Key Takeaways
- Does your software development support blockchain technology?
- A blockchain software development company can make your digital solutions better, faster, and cheaper!
- Read our latest LinkedIn newsletter to upgrade your business’s software now!
Blockchain technologies have brought in a new era of digital interactions, as now they can be tagged in real time!
Blockchain Software Development is one such industry that has been making its voice heard in the lobbies of traditional software development.
Blockchain used to be all about cryptos such as Ethereum, Bitcoin, Dogecoin, and more, but now it is helping create a world that is transparent and thus much more reliable!
In this LinkedIn newsletter, we will discuss How Blockchain is Disrupting Traditional Software Development.
If you are a business owner, a software development company, a project manager, a supply chain manager (SCM), a software developer, a blockchain developer, or a tech freak, this newsletter is about to revolutionize your digital solutions and interactions forever.
A few facts about Blockchain and Software Development
– By 2024, the blockchain technology usage will exceed 617 million users across the globe!
Fig 1. A graphical representation of Total Blockchain users from 2017 to 2024. [Source: DemandSage]
– Blockchain Wallet technology is being used by 85 million users worldwide.
Fig 2. A graphical representation of the Global Blockchain Wallet users. [Source: DemandSage]
– The global market revenue share of blockchain technologies will reach USD 32.69 billion.
Fig 3. A graphical representation of the Global Market share of Blockchain Technology from 2017 to 2027. [Source: DemandSage]
– Almost 20,000 cryptocurrencies exist, while 10,025 of them are in active usage!
– Around 90% of the businesses wish to inculcate blockchain solutions in some form.
This means that Blockchain Software Development is the way forward!
What is Blockchain technology?
We all must have heard about blockchain technology one way or another!
But to put it in simple terms, it is a unique way to store digital information in the form of blocks that are interlinked and get created in succession.
Each block contains,
- Its designated digital information, which can be a real-world entry,
- An address or the signature of the previous block.
Since each block is coded with the previous data block’s information (encrypted, so none knows), hacking or creating duplicate versions of a blockchain are near impossible.
No wonder blockchain technology got first accepted as a reliable means in the digital currency world!
But as the digital solutions progressed, even they started needing the accuracy, effectiveness, and transparency of blockchain solutions!
Voila, Blockchain Software Development became a demanding trend in the 21st century.
What are the Main features of Blockchain technology?
Knowing what Blockchain is not enough; you gotta know its features too!
Decentralized
Blockchain technology helps in decentralization of the digital systems, keeping them transparent and verified by previous data blocks.
Transparent
Their transparency is unmatched, as it is visible to all stakeholders while the individual identity remains encrypted!
Unchangeable
Once a blockchain data block is created, it cannot be changed or altered!
Secure
Blockchain technologies utilize the most complex cryptographic algorithms to ensure authenticity and confidentiality of the data!
In the world of deep fakes, one needs to be sure.
Blockchain Software Development: Benefits
Now let us get to know about the benefits that are offered by the Blockchain Software Development.
Boosted Security
Be it any sort of software development project, security remains the top priority!
Because any digital solution, be it a website, an app, or custom software, contains private and confidential data of the users and business.
Traditional software development used a centralized database that was used for storage, authentication, and sharing. This made it easier for the hackers to target one place and steal the data.
Whereas with Blockchain Software Development, the data is divided and stored at various network nodes in the form of the latest data block!
This made finding the storage unit of a particular data block close to impossible for the hackers.
Data Integrity and Transparency
Since blockchain data is visible to all the stakeholders, the transparency is maintained.
While the ability to audit and verify data helps in ensuring the integrity of the said data.
Boon for Startups
Start-ups who have amazing ideas but limited budgets are benefiting the most from Blockchain Software Development.
Because they can usher in a new era of digital services that are reliable, transparent, and easily accessible for their users and clients!
Reduced Time-to-Market
Blockchain Software Development helps in simplifying the authentication, DevOps, SCM, Digital payments, and more aspects of the software development projects!
With Blockchain Software Development, your software development project gets finished in a lesser budget with reduced time-to-market and best possible digital tech infusion.
Thus, the traditional software development companies are switching over to Blockchain Software Development!
Blockchain Software Development: Challenges
There are certain challenges as well that might arise while utilizing Blockchain Software Development.
Scalability
if a blockchain service is used for a rapidly expanding network due to distributed verification via network nodes the operating speed becomes lower especially when are too many processing requests!
Compliances and Regulations
Blockchain laws are still in the making, and thus any company wishing to use Blockchain Software Development must take into consideration the local and international standards.
Governmental and other regulatory bodies are working on laws to ensure apt blockchain usage, so one must stay updated with them as well.
Lack of Technical Skills
To fully benefit from Blockchain Software Development, your internal team must be skilled in blockchain technology as well!
Change Resistance
The traditional software development agencies and the software lobbies will try to slow down and resist the switch to Blockchain Software Development.
These challenges can be easily tackled with apt software consulting and Blockchain Software Development services from Wildnet Technologies!
Blockchain Software Development: Disruptions Caused in the Traditional Software Development Industry
Here’s how the Blockchain Software Development is disrupting the traditional software industry!
Smart Contracts
Nowadays, smart contracts are being used to self-verify digital contracts!
Contract terms are set in such a way that as soon as the signatory fulfils the preset conditions, the contracts get executed and saved using blockchain technology along with real-time information like data, time, network node, and more.
Conditions such as,
- Digital Sign
- Scroll to the bottom and
- More are used as per the requirements!
Smart contracts are helping in authenticating the contracts without any external intermediation.
Transparent Working
Since the blockchain data is shared with all the stakeholders, like your clients, users, and internal team, it makes it easier to communicate and carry out the business operations!
This means easier analysis of previous and current data to predict the corrections in the business processes, which can be tracked in real-time by using digital solutions that are made by the Blockchain Software Development company.
Revolutionizing Finance Services
Due to Blockchain Software Development, traditional finance services are now turning into DeFi, or decentralized finance services.
Thereby DeFi,
- Needs no intermediary like banking institutions.
- Provides financial services also to the undeserved (people who couldn’t open accounts in banks).
- Allows Yield Framing which means you lend your digital assets in lieu of earning interest on them or Digital Loans.
It is a big leap in the finance systems!
Revitalizing SCM
SCM, or supply chain management, has always been bugged with delayed tracking and transparency!
Traditional software development services could never provide such effective real time information and tracking as that catered by Blockchain Software Development services.
SCM software made using Blockchain Software Development ushers better tracing, security, efficiency, transparency, and reduces fraud!
Reliable Digital Authentication and Identities
Today, digital identity and its authentication are the new trend!
Be it a business, a freelancer, or any other institution, having verified digital identities is a must to motivate users to transact and make purchases digitally!
Blockchain Software Development is making digital identities compliant, easily accessible, cost-effective, much more secure, and best in terms of customer experience.
IPR Implementation
It used to be a hassle for traditional software development companies to inculcate updated IPRs and regulations.
But with Blockchain Software Development, IPR compliance is easy and linked to the appropriate government and/or regulatory body!
Decentralizing Applications or Apps
Decentralized Apps, or DApps, are a huge success in the software development industry!
With Blockchain Software Development, apps that do not need a central database or controlling entity are being developed.
DApps are the future of apps, be they mobile apps, web apps, or PWAs (progressive web apps)!
Sustainability & Social Boost
Blockchain Software Development also helps in achieving sustainability and social goals as it makes manual or paper trial verification redundant!
Now businesses can easily target their Net Zero and Carbon Neutrality goals.
As you must have understood, the traditional software development industry stands no chance when faced with Blockchain Software Development services!
It is time for them to evolve or be left out.
Blockchain Software Development: The Future
Blockchain Software Development services are the future of the software development industry!
There is so much to gain and almost nothing to lose.
Plus, Blockchain Software Development is the only way of matching the supply of digital solutions as per the future demand in the 21st century’s market.
Conclusion: Blockchain Software Development is the Clear Winner!
Blockchain Software Development is not only solving the problems of deep fakes or any frauds but also helps in making the software development faster and much more reliable!
There are no two ways about the usage of Blockchain Software Development services for your current and next digital solutions!
It’s time to leave the competition behind by epochs with Blockchain Software Development.
Wildnet Technologies is a leading Blockchain Software Development Company in India and helps its clients with their blockchain requirements via our software consulting services!
If you would like to know more,
- The world’s first AI Software Developers: Devin & Devika
- The Role of Blockchain in FinTech Industry
- Wildnet’s Digital Yum (our weekly newsletter from the thought leadership’s desk regarding the latest in the digital transformation industry)
Contact us now at info@wildnettechnolgies.com and get your business some Blockchain!
FAQs
FAQ 1. How is blockchain transforming traditional software development processes?
Ans: Blockchain Software Development is revolutionizing the traditional software development, be it quick and decentralized authentication and storage, more security, transparency, real-time tacking, and more.
FAQ 2. What are the key benefits of using blockchain in software development?
Ans: The advantages of using blockchain technologies in software development are,
- Reduced Time-to-Market
- Lesser Development Costs
- Decentralization
- Better Security
- Improved Compliance Maintenance
FAQ 3. What challenges do developers face when integrating blockchain into traditional software systems?
Ans: The challenges faced during blockchain inculcation in traditional software development are,
- Lack of Technical skills
- Change Resistance
- Rapid Scalability issues
- Comparatively Lower Processing speeds (in case of multiple processing requests)
FAQ 4. Can blockchain improve security in software development projects?
Ans: Yes, Blockchain Software Development can boost security in software development projects immensely, as it is quite difficult to hack and alter blockchains!
FAQ 5. What industries are seeing the most impact from blockchain in software development?
Ans: The finance & Banking, SCM, and Digital Identity are the three biggest beneficiaries of Blockchain Software Development services.
