How To Implement Blockchain Into Your Business?

Recent research revealed that businesses implementing blockchain technology for cross-border payments can save up to $12 billion, approximately 30% on costs annually. In addition, this technology can help companies enhance customer experience and navigate profitable revenue streams. Blockchain technology originated to cater to the digital currency trade and is now a popular innovation that empowers businesses.

The technology has the potential to bring more transparency, efficiency, and effectiveness in daily business transactions and operations. Blockchain innovations offer numerous benefits to small and medium startups, enabling them to explore and implement various use cases of this technology. Do you want to implement blockchain in your business and elevate its growth? This article will help you out. So consider it worth reading.

Reasons That Make Blockchain An Ideal Choice For Mobile App Development:

The global blockchain market is expected to reach $67.4 billion by 2026, and some good reasons exist behind that. Blockchain empowers businesses with greater data control and facilitates faster, cost-optimized, and more secure transactions within mobile apps. Let’s discuss in detail why implementing blockchain technology is a compelling choice for mobile app development across industries.

#1 Enhanced Security & Transparency: One of the primary reasons businesses opt for implementing blockchain technology is its tamper-proved data storage. It ensures the integrity and authenticity of the information, eliminating the risk of manipulation and fraud. Moreover, all blockchain network participants can access the same information, ensuring complete transparency between the users and app providers. 

#2 Streamlined Transactions: One of the prime advantages of blockchain technology is that it eliminates the need for intermediaries in a transaction. As a result, users can directly have peer-to-peer transactions. The process not only reduces the transaction costs but also speeds up the payment processing. In addition, blockchain can store elements like intelligent contracts and self-executing agreements, which automate specific actions based on predefined conditions, reducing the need for manual intervention and errors. 

#3 Efficient Data Management: One of the vital aspects of blockchain is that it has a secure and distributed ledger for storing and repositing sensitive data. It helps businesses minimize the risk of data breaches and unauthorized access. It is equipped with complete traceability that records and links every transaction chronologically. The system ensures seamless data tracking, accountability, and improved audit trails. 

#4 Enhanced User Trust: With blockchain technology, businesses have greater control over critical data and sensitive business and client information, fostering the trust and confidence of the users on the app. The technology improves the app’s privacy and security practices by reducing the dependence on third-party service providers. Due to the reduced dependence on centralized authorities, users can interact securely with each other. 

#5 Future-Proof Business Models: As blockchain technology continues to evolve, mobile apps built with this technology can take advantage of ongoing advancements and broader adoption. In addition, this technology has opened doors for futuristic and innovative business models such as tokenized economics, AI-powered data sharing, and decentralized marketplaces. 

How To Implement Blockchain In Business?

The rapid development in digitization prompts businesses to transact and communicate with each other on a large scale. A recent study shows that over 84% of business executives use blockchain daily. It suggests a high level of adoption and integration of blockchain within the professional activities of these executives.

Let’s check out the steps for implementing blockchain in your business. 

1: Identify & Analyze A Critical User Case

To harness the full potential of blockchain technology, the initial step of a business is to identify the use cases where blockchain can be incorporated to improve business operations. Once implemented, one must analyze the results to evaluate its effectiveness. You may start the process by implementing the technology into a specific pilot project and then integrate the innovations on a larger scale later on. However, it’s important to note that you need careful planning and flawless analysis to identify the user cases.

2: Build A Proof Of Concept (PoC)

Once you identify the use cases, it’s time to develop a compelling Proof of concept (PoC) or prototype to demonstrate the feasibility of blockchain technology in improving your business operations. Before creating a PoC, you must identify the pain points your new application will solve through blockchain. In addition, what results or positive impacts do you expect after implementing blockchain technology?  

3: Choose An Ideal Platform

Choosing a blockchain platform is crucial for implementing blockchain in your business, as it will be the backbone of your entire business platform. Before selecting the platform, conduct thorough market research and comprehensive budgetary planning. Once you choose a suitable platform, you can allocate your organizational resources for strategic decision-making. The choice of your blockchain platform will ensure the optimum utilization of resources while developing your blockchain solution. 

While choosing an ideal blockchain platform, consider exploring the following options.

• Ethereum: Introduced in 2015, it is currently the 2nd largest blockchain platform pioneering in the smart contract process. The platform quickly gained popularity among the developer community due to its tech compatibility in developing decentralized applications suitable for industries like FinTech, NFTs, cross-border interactive strategy games, and various supply chain management applications. One of the significant advantages of choosing Ethereum is that it supports multiple programming languages like Solidity, Python, Java, and Go. 
• Hyperledger Fabric: It is an enterprise-grade access-control blockchain platform introduced by the Linux Foundation. Hyperledger Fabric offers high scalability and data privacy, which is suitable for industries like healthcare, banking, and insurance. In addition, the platform can support app genres like consortium applications, trade finance, and identity management. The platform primarily runs on Go for chain code development but also supports other programming languages through suitable plugins. 
• Tezos: Tezos is one of the most secure and self-amending blockchain platforms that focuses on governance and sustainability. The Linux Foundation also builds this platform. Launched in 2018, it enables users to propose and vote on upgrades and future development. The platform uses its own language, Michelson. This interactive and high-responsive feedback management system allows Tezos to ensure continuous improvements and adaptability. 
• Corda: Unlike Tezos and Hyperledger, Corda works as an open-source platform for exceptional business user cases. The platform offers strict privacy and regulatory compliance. One of the primary advantages of using this blockchain platform is that it can easily integrate with the existing organizational infrastructure and provide businesses with unique scalability features. It uses Java for smart contracts and can support apps like trade finance, regulatory compliance, and active financial entities. 
• Steller: It is also an open-source blockchain platform that acts like a decentralized payment network, facilitating fast and cross-border transactions. Steller uses its programming language, StellerScript. Most remittances are conducted through this platform for secure transactions. It supports app-focused businesses like cross-border payments, micropayments, and asset issuance. 
• Openchain: It is an open-source blockchain platform for managing an organization’s human resources. The platform is built on Hyperledger fabric and inherits all its compatibilities. The platform offers various applications for multiple industries, including logistics optimization, tracking and tracing, and provenance management.
• Multichain: This blockchain platform is previously famous as a polychain. It is an interoperable platform supporting effective communication and asset transfer between blockchain networks. Multichain supports many protocols and programming languages to enable users to connect and transact with diverse blockchain ecosystems. The platform supports cross-chain apps, interoperable De-Fi protocols, and token bridges. The platform has a unique ability to combine different blockchain platforms through secure communication. 
• Quorum: It is an enterprise-grade blockchain platform built on Ethereum that offers both privacy and scalability to users. It supports apps similar to Ethereum, focusing on enterprise use cases like logistics optimization, trading platforms, and apps with a higher privacy requirement.

Build & Test Your Blockchain Solution:

The time has come to build and test your blockchain solution. To make an effective blockchain solution for your business, you need a comprehensive tech stack. You may use the following tech stack to build your blockchain app. 

1: Smart Contract Development

Smart contracts are self-executing code deployed on the blockchain to automate specific functionalities. The choice of language depends on the chosen platform: 

• Solidity: Primarily used for Ethereum and EVM-compatible platforms.
• Go: Commonly used for Hyperledger Fabric chaincode development.
• Java: Used for smart contracts on Corda and some other platforms.
• Michelson: Specific to Tezos intelligent contracts.
• StellarScript: Used for smart contracts on the Stellar network.

2: Front-end Development

This builds the user interface for interacting with your dApp. Popular choices include 

• React: A widely used JavaScript library to create interactive user interfaces.
• Angular: Another popular JavaScript framework for building web applications.
• Vue.js: A progressive JavaScript framework for building user interfaces.
• HTML, CSS, and JavaScript are web development’s fundamental building blocks.

3: Back-end Development

This handles server-side logic and communication with the blockchain network – common choices include 

• Node.js, a JavaScript runtime environment famous for building scalable web applications.
• Python: A versatile language often used for back-end development and blockchain interactions.
• Java: A widely used language suitable for enterprise-grade applications.

4: Additional Tools and Libraries

Depending on your specific needs, you might utilize various tools and libraries, such as 

• Web3.js: a popular library for interacting with the Ethereum blockchain from JavaScript applications.
• Truffle: A framework for developing, testing, and deploying smart contracts on Ethereum.
• IPFS: A decentralized storage network for storing and sharing data associated with your app.
• Oracles: These services provide external data feeds to your blockchain application.

Once you developed your blockchain solution, you must test and evaluate your apps based on certain critical factors, such as the blockchain infrastructure and the quality and vastness of the technology. In addition, you should carry out multiple tests to check its compatibility with supporting multiple blockchain networks and platforms. A comprehensive test network must be established to ensure that the app functions seamlessly. 

5: Blockchain Activation

Blockchain activation refers to the process of initializing a new blockchain network and bringing it online. This typically involves several steps:

Node Setup: Individual computers or servers, called nodes, join the network and download the blockchain ledger.

Genesis Block Creation: The first block on the blockchain, known as the genesis block, is created and distributed to all nodes. This block often contains initial configuration information.

Consensus Mechanism Activation: The chosen consensus mechanism, such as Proof-of-Work (PoW) or Proof-of-Stake (PoS), becomes operational. This mechanism determines how new blocks are added to the chain and ensures network security and agreement.

6: Build The Blockchain Ecosystem

Once the blockchain app is deployed, you should focus on building an ecosystem with the growing stakeholders while improving mutual trust. At this stage, you must formulate a policy to improve the terms of the agreement with the users and stay compliant with government mechanisms and legal frameworks. 

What Factors You Should Consider Before Implementing Blockchain Solution?

Developing a blockchain solution is a daunting task that requires careful planning, strategic insights, and resource optimization. Here is a list of factors you should consider before integrating the blockchain solution successfully. 

#1 Need & Suitability: Before developing the blockchain application, consider evaluating the existing solutions like centralized databases and traditional contracts. It would help if you stayed focused throughout the implementation process to keep track of the complexity and cost of the blockchain development. 

#2 Technical Feasibility: Evaluate the existing technical expertise and IT infrastructure of your organization to analyze your ability to build and manage blockchain projects. Developing a cutting-edge blockchain solution requires specialized knowledge. In addition, it can be heavily resource-intensive. You should carefully analyze the compatibility and potential challenges in integrating the blockchain solution with your existing systems and processes.

#3 Scalability & Performance: Blockchain transactions can be slower and more expensive compared to traditional systems. Evaluate the trade-off between security and performance for your specific needs. In addition, you should consider determining the performance implications of using blockchain. 

#4 Security & Regulatory Compliance: Blockchain technology is still evolving, and security risks exist. Conduct thorough security assessments and implement robust security measures. Depending on your industry and location, specific regulations apply to blockchain usage. Ensure your solution adheres to legal and regulatory requirements.

#5 Evaluate The ROI: The cost of developing and maintaining a blockchain app can be significant, so ensure they are justifiable by the potential benefits and ROI. Quantify the value proposition and demonstrate how the solution will generate positive returns on investment.

Want To Implement Blockchain In Your Business? Logic Square Technologies Can Help!

Ready to harness the power of blockchain technology but need help figuring out where to start? Logic Square Technologies can help you navigate the journey with our efficient and cost-effective approach. We leverage a lean MVP model to get your blockchain solution up and running quickly, minimizing upfront costs and allowing you to test and iterate based on real-world feedback. Our team of expert developers, combined with our frugal engineering approach, ensures you receive a high-quality solution without unnecessary frills, keeping your project within budget. Don’t wait to explore the potential of blockchain – contact Logic Square Technologies today and see how we can help you unlock new possibilities for your business.