Blockchain App Development
Key Benefits of Blockchain
Renowned tech experts and top business owners like Bill Gates, Jack Ma, etc. claim that this underlying technology is here to stay forever. The out-of-the-box solutions offered by Blockchain app development are expected to virtually influence all the economies within just a few years. So let us look at its significant benefits:
How Blockchain Works?
Blockchain is interchangeably called Distributed Ledger Technology (DLT). This technology makes use of cryptographic hashing and decentralization for making the data of the historical transactions i.e. digital assets completely transparent and unalterable. So how does it work? Let’s quickly review its working in short.
The digital assets consisting of vital data are shared and not transferred or copied. Then, the asset is decentralized and enables complete access in real-time. For securing the document and maintaining its integrity, a transparent ledger of changes is implemented.
So, Blockchain app development is based on three concepts: Blocks, Miners, and Nodes.
A block consists of three fundamental elements- data in the block, nonce, and hash. There are multiple blocks in every chain. As a block gets creates in a chain, the cryptographic hash is generated by a nonce. The data present in the blocks is tied to the nonce and hash until it is mined.
A process called mining is used by the miners for creating new blocks. Every block in the chain has its unique nonce and hash, and also it refers to hash of the previous block. For finding a nonce that generate a hash that can be accepted, there is complicated logic involved, miners make use of specially designed software. Also, for doing any modifications to a block in the chain, re-mining of all the blocks that come after that block is required. After successful mining of a block in a chain, all the nodes on this network accept this change and then the miner gets financial rewards.
Nodes could be any electronic device that help in network functioning by maintaining copy of every Blockchain and are essential for the decentralization process. Nodes are connected to the chain in order to form a distributed ledger. Any newly mined block should be algorithmically approved by the network for the chain to be updated, verified and trusted.
Conceptual Flow of Blockchain:
Applications of Blockchain
Blockchain is not limited to bitcoin or cryptocurrencies, but has a huge potential and is impacting various sectors. Despite being a new technology, it is transforming society in ways never thought. We, as a growing Blockchain development firm, are contributing our bit to this revolution. Please have a look at the real-world use-cases of this vibrant technology:
Our team of Blockchain developers have expertise in following Blockchain Technology Services:
Smart Contracts Development (ICO)
Decentralized Application Development (DApps)
Crypto Wallet Development
Private/Permissioned Blockchain Development
Crypto Exchange Development
Supply-chain Blockchain Development
This Grocery App is an e-commerce application powered by Blockchain. App will contain multiple stores for the end-user to choose the required products from. Users will be able to place orders and buy groceries online. The app will consist of three sections- one for users, one for employee of the stores and the third- admin panel. To ensure top-grade security of the data, the app uses Stellar platform for payment integration. Ethereum Blockchain APIs are used to generate unique transaction ids that are saved in database. QRCode contains the transaction id that will be sent to Ethereum APIs to get the order details.