The Ultimate Guide to Blockchain Development – [Plus use cases]

Before Covid, the instant surge in the blockchain market attracted the attention of everyone, even the stock marketers. It was a considerable business that gained the trust of people to invest. But, only a few know in-depth knowledge of blockchain development and its work. 

Today, the market is all about how information is getting transferred. Blockchain has changed how it delivers that information as it offers immediate, shared, and transparent information that authenticated network members can only access. Not only this, there is much about blockchain, like decentralization, unanimous, immutable, and others.

distributed ledger technology

As digitization is taking over the global market, blockchain has emerged as one of the new-age technologies that are helping businesses to reach new heights. It will be fantastic to know how big is the blockchain market and how it is growing. 

As per the research, the size of the global blockchain technology market was USD 5.92 billion in 2021, which will grow tremendously by 2030. Below are the stats that will prove it.

blockchain technology

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As investing in blockchain technology is legal in countries. People are investing in it and creating new opportunities for market growth. Statista says global spending on blockchain solutions accelerated from 4.5 billion to 6.6 billion in 2021, estimated to rise to $19 billion (approx) by 2024. That’s a huge number!

blockchain investment

Well, these are the stats that are important to get to understand more about Blockchain. But for those not aware of the Blockchain and its benefits, you have landed on the right page that will help you explore blockchain technologies and their use cases.

What is Blockchain? Understanding the hype around it…

You can compare a blockchain with a distributed database whose data and crucial information is shared across the network globally. It is a secure way to store transaction records. All the information is stored in a digital format, making it preferable to store and share cryptocurrency, such as Bitcoin. 

It is just like a database with a critical difference: the data structure. Unlike a typical database, Blockchain gathers information and groups them into blocks. Each block has its storage capacity; once filled, they are closed and will get linked to the previously filled block through cryptographic hashing. It will create a unique secure code that will tie into the next page or block, creating a chain of blocks or a blockchain.

This creates a chain of blocks, thus getting its name (Blockchain).

chain of blocks

But, why does blockchain come into the picture?

Today, global transactions between nations somehow define the legal and political structure. These transactions, contracts, and records need to be secured. The way we have regulated those transactions has to change and need modifications in term of security. This is where blockchain came into the picture and has helped solve this problem. 

Blockchain is an open, distributed ledger that records those transactions between two parties efficiently and verifies who is making the transaction. 

Blockchain ledgers are public and designed with robust security measures, making them a fantastic technology for almost every sector. Today, every sector is using blockchain technology to grow their business securely. 

Isn’t it fantastic technology? 

Have you ever wondered how this technology came into the picture and how it has evolved? Let’s dig deeper into its history.

History of Blockchain

Blockchain is not a new technology, though. It has an exciting history that everyone having an interest must know. We have mentioned a timeline from the beginning of the blockchain. In 1991, Stuart Haber and Wakefield Scott Stornetta introduced the first concept of blockchain. They introduced the idea of a cryptographically secured chain that is now referred to as blocks. 

But this technology has just started getting traction and is getting global recognition. 2008 marked a pivotal point when Satoshi Nakamoto introduced an established model and planned application for blockchain technology.

We will discuss the entire evolution below.

evolution of blockchain

blockchain evolution

How does a transaction add to a blockchain?

If we see the below image, the process seems to be simple. But, it is a complex task.

blockchains work

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Whenever we have a new transaction, a new block will be added to the blockchain. For this, several nodes having the identical blockchain will run algorithms that will evaluate, verify, and process the history of the blockchain. 

If most nodes verify the history and the sign of the new block, it will be accepted into the ledger. Now, the new block is added to the blockchain. 

But, if the block does not process as per the consensus (set of rules by which a blockchain network operates and validates the block’s information), it will get rejected. 

In this way, the blockchain functions as distributed ledgers without needing a central or unifying authority to validate the blockchain transactions, making it highly secure.

Why adopt Blockchain?

We needed a bigger picture to safeguard highly-confidential transactions, keep records safe, and eliminate vulnerable attacks. This is when the Blockchain enters. Several reasons can influence you and your business to opt for blockchain technology. If you are not using Blockchain, then you must read its benefits.

  • Greater trust- Blockchain has enabled everyone to get accurate and timely data. Even though your confidential data is on the network, only network members can access it if they have proper access.
  • Greater security- once the information is on the Blockchain, no one can delete that record. Even the system administrator cannot hamper the stored information. It will be logged what actions are being taken on the data.
  • Improved efficiency- by eliminating the reconciliation of unnecessary records, Blockchain improves the efficiency of the transactions. For speedy transactions, it uses some rules, known as a smart contract that is stored within the Blockchain.
  • Transparency- most blockchains are open-source, allowing everyone to view their codes. Due to enhanced transparency, auditors can review cryptocurrencies for security. There is no fixed authority or authorized person who is allowed to make the code change. If the majority of the users within the network support the change, the code will be updated. 
  • Decentralization- there is no central location for the information. Instead, the Blockchain is copied across the network. A single block change in the Blockchain will reflect on each network, making it difficult to tamper with the Blockchain. 
  • Reduced costs- Blockchain reduced unnecessary costing by eliminating the need for the third party to verify the transactions and their associated costs. Unlike the traditional banking system, where they charge for their transactions, there is nothing like this with the bitcoin transactions. 

But, blockchain has a concept of “gas fees” given to the miners as compensation for the computing power they use to verify any transaction. This payment is done in the blockchain’s native cryptocurrency. This cost is mandatory, and you cannot make transactions without paying gas fees. 

Well, this is not the end of the benefits anyone can leverage of Blockchain. Today, Blockchain is helping many sectors in the market to help their businesses grow.

It has created many attractive opportunities in the various industries. 

blockchain opportunities

 

Drawbacks of Blockchain

Despite several benefits, everyone must keep some significant drawbacks in mind while dealing with blockchain technology.

  • Technology cost- though there are no intermediary charges while transactions with blockchain. But, this technology is costly due to its network’s access. Blockchain has a vast network, and being a part of that is costly. Another cost is for bitcoin mining, which means the process where a bitcoin is awarded to a computer that solves a complex algorithm. This mining process includes solving complex math problems to create new bitcoins that consume much energy. This requires a special system that is too costly. 

bitcoin energy consumption

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Due to this issue, many solutions are rising to help reduce such computational costs of making transactions and mining the required data within the blockchain network. 

  • The efficiency of data and speed- bitcoin is considered slow as the PoW system takes around 10 minutes to add a new block to the blockchain. This, in turn, reduces the number of transactions per second. Many developers have been working for years to improve this situation of deployed speed. 
  • Illegal activity- somehow, blockchain supports and validates illegal activity around the network. The most famous example of illegal activity is the Silk Road, an online dark web, money laundering, and others. To overcome this problem, some government has imposed regulations and background checks on the new user’s account. 
  • Regulations- some crypto has regulations imposed by the government of specific regions. Some countries have banned dealing with and owning cryptocurrencies. But, out of the box, PayPal has allowed the ownership of cryptocurrencies on its platform, eliminating the imposed regulations and making it easier for people to make blockchain transactions.

Due to the increased popularity of blockchain over time, new variations of blockchain have been introduced to cater to different market needs. Let’s see what different types of blockchains available are.

If you look closely, these are not drawbacks but seem like barriers to taking blockchain down. Some other barriers to be considered are-

barriers to blockchain

Types of Blockchain networks

Blockchain networks are of different types-

blockchain networks

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Public blockchain networks

In such networks, blockchain is open and accessible to everyone. In simple words, no permission is required to access such bitcoin networks. You only need to download and install the software on your system, and your system will become a node within the blockchain public network. Then you can use your system for mining, verifying transactions, and others.

Private blockchain networks

A single entity handles such blockchain networks. These networks have restrictions on who can access them. Leading companies decide whether o constrict or expand the network. Such networks are also known as enterprise blockchains.

Hybrid blockchain networks

Hybrid means combing the benefits of both the public and private blockchain networks. To access the data and other operations on hybrid networks, you need permission for some tasks and do not need permission for others. With a network comes greater flexibility. You can access it anytime, along with some restrictions to ensure high security.

Consortium blockchain networks

A consortium blockchain is also popular as a federated blockchain. Unlike a hybrid network, this network is handled by multiple companies. It has a semi-closed ecosystem rather than having o

Just one. This network comes with high transactional speed and scalability. This is why consortium blockchain networks are highly decentralized. Not only this, you can still be a part of both private and public blockchain networks. 

Blockchain security for the enterprise

To create a blockchain application, you will require many technologies to be combined and work together. Thus, to ensure security, you must implement best security practices at each technology stack. This is how you can manage access and permissions to different types of nodes. 

Maintaining security is not that easy. You must work on strategies and follow the best practices to develop a secured enterprise blockchain solution. Below are some security controls you can include within your enterprise-level blockchain solutions.

  • IAM (Identity and access management)
  • Key security management
  • Data or block privacy
  • Secure and safe communication
  • Smart contract security
  • Transaction endorsement

Handling strong security is not a single-man job. You will require cross-skilled professionals who can efficiently design a compliant solution for your business. 

Blockchain security is a complex structure, as shown below.

blockchain security structure

Blockchain security tips and best practices

Designing security strategies can be complex as you must consider several factors. So, make sure that you consider asking the following questions while designing your strategy. It will help you to come up with the right security solution.

  • On what governance model can any organization join the blockchain network?
  • What type of data do you want to store on the blockchain? Does it require additional security?
  • What should the regulatory requirement be included, and how to ensure their working?
  • How to manage different identities available on the network? 
  • How do encrypt the blocks?
  • How to manage and revoke keys?
  • Specify the disaster recovery plan for the blockchain participants.

However, the questions are unlimited. You must stay focused and consider every minute detail while designing a security solution. It is essential as different enterprises across the globe are using blockchain. Blockchain has helped various sectors in different ways.

To know more about how blockchain has contributed to the market, we will explore its use cases in those sectors.

Blockchain use cases

Blockchain is everywhere, and people willingly invest in it due to its rising economy. Today many companies are using blockchain technology to help them reduce additional transactions cost, and improve efficiency, speed, and transparency. 

revolutionary application for blockchain

Below are the use cases of blockchain applications.

  • Supply Chain & Logistics- Estonian X-Road solution 
  • Healthcare
  • Retail & eCommerce- Ethereum virtual machine
  • Property & Real Estate- reduced reliability on paper-based communication, reduced costs, and scope of human error.
  • Media- blockchain ensures strong data privacy, royal payments, and intellectual property piracy
  • NFT marketplaces- uses blockchain technology to prove digital, physical, or intellectual property ownership
  • Heavy Industry & Manufacturing- scale transparency and trust through all stages of the industrial value chain, from sourcing raw materials to producing the finished product ready 
  • add a higher level of security by preventing data breaches by utilizing transparency and virtual incorruptibilityInternet of Things
  • Personal Identity Security- drop in identity theft by keeping birth certificates, birth dates, and social security numbers.
  • Smart contracts- these are real-time contracts on a blockchain that does not require any third party to verify the agreements.

Conclusion 

In the coming years, blockchain technology will cover more sectors. The below image shows how the blockchain technology market will boom in the coming years globally. 

blockchain technology market

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The earlier digital currency failed due to security and trust issues, but blockchain has eliminated all those fears and emerged as rising color. 

So, if you have not invested or made transactions yet, you must try this once. But, make sure to read all about its pros and cons. 

Top 5 Blogs to Start With OnGraph

Top 05 trending Blogs

People from all industry verticals are fascinated by the advancement of technology, which is rapidly transforming our lives into the digital world!

With new technology trends emerging every quarter and information becoming obsolete as technology advances, staying updated and learning about the latest technologies, digital industries, social media, and the web, in general, has become a necessity!

IT Companies across the world produce countless numbers of technology blogs and content. They leave no stone unturned to provide up-to-date information related to a particular existing or emerging technology.
Similarly, at OnGraph, a leading IT company, we try to cover all the major tech stacks with the latest developments and releases.

These technology blogs not only showcase high-tech breakthroughs but also assist readers in staying ahead of the curve by identifying current tech trends!

There are numerous blogs on existing and emerging technologies but finding the one which helps you get started is a cumbersome job. So we thought of bringing you a list of the top 5 tech blogs you should start with.

These blogs will provide you with everything you need to know about present tech!

Let’s get started!

Top 5 trending blogs

1. A list of top 10 Python Frameworks for app development

Python frameworks are plentiful because it is one of the most popular programming languages. Each framework comes with its own set of advantages and disadvantages. As a result, the decision must be made based on the project’s requirements as well as the preferences of the developer.

Python frameworks are divided into three categories: full-stack, micro-framework, and asynchronous. This blog will give you a quick look at the top 10 python frameworks for app development before moving on to the finest Python framework to use for your project.

 

2. Cryptocurrency-The Foundation, Present, and Future

Cryptocurrencies have recently become a very popular and widespread phenomena, as well as a topic of discussion among ‘cyberjunkies.’ Cryptocurrency is also being described as the “future money.”

However, despite its growing popularity, many people in the general are still unaware about cryptocurrencies. So, let’s have a look at this blog to know the foundation, present, and future of Cryptocurrency. Also, why it’s important in today’s world.

3. Why is VueJS with Laravel becoming a popular choice to build applications?

The wonderful thing is that VueJs now comes pre-packaged with Laravel as a backend framework. This means that when you utilize the Laravel platform to build apps, you’ll get a fantastic build tool based on a web pack and Laravel mix.

It enables web application developers to start constructing complicated single-page applications without having to bother about source maps or transpilers, for example. You also don’t have to worry about code packaging or any of the other nasties of modern front-end development.

To learn more about the wonders done by the combination of VueJS and Laravel, don’t forget to read this blog.

4. Tech Stack, You Should Choose For Mobile App Development [A Comprehensive Guide]

For mobile app development, the technological stack refers to the mix of programming languages, software development kits, frameworks, and, in general, any other technologies that contribute to the final output.

Many factors influence the success of your mobile application. Choosing the right technology should be the first thing you do as soon as you decide to create one. Clearly outline your project’s goals, target audience, a list of features your app should have to compete in the market, and ultimately, the tech stack that will be ideal for your app. This blog will be quite beneficial.

5. A Detailed Comparison between JavaScript Libraries and Frameworks

The primary difference between JavaScript libraries and frameworks is that libraries are made up of functions that an application can use to execute a task, whereas frameworks specify how an application is designed.

In other words, rather than the application code calling on the framework, the framework calls on the application code. Of course, libraries are still required for JavaScript developers to complete basic web operations. Even if you’re using a framework, it’s still necessary to have a thorough command of Javascript.

When choosing any JavaScript library or framework, there are a few key questions you might have in your mind.
To answer all those questions, we have curated this blog in the best possible way. Have a look!

 

We Hope These Posts Are Valuable To You

We hope that this post helps you hook up on what you’ve missed, or revisit some things that are more relevant to you now.

Cryptocurrency-The Foundation, Present, and Future

Cryptocurrency

Bitcoin, blockchain, and cryptocurrencies first appeared on the global stage in 2008, when a pseudonymous white paper was published online, presenting a vision of a new way to transmit value via the internet.

In the decade since its creation, the crypto asset market has gone through all of the typical phases of a disruptive technology: massive bull markets and crushing pullbacks, times of joy and sadness, FOMO, stress, and everything in between.

One thing is certain as the crypto market enters its second decade: crypto is not going away. Crypto Asset markets are surging to new all-time highs, and many of the world’s most powerful investors and financial institutions are getting in on the action. 

Cryptocurrency investors, on the other hand, face major difficulties. The information is of poor quality. Theories about the determinants of crypto asset prices are rarely—if ever—published in peer-reviewed journals since they are untested and sometimes poorly conceived. Leading consultants’ due diligence efforts are still in their early stages, and few people have carefully considered the role (if any) that crypto-assets should play in a professionally managed portfolio.

More fundamentally, few people are aware of what cryptocurrency is or why it is important. Is it a different kind of money? Is it a technology? Is it time for a venture capital investment? Is it a fictitious bubble?

The purpose of this blog is to give the curious investor a clear picture of cryptocurrency: what it is, what it isn’t, and where it might go next.

What are cryptocurrencies?

Cryptocurrency is an online payment system that may be used to buy and sell goods and services. Many companies have devised their own currencies, dubbed tokens, that can be exchanged for the goods or services they provide. All you’ll need to do is swap actual money for cryptocurrencies.

The technology that enables cryptocurrencies to function is known as blockchain. Blockchain is a distributed ledger system that allows several computers to record and handle transactions. This technology’s safety is critical to its attractiveness.

Here are some of the important facts about Cryptocurrencies:

FACTS ABOUT CRYPTO

FACTS-ABOUT- CRYPTO

  • By market capitalization, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin are the most popular cryptocurrencies. Other well-known cryptocurrencies are Tezos, EOS, and ZCash. There are a few that resemble Bitcoin. Others make use of different technology or have extra features that allow them to do more than just move money.
  • Crypto allows value to be moved online without the use of a middleman like a bank or payment processor, allowing value to be transferred internationally, almost instantly, and for low fees 24×7.
  • Cryptocurrencies are not issued or controlled by a government or other central authority. They are managed through peer-to-peer networks of computers running free, open-source software. In most cases, anyone who chooses to participate is able to do so.
  • When no bank or government is involved, how secure is crypto? It’s secure because blockchain technology verifies all transactions.
  • A cryptocurrency blockchain’s balance sheet or ledger is similar to that of a bank. Each crypto currency has its own blockchain, which is a continuously re-verified record of all transactions made with that money.
  • A crypto blockchain, unlike a bank ledger, is shared by all members of the digital currency’s network.
  • Anyone can join, and it is not controlled by any company, government, or third party. A blockchain is a revolutionary technology that has only recently been made possible by decades of achievements in computer science and mathematics.

Key Benefits of Cryptocurrencies

Key Benefits of Cryptocurrencies

Key Benefits of Cryptocurrencies

  • Transferability
  • Privacy
  • Security
  • Portability
  • Transparency
  • Inversibility
  • Safety

A short history of Cryptocurrency

  • In 2008, the mysterious Satoshi Nakamato came into the picture

A paper titled Bitcoin – A Peer to Peer Electronic Cash System was posted to a cryptography email list. It was posted by a person going by the name Satoshi Nakamoto, whose real identity is still unknown.

  • The year 2009 marks the start of Bitcoin

For the first time, the Bitcoin software is made publicly available, and mining — the process of creating new Bitcoins and recording and verifying transactions on the blockchain – begins.

  • For the first time in 2010, Bitcoin is valued

It was impossible to put a monetary value on the units of the developing cryptocurrency because they had never been traded, only mined. For the first time in 2010, someone opted to sell theirs, exchanging 10,000 of them for two pizzas. At today’s pricing, the buyer’s Bitcoins would be worth more than $100 million if he had kept them.

  • Rival cryptocurrencies appeared in 2011

The first rival cryptocurrencies emerge as Bitcoin grows in popularity and the concept of decentralized and encrypted currency gains momentum. These are also known as altcoins, and they aim to improve on the original Bitcoin architecture by providing faster transaction times, anonymity, or some other benefit. Namecoin and Litecoin were among the first to appear. There are already over 1500 cryptocurrencies in use, with new ones developing on a regular basis.

And after that, no one could stop the crypto market from growing!

Future of Cryptocurrencies?

Future of Cryptocurrencies

 

Crypto trading and mining, in addition to enterprises entering the market, has piqued the interest of government regulators like never before.

In comparison to established investment categories, governments have done very little to regulate or manage the bitcoin market since its inception. For the most part, cryptocurrency has been permitted to spread as a decentralized financial asset around the world.

The laissez-faire approach to decentralized finance is fading now. Surprisingly, investors are generally in favor of new regulations, even if they have different viewpoints on what these policies should entail and who should be in charge of enacting them.

While authorities will determine the future of cryptocurrencies, businesses, many of which are coming into the market to serve the requirements of the rising marketplace that governments have so far neglected, can also have an impact. This could be accomplished by facilitating trades in a more comfortable, secure atmosphere for “newbies,” or by providing knowledge and resources to inquiring intenders.

Leaning into the shifting profile of investors and predicting what the more “mainstream” audience could need is a part of that future. Traditional payment providers that provide access and education will undoubtedly appeal to older investors, while the expanding number of businesses that recognize digital currencies can make the market feel safer and more stable.

To Conclude…

The industry is still in its early stages and is continually changing. It’s tough to forecast where things will go in the long run, but experts will be watching trends like regulation and institutional acceptance of crypto payments in the next months to get a clearer understanding of the market.

As a result, precise predictions are impossible. Talk to our expert for the best quotes.