Tips to Pick the most suitable Blockchain Development Company for your Upcoming Project?

Posted by Parija Rangnekar On Filed under Blockchain App Development No Comments
Tips to Pick the most suitable Blockchain Development Company for your Upcoming Project?
blockchain app development services
Blockchain app development is gaining prominence and Blockchain business models have become the buzzword of modern times. Here are some amazing statistics on Blockchain implementation researched by the renowned online portal techjury.net:
    • There were more than 81 million registered Blockchain wallets as of March 2022.
    • The Blockchain market is predicted to generate a revenue of approximately 20 billion globally by the year 2024.
    • Banks can minimize their infrastructure costs by 30% with Blockchain solutions.
    • Blockchain implementation can help finance firms save up to $ 12 Billion per year.
  • As per healthcare weekly.com, healthcare weekly.com 40% of healthcare executives consider Blockchain development as one of their top priorities.
    The above stats indicate the soaring popularity & immense scope of Blockchain app development. Needless to say, businesses across diverse domains are leveraging the potential of decentralization, immutability, transparency, and high-grade security offered by Blockchain solutions.
    However, Blockchain implementation is no cakewalk. Therefore, most businesses utilizing this disruptive technology are seeking assistance from professional Blockchain development services. But, picking a Blockchain development agency that suits you best is not an easy task either. Here are certain tips and factors to consider while choosing Blockchain services.

    Checklist to Select Blockchain Development Services


    blockchain app development services
 

  • Consultation by Blockchain Experts

     
    Do you have an excellent idea for your Blockchain development project and can’t wait to get it implemented? Well, it’s not as easy as it sounds. Blockchain implementation is way more complex as compared to other technologies and one single mistake can spoil the objective of your project. And, owing to the amount of time and expenses involved in Blockchain app development projects, you can’t afford to make any mistakes. So, you need to validate the practicality, correctness, and effectiveness of your project idea before you dive in. Moreover, you must understand how a Blockchain solution works and how it can benefit your business. This will help you to form an actionable vision of Blockchain development and figure out whether your business needs a Blockchain solution. Furthermore, you need to clearly determine your Blockchain-based project’s vision beforehand; so that you can communicate your specific set of requirements to the Blockchain developers who are going to execute your project. These are the reasons why you need Blockchain consultation services from resources who are well-versed in Blockchain projects.
    Consultation from experts is not only beneficial in the ideation phase but also at every phase of the product development lifecycle. Hence, the Blockchain app development company you choose must provide consultation services through all project stages. If your technology partner simply executes your idea without validating or enhancing it, you might come across roadblocks during the later stages of the project. A professional Blockchain agency will provide you with a dedicated team of consultants. These consultants guide you through the right path and help you understand how Blockchain implementation will impact your business.
  • This is how the consultation process works. Blockchain experts discuss the project idea with clients at the very beginning of the project. They understand the project idea, your requirements, and the outcomes you expect from the envisaged Blockchain solution. Thereafter, consultants analyze the idea and its effectiveness and match it with your requirements. Then, they offer the right advice on the practical implementation of the envisioned project model and add their inputs on enhancing its productivity. They suggest an approach and a product development roadmap that best fits into your Blockchain solution requirement model. They also propose a productive strategy when any mid-project updates need to be implemented based on their client’s suggestions.

    Choose Quality Over Cost

    Settling for a low-cost Blockchain development vendor may not prove fruitful in the long run. Productive Blockchain app development requires a great deal of technical knowledge, expertise, innovation, and experience. Low-cost resources may lack these essential prerequisites and you are likely to face product-related issues. And, if you need to revamp the entire project, later on, it will be a costly affair. So always prioritize quality over cost.

    Technical Expertise, Necessary Skillsets, & Efficiency

    Blockchain implementation requires sound knowledge and extensive experience to deliver productive outcomes. Costly mistakes are likely to happen if your Blockchain resources lack the necessary skillsets & technical expertise. So, it’s important to check your Blockchain service provider’s offerings.
    Research thoroughly to obtain information on the Blockchain agency’s approach, perspective, and the tech stacks they work with. Companies offering Blockchain development services should offer a dynamic team of talented Blockchain developers with multiple specialists like software developers, smart contract resources, etc. Generally speaking, Blockchain resources should have experience in working with programming languages such as Angular, Node.js, JavaScript, Solidity, etc., and tech stacks like IPFS, Hardhat, Truffle, Metamask, etc. Some of the most sought-after Blockchain use cases include smart contracts; DeFi, DAO, DApps, crypto wallet integration, cross-border payments, etc. You need to also check whether your Blockchain app development vendor follows the latest trends and adheres to standard practices.
    You can collect such information by visiting the company’s website and taking a look at their portfolio as well as the previously delivered projects. You can also go through their case studies, blogs, articles, and success stories to obtain insights. Do not forget to ask your technology partner about the coding standards and practices they follow. Ask them about the project management techniques, their way of handling mid-project changes, and the approach they would adopt to address crisis situations.

    Domain-specific Experience

    These days, Blockchain implementation is not limited to finance and banking. It is becoming a game-changer for multiple industries like healthcare, real estate, supply chain, aviation, etc. So, it’s important to check whether the agency you are planning to hire for your project has a prior experience in Blockchain app development in your niche. Experienced teams will be well-versed in domain-specific requirements and can create intuitive and user-friendly interfaces. Domain-specific knowledge can be an additional advantage in shaping your project idea into a fruitful solution. Experienced Blockchain app development services have been in the market for a certain time and as such are aware of the market trends and best practices. Besides, they can handle complex developmental challenges and provide valuable suggestions regarding Blockchain development.

    Custom Blockchain App Development

    Standard, pre-defined, or previously-structured Blockchain solutions are not always suitable to meet a business’s objectives or resolve pain areas. If the structure of a business is complex, it needs a customized approach. So, if your business falls under this category, choose a Blockchain app development vendor that will understand and analyze your specific requirements and propose a Blockchain solution that will fulfill your unique goals. It will be great if your technology partner can create a whitepaper for documenting the customized design specifications that are going to be implemented.

    Agile Methodology

    Today, an agile development methodology is preferred over a fixed prototype model. Agility provides the much-needed scope for evolution, improvements, last-minute modifications as per ongoing market requirements, and rolling out post-launch updates to stay relevant. An agile model refers to the process of breaking the product development process into short sprints. Simply put, instead of developing & deploying the product in one go, it will be developed gradually following a step-by-step methodology.
    The best practice of Blockchain app development is developing an MVP (Minimum Viable Product) at first. An MVP helps you to validate the effectiveness of the product, identify the areas that can be improved on, and assess whether the product meets your objectives. Based on the aforementioned aspects and ongoing market trends, you decide on the add-ons and enhancements to be made in the upcoming sprints. This way, the end product keeps evolving as per the requirement and changing market demands. Hence, the Blockchain app development company you choose must support an agile product development process.

    Performance & Scalability

    Performance and scalability are two key factors that decide the fate & scope for future growth of a Blockchain app solution after it goes live. And, your Blockchain development firm should adhere to these requirements. The number of users increases with time. As a result, the load and processing time also keeps increasing, thereby exhausting the system resources. So, every Blockchain solution must be designed to be scalable so that it can handle the increased load in the future.
    So, it’s advisable to convey the Blockchain agency you’ve hired to design scalable and performant solutions. Your development partner should employ a flexible programming language that can carry out parallel as well as non-parallel system operations. The system should be capable of maintaining the ideal level of responsiveness and speed.

    Dedicated Team of Blockchain Developers

    The level of complexity in Blockchain app development projects is quite high and so the concept of shared teams is least likely to work. A team handling multiple projects at a time will find it difficult to focus on your project and have to be reminded about the project goals from time to time. Also, shared teams may encounter time constraints leading to overlooked requirements, inadequate product testing, missed deadlines, etc. Hence, before signing the project agreement; ensure that the Blockchain development firm will provide a team of developers, testers, and QAs entirely dedicated to your project.

    Pricing Models

    Before finalizing the Blockchain development company, assess the pricing models offered by them. Check whether the pricing model you are looking for is available. In case of multiple pricing plans, pick the one that best suits your project development needs. Usually, Blockchain agencies offer two types of pricing plans – ‘Fixed’ pricing and ‘Variable’ pricing models. Some companies offer the ‘milestone’ pricing model as well.
    The ‘fixed-price’ model involves pre-decided costs without any extra expenses later on. This model is cost-effective and is a perfect pick if you have a tight budget and strict deadlines to meet. But here, you need to pre-define your scope correctly. This model is not a suitable option if you are looking for customization and high-end product functionalities.
    The ‘variable-price’ model involves hourly or daily rates and is likely to incur additional expenses during the development process. This model is costlier, but ensures quality and fulfills your end-product customization requirements. Also, a variable pricing model is recommended if the scope of the project is not clearly defined at the beginning and the product development requirements are likely to evolve with time.
    The ‘milestone’ pricing model is employed in long-term partnerships between the client and the vendor company. It involves adjustable budget frames; a separate cost estimation is defined for each milestone based on the need.

    Security Practices

    Safety is crucial for any business and this is one of the key reasons for using Blockchain solutions. The Blockchain eco-system does provide security, but the implementation of an extra security layer is necessary for making the solutions tamper-proof. Every standard Blockchain app development company adopts security measures like two-factor authentication, safety filters, etc.

    Work Ethics

    The work ethics of the Blockchain app development company should be impressive. Dedicated, committed, goal-oriented, and reliable teams can make a huge difference. You can get an idea of the work ethics of your chosen partner by conducting research on their previous client interactions. Some of the most desirable qualities include the ability to adhere to strict deadlines, offer complete product development transparency, keep the client updated about the project’s whereabouts from time to time, etc.

    Post-deployment Support

    A Blockchain solution may face issues after it goes live even if it was deployed after extensive testing. So, Blockchain-based end products require post-launch technical support for resolving real-time bugs, making the necessary modifications as per the need, and so on. Live support ensures the smooth functioning of the end product and saves your brand’s reputation from being tarnished. So, remember to pick a Blockchain app development firm that will provide you with live technical support after the product launch.
     

    Final Thoughts:

     
    I hope the aforementioned tips and strategies will help you to pick the best-suited Blockchain app development company for your next project. Once you’re done with shortlisting the Blockchain agencies as per your project’s requirement and their team’s app development experience; it’s time for the crucial project discussion phase. During this phase, be clear with the product’s vision, provide clarity about your goals, and convey your specific requirements. Remember to have a thorough discussion regarding the project’s budget to avoid surprise costs later on.

How can Blockchain adoption help Airlines to Cut Costs & Optimize Efficiency?

Posted by Parija Rangnekar On Filed under Blockchain App Development No Comments
How can Blockchain adoption help Airlines to Cut Costs & Optimize Efficiency?
The aviation sector is a tightly regulated industry and must offer mission-critical services with no room for errors. But, the presence of multiple stakeholders and industry players makes the ecosystem all the more complex. The stakeholders involved include consumers, airport authorities, aviation sector associates like IATA, travel agents, GDSs (Global Distribution Systems), suppliers, service providers, public authorities, travel partners like car rental firms, hotels, and the list goes on. As a result, airline companies have to deal with pain points like high fixed costs, coordination & management woes, and at the same time, have to deal with the pressure to offer impeccable services.
Transparency, trust, control, and security play vital roles in ensuring flawless airline operations. However, the current system has certain limitations. Take a look at an example!
One of the greatest unresolved mysteries in the history of the global aviation industry is the disappearance of the Malaysian Airlines passenger jet, Flight 370, on 8th March 2014. The questions to several answers like why the fight had changed its direction, where the fight headed thereafter, etc. remained a mystery even after spending millions of dollars on the investigation. This incident called for a robust system that would ensure transparency and traceability of airline operations under any circumstance. And, Blockchain technology is a viable solution to address such challenges.
This post explores the role of Blockchain in Aviation and how it helps airlines to save millions of dollars.

Blockchain in the Aviation Industry: Use Cases & Business Benefits

Blockchain solutions “come” with disruptive offerings for the aviation industry – Transparency, Immutability, Decentralization, Traceability, and high-grade Security. Let’s explore how Blockchain resolves countless problems existing in the aviation sector, enhances the efficiency of flight operations, and helps airline authorities save time and money.

Aircraft Inspection & Maintenance Management

With Blockchain technology, activities like the configuration of an aircraft’s parts, routine inspections, maintenance, handling warranties, and loan order management become transparent & traceable like never before.
Problem
It’s common for passengers to face problems due to flight delays on account of maintenance issues. However, at times such problems are unavoidable due to the unavailability of inspection or maintenance data that gets lost or destroyed. Today, airline companies need to track crucial aviation data related to the condition of airplanes. As such, they end up investing a considerable amount of time and spending heavily in the collection and maintenance of critical information related to flight operations.
Use Cases
The components of an airplane can be repaired as many times as needed. The lower assembly components are usually changed or scrapped while the higher assembly components remain intact. Hence, it’s important to trace aircraft components throughout their entire lifecycle so that data related to ownership history, modifications, maintenance details, etc. can be securely stored. If this data gets misplaced or stolen, the airline company will get adversely affected. So, storing such data on a Blockchain-based immutable ledger is the most viable solution.
Blockchain technology is used to track & record important data related to the installation, removal, inspection, or servicing of each part and component of an airplane. Blockchain records information like the duration of servicing, and even the identity, credentials, and location of the technician who has repaired a specific part. Logs are updated continually. This way, every part of the plane can have its digital “birth certificate.”
All these data can be integrated to form a “digital twin” of the aircraft. It will record all data related to the history of parts, maintenance, inspection, and warranty; right from the time the airbus began its operations to the time, it retired from the fleet. This way, airline companies get detailed visibility into the lower and higher assemblies and can effectively track every aspect that matters – modifications made to the assemblies, ownership changes to specific sub-assemblies, adherence to compliances, etc. Such verifiable data regarding the aircraft components come in handy to airline companies during critical reporting and also when they buy or sell aircraft parts.
Blockchain solutions help authorities manage the compliance of aircraft parts and maintenance programs by simplifying critical tasks. Examples of such tasks include recording the findings of the inspection, sending follow-up inspection requests, creating repair orders for defective parts, and many more.
A loan order is one of the most complicated transactions carried out between the MROs and the operators. Another critical aspect is warranty management where chances of revenue leakages are likely. Blockchain-powered immutable networks are being used by Airline companies to maintain the terms and conditions of loan orders, warranty statements, and payouts.
Advantages
Blockchain implementation provides better visibility of an aircraft’s configuration & maintenance history. The outcome is a more predictive maintenance mechanism that enables authorities to eliminate roadblocks much before these issues affect the airline’s operations. There are minimal instances of passenger inconveniences caused by flight delays due to maintenance issues. The overall productivity improves and airline companies are able to minimize the expenses as well as losses that occur due to unplanned maintenance or downtime. Also, airline owners can effectively handle third-party vendors like mercenary resellers as the serial number of every aircraft part can be compared against an indestructible real-time ownership record.

Real-time Capture & Secure Storage of Aviation Data

Problem
The tracking of passengers’ baggage or cargo that gets misplaced is a complex and time-consuming process for airline authorities. Consumers too, face the inconvenience of long wait times and even damaged goods. Another crucial aspect is the necessity to capture flight-related technical data for ensuring flight safety and obtaining data in case of mishaps. But, centralized data storage systems are vulnerable to breaches and data losses.
Use Cases & Advantages
Blockchain makes it possible for airline authorities to track and record the real-time data of a single flight. This improves transparency & visibility considerably. Blockchain records information about valuable aspects and assets like flight paths, onboard passenger details, baggage & cargo onboarding, etc. that are indispensable to flight operations. Blockchain-based data backup mechanism adds an extra layer of security and makes the data tamper-proof. The real-time capture and secure storage of data enable authorities to figure out airplane malfunctions and carry out rescue operations in case of crashes. Blockchain technology can also effectively track down baggage & cargo. The location and current status of goods will be tracked right from the moment they are deposited at the counter till they are handed back to the rightful owner. Therefore, passengers as well as authorities will be able to track cargo effortlessly and quickly.

Smart (Tokenized) Ticketing & Identity Verification

Problem
The entire ticketing mechanism of the aviation industry depends upon a centralized database. And, during instances when the ticketing database of an airline or an airport goes down due to system outages, huge chaos is created and chances of errors are likely. Also, the identity verification of passengers at airports is quite hassle-prone and involves long queues. Moreover, the existing verification systems are not always able to identify forged identities by certain passengers resulting in security risks.
Use Cases & Advantages
The solution is simple – replacing paper tickets with smart tickets. Smart ticketing is still a future vision but will be a game-changer once implemented. Blockchain developers can create a uniform booking system where besides the airlines, other stakeholders can also participate.
Blockchain network stores the biometric data, documents, and the tickets of passengers on an immutable ledger. Hence, a Blockchain-based tokenized ticketing system offers a hassle-free ticketing experience that doesn’t get affected by system crashes. This approach also simplifies the process of passengers’ identity verification and can end document verification woes. Passengers will not have to fill up additional forms or carry identity credentials to the airport but have to just enter the airport through a verification code. Furthermore, Biometric identification techniques will successfully address the problem of forged identities. This is because, passenger identity, once recorded on Blockchain cannot be modified or tampered with because of its decentralized nature.
Smart tickets can also be used to link additional facilities like lounge access, business class privileges, etc.; loyalty programs for frequent fliers; and non-airline utility services like hotel bookings, transportation, etc. This will address the problem of inefficiencies faced by airline companies on account of fragmentation costs when passengers wish to avail of extra facilities.

Smart Contracts

Problem
Airlines need to transact with multiple other parties and end up investing time as well as resources to execute such lengthy and repetitive tasks. Also, there are chances of human errors and disputes between parties.
Use Cases & Advantages
Blockchain-powered Smart Contracts are self-executing electronic agreements that function based on a set of pre-defined rules. Airline companies employ smart contracts for executing transactional agreements with other airline companies & travel agencies, selling travel insurance, paying airport fees or taxes, and determining loyalty settlements. A Smart contract is an excellent option to automatically validate transactional agreements where multiple parties like supply chain operators, MROs, etc. are involved. Smart contracts provide the much-needed transparency and decentralization by creating a peer-to-peer network. This helps airline authorities establish a consensus amongst multiple parties and avoid conflicts that are likely within a centralized legacy system.
Also, smart contracts minimize the likelihood of human errors and can save airlines time and the hassles of heavy reconciliation processes to fix erratic transactions.

Final Thoughts:

Blockchain in Aviation comes with a promise of a better tomorrow! However, one needs to follow the right process and strategies while implementing Blockchain to reap its potential to the fullest. Here’s how to start with Blockchain implementation in Aviation Services. Commence with a single process or system. Thereafter, you need to create a Blockchain ecosystem and consolidate all your stakeholders. This peer-to-peer network will define the rules for participation, governance, audit mechanisms, etc. Remember to prioritize cybersecurity, adhere to standard compliances, clearly define audit mechanisms, and navigate regulatory uncertainty.
If you lack the necessary technical expertise, experience, and skills, it’s advisable to partner with professional Blockchain app development services to elevate your aviation operations to the next level.