Is your business lagging in the competitive market?

If your answer is yes, then you are still using traditional business models. As a result, your system is inefficient and slow. Moreover, traditional business solutions make your systems prone to cyber attacks and thefts. In addition to this, it is time taking and requires high costs for maintenance. 

To sum up, your business model is outdated. So, what is the solution?

Enter the era of blockchain solutions which helps you scale your business growth through its unique features. We all have heard the term “blockchain” with cryptocurrencies, NFTs, and the metaverse. 

Surprisingly, blockchain is an innovative technology that is also transforming the way we do business. From the financial sector to retail, e-commerce, real estate, entertainment, and healthcare, blockchain is redefining everything. 

Businesses worldwide are implementing blockchain solutions to streamline and enhance their business processes. According to market data, global spending on blockchain solutions will reach $19 billion by 2024. Further, 53% of executives believe that blockchain can help their companies function better.

In such a market scenario, you can’t let your business fall behind. Get custom blockchain solutions to accelerate your business growth. The right way to do this is to hire the best blockchain development company to build you a robust app to fulfill your business needs.

In this blog, we will decode the business benefits of blockchain apps. Further, we will also guide you on how to build a blockchain app.

Let’s get started!

Why Should You Develop A Blockchain App?

Blockchain apps are decentralized apps. It is built over blockchain networks which gives these apps unique features. The key characteristics of a blockchain app are:

  • Decentralization
  • Data security
  • Peer-to-peer transactions
  • Transparency
  • High Speed
  • Anonymity

Blockchain apps are more efficient and productive than a traditional apps. Moreover, these apps are integrated with smart contracts that facilitate automatic and secure transactions. 

But how can a blockchain app benefit your business? How can a blockchain transform your business model?

Business Benefits of Blockchain apps

The business benefits of blockchain app development are as follows:

Decentralisation

Blockchain apps will help you eliminate central authority over the data and functioning of your business processes.

Reduce costs

By eliminating intermediaries, the blockchain app reduces unnecessary operational costs.

Transparency

Blockchain apps are an excellent way to introduce transparency into your business system. All the data and transactions are recorded in a distributed ledger. Everyone on the network has access and can verify the data. 

Faster processing

As blockchain apps remove the role of third parties, these apps make your system faster and more efficient.

Data Immutability

Blockchain apps store data over immutable distributed ledger technology. Therefore, it is impossible for anyone to hack or alter the data on the DLT.

Privacy

All the transactions over the blockchain network are anonymous. Only the digital wallet addresses are visible. There is no way to find out the real user behind the digital wallet.

Easy Transactions

Blockchain apps use smart contracts to automate transactions. These are self-executing digital contracts that execute themselves once the terms of the contract are met. 

Most importantly, smart contacts eliminate disputes. It carries out the transaction according to the pre-set terms of the contract. Thus, it makes the lending, borrowing, and investment processes simple.

There are several advantages of blockchain apps. It is up to you to decide how to use them to boost your business value.

Blockchain App Market 2023 Overview

The above key benefits of blockchain have made it popular among entrepreneurs. Companies are looking to build blockchain apps to get an edge over their competitors.  

Here are some market stats that support the popularity of blockchain apps.

  • According to the State of the dApps, there are 2600 active dApps. Further, these blockchain apps witness 37,000 daily active users.
  • 60% of the CIOs are looking to integrate blockchain apps into their business infrastructure. 
  • The healthcare sector will spend over $5.61 billion to integrate blockchain solutions by 2025.
  • Most importantly, over 40% of top executives in healthcare consider blockchain a priority.
  • In addition to this, there is a 90% increase in the number of blockchain app development companies to satisfy the increasing demand for blockchain apps.
  • The value of the industrial blockchain market will reach $85.64 billion in 2023.

How To Build A Blockchain App?

You have to be a tech geek to build a blockchain app on your own. Moreover, to build a reliable blockchain app, you must have knowledge of sophisticated programming languages and technologies. 

Further, for enterprises, we recommend hiring a professional blockchain development company. They have hands-on experience in building blockchain apps with key functionalities as per your requirements.

However, you should have a clear picture of the blockchain app development process. It will ensure that you are equipped to use the services of a blockchain development company in a better way in developing the app.

Here is a step-by-step guide to building a blockchain app.

Step 1 – Find The Right Blockchain App Idea

The first thing you need to do is to come up with a brilliant blockchain app idea. 

How can you do so?

  • Evaluate if your business needs blockchain or not.
  • Analyse the best way to implement blockchain solutions in your business.
  • Do deep research on current trends in your industry.
  • Understand the demands and pain points of customers.
  • Find ways to resolve these issues.
  • Analyse your competitors.
  • Study the services they are offering.
  • Find out ways to make your services unique.
  • Give customers a reason to choose your blockchain app over others.

Step 2 – Select Your Blockchain Platform

Choosing the right blockchain platform is crucial for your blockchain app. You can do it two ways. 

Firstly, you can build your own blockchain platform. However, building a new blockchain network with algorithms and consensus mechanisms is very expensive. 

Secondly, you can fork an existing blockchain network. There are few open source blockchain networks from where you can copy and run the code on your servers. Ethereum and HyperLedger are the top open source blockchain platforms.

Thirdly, you can build blockchain apps on existing blockchain networks. These platforms have APIs, algorithms and mining techniques that will help you to integrate blockchain into your application.

Ethereum, Corda, HyperLedger, EOS, and TRON are some popular blockchain platforms for building dApps. However, all have different attributes.

For instance, Ethereum is known for its capabilities in building dApps, initial coin offerings (ICOs), and smart contracts. It is a public blockchain for decentralized projects that require a high degree of transparency and security. 

On the other hand, Hyperledger Fabric is a permissioned blockchain platform. It is ideal for enterprise use cases, especially in supply chain management, where privacy and security are crucial. Further, it’s designed to support various use cases and can be customized to fit the specific requirements of an organization.

Step 3 – Hire A Blockchain App Development Company

If you wish to build a productive blockchain app, then you must hire a competent blockchain development company. 

How can you find the right blockchain app development company?

Firstly, you should look for an experienced blockchain company. Secondly, the development team must have knowledge and experience in handling blockchain protocols and programming languages. Thirdly, you should check their portfolio. Lastly, you should clearly discuss the development cost with the team.

Blocktech Brew is a top blockchain development company that will help you build reliable dApps. Our blockchain developers are qualified to deliver custom blockchain solutions to boost your business growth.

Step 4 – Blockchain App Testing

You should ask your blockchain app development company to meticulously check the app for bugs. The Q&A team runs several tests to identify and resolve errors to ensure app performance and quality. 

Step 5 – Blockchain App Deployment

Once you have run tests on your blockchain app, it’s time to launch the app. The development team launches the app on public platforms and app stores for the public to use.

Step – 6 – Technical Maintenance

The blockchain development company also offers post-launch support. The team will provide timely upgrades and maintenance to ensure that the app functions with zero downtime.

How Much Does It Cost To Develop A Blockchain App?

The cost of blockchain app development depends on several factors. These factors are as:

  • App complexity
  • Choice of the blockchain platform
  • Use of tech stack
  • App features & functionalities
  • Third-party integrations

It takes $50,000 to $100,000 to build a basic blockchain app. For premium blockchain app development, you will have to pay $80,000 to $150,000.

However, you should set your budget before developing the app. Apart from this, you should also convey the same to your app development company. 

Conclusion

Blockchain is a game-changer for app development, offering improved security, transparency, and decentralization. The integration of blockchain app development can help solve a wide range of issues faced by businesses and consumers alike. As a result, blockchain app development offers exciting opportunities for businesses. 

Whether you are an established entrepreneur or just starting, our blockchain development services are worth exploring. Blocktech Brew blockchain experts are just a call away!