook the marketing aspect of blockchain apps. Marketing your app is as important as its technical development.
You should start marketing your blockchain app early when it’s in the development phase. It will enable you to reach out to your target audience and build a strong community even before its launch.
Accurately Estimate the Cost Of Build A Blockchain App
Last but not the least, you should be very clear with the budget.
Firstly, you should set your budget as per your development requirements. Only then should you start searching for a blockchain development company that comes within your budget.
Secondly, you should never compromise the features and functionalities of the blockchain app for a few bucks.
The cost of blockchain app development depends on factors like:
- App complexity
- Blockchain platform
- Third-party integrations
- Tech Stack
Blockchain technology is a powerful technology and businesses are seeking to leverage the benefits it provides.
With the right team and strategy, companies can enjoy the advantages of blockchain technology and position themselves as leaders in their respective industries.
Blocktech Brew is a reliable and experienced blockchain app development company that can provide innovative solutions. Hire our blockchain developers to bring your blockchain vision to life.
Book a call with our experts today!