According to marketsandmarket.com, the market size of blockchain technology was valued at $4.9B in 2021 and is expected to reach $67.4B by 2026 at a CAGR of 68.4%.

Many businesses are looking to move toward decentralized technology with the rising trend of enterprise Blockchain development and technology, such as cryptocurrencies and smart contracts.

However, many limitations of public blockchain networks, such as high transaction fees, low transaction speed, and others, have encouraged companies to create their blockchain network. 

Businesses that want total Network control should create customized blockchain networks over a public blockchain.

Check in detail about how to start blockchain development. But first, let’s check in which way you can use your blockchain network.

What can you do with enterprise blockchain development?

With your blockchain, you can develop the following things for your business: 

1. dApps development

You can create multiple decentralized apps on your blockchain platform. Offering a wide range of decentralized apps on your platform can help you offer a better platform experience to your users.

Also, blockchain development allows you to build apps relevant to your industries by enabling you to add customized services that you want to offer to your users or business members.

However, there are many ways you can make money from your decentralized apps that you check.

2. Blockchain development

Creating your private blockchain will enable you to shape your platform based on your business needs and goals. 

With your private blockchain, you can secure transactions, records, and other sensitive data, as the platform will be totally under your control. 

You can set multiple rules and functionalities on your blockchain network to help you achieve your business goals.

3. Crypto wallet development

If you decide to create an exclusive cryptocurrency for your blockchain platform, we suggest you add your exclusive cryptocurrency to your blockchain platform.

Adding a crypto wallet to your platform will enable users to store your platform’s exclusive cryptocurrency on their wallet for future purchases and crypto trades.

4. Exchange platform development

You can enable crypto exchange trading functionality to your blockchain platform. So you can help your users to trade cryptocurrencies. 

Also, your user can exchange their cryptocurrencies with your exclusive cryptos with the help of crypto exchange functionality.

5. Smart contract development

You can add smart contract functionality to your blockchain platform to enable them to execute after meeting certain conditions that you have set on your blockchain platform. 

There are multiple use cases for smart contracts on a blockchain platform, such as executing predetermined conditions, storing digital records, data security, and much more.

6. Smart contract audit

Doing smart contract auditing will allow you to know the qualities and areas of improvement for the smart contracts you have implemented in your blockchain platform.

You can perform smart contract auditing by hiring external blockchain developers or doing it yourself.

7. Distributed ledger technology

All the transactions on your platform will be stored on a digital ledger. Due to their immutability nature, all transactions on your blockchain platform will be safe and secure by resisting any kind of modifications. 

Adding distributed ledger technology to your blockchain platform will help you to establish and maintain your trust among your users. 

8. Hyperledger blockchain

Hyperledger allows businesses to develop their blockchain ecosystem with the help of an open-source network. 

You can use this open-source network to eliminate all inefficiencies and offer transparent and secure peer-to-peer transactions on your blockchain network.

What are the top features that make blockchain networks the best compared to public ones? You can check in detail.

Top features of enterprise blockchain

Creating your own blockchain overusing existing ones offers many features to your business. Here are the top features you can get when you choose blockchain development:

1. Decentralized peer-to-peer network

You can build a secure peer-to-peer communication network within your business infrastructure with the help of blockchain development solutions. 

Moreover, the immutable nature of blockchain will let you create an unhackable system for your business where you can easily communicate with your business team safely and securely.

2. Closed and private network

The traditional system allows hackers to benefit from your data by tapping into your system. When you decide to go for blockchain development, it becomes hard for hackers to tap into your system due to the immutable and close nature of the blockchain network. 

Hackers cannot modify any data in your business network if you implement a blockchain network in your infrastructure. This offers a significant layer of security to help you securely operate your business in your blockchain network.

3. Clear record transparency 

Since the network will only contain relevant records to your business, you can get good transparency over your infrastructure.

You can easily trace the supply chain management and other networks in your business with the help of a blockchain network. 

The blockchain acts as a distributed network of nodes among blockchain members. It maintains a complete history of past transactions within the network, which helps companies safely track their data with complete transparency. 

4. Cost-cutting in business operations

Cutting down business operation costs is one of the most popular benefits of blockchain technologies that companies can take. 

Businesses can benefit from the multiple use cases of blockchain technology, such as cryptocurrencies and smart contracts, to cut down their business operation cost.

Companies can cut down their cost in supply chain management, payment processing system, verification, keeping data records, and other possible areas with the help of blockchain development.  

Businesses can experience great benefits when they decide to go for blockchain networks over using public ones.

Benefits of enterprise blockchain development for businesses

Instead of going for public blockchain networks, businesses can experience the following benefits when they decide to go for blockchain development.

1. Privacy

In a public blockchain, the data can access anyone. However, for security reasons, many companies don’t prefer allowing everyone to access their data. 

Blockchain allows companies to set a limitation to their blockchain network where only the allowed members can access their data; that’s not the case with a public blockchain network.

Limiting data accessibility on blockchain networks helps businesses privately store their data and sensitive information.

2. Security

Businesses can experience a great level of security on a blockchain network compared to public blockchain networks. 

Since blockchain offers companies complete control over their blockchain network, the companies are free to limit their accessibility to only well-known and trusted sources, which helps them improve their network’s security.

With the help of blockchain, companies can add more security to their blockchain networks by limiting network accessibility, data encryption, smart contract security, and much more.

3. Throughput time

Let’s first understand its definition. It is the rate at which valid transactions happen on a blockchain network in a defined period. 

In a public blockchain, large numbers of transactions are happening, lowering the throughput time on their networks. A significant number of transactions can eventually lower the throughput time on public blockchain networks.

Moreover, the public blockchain has more nodes that perform many transactions due to the many blockchain members involved. 

While in the case of a private blockchain, the companies can get a better throughput time since only a limited number of people can perform transactions on their blockchain network.

4. Better supply chain management

Companies such as Alibaba and Walmart are using blockchain to improve their supply chain management. 

Blockchain helps these companies to increase the traceability and visibility of their supply chain management by easily tracking any defective products. 

Moreover, companies can maintain and establish their trust among their customers since they can easily track transactions on their network to identify and eliminate any transaction fraud in their infrastructure.

Check the tools and technologies you can use to develop your blockchain network.

Tech stack for blockchain development

These are the following tools you can pick for creating your blockchain network:

So how to get started with creating your blockchain networks? You can check the given development steps in detail.

Steps to start enterprise blockchain development

To create your blockchain network, it is advisable for you to come up source for your project to an app development company along with following the given steps:

1. Identify your business goals

The company will first understand your business goals, pain points, and priorities. Understanding your project will help them to offer you a great solution and services to create your blockchain.

Gathering as much data regarding your business is important so they can help you create a more customized version of a blockchain platform for your business. 

You can decide on essential factors such as the usage of smart contracts or developing an exclusive cryptocurrency for your platform.

Also, there are many other essential factors that your partner blockchain development company will ask at the time of platform design strategy for your blockchain. 

2. Create a development strategy for building your blockchain network.

The company will start creating prototypes, designing, and user testing for your platform development in this stage. 

The company will decide the features and functionality of your blockchain platform that can help you fulfill your business goals, such as

• Native cryptocurrencies development 
• Supported crypto wallets
• Data accessibility level 
• Deciding the rights of blockchain members
• Consensus mechanism

Also, you can suggest to them what features and functionality you want in your blockchain platform, such as transaction fees, support for popular crypto wallets, etc.

Once you agree on the strategies and solutions for your platform development, the company will start creating your blockchain platform.

3. Put the development part into action

In this stage, the company will start building features and functionalities to make your blockchain platform fully functional. 

The development stage will include the following activities such as programming, logic building, designing, etc.

The blockchain developers will start backend and front-end development and integrate them to make your blockchain platform ready to launch. 

4. Test your blockchain network

Ensure your blockchain platform meets all the quality standards that can help you for a great platform experience for your users. You can test your blockchain network to identify any drawbacks or technical glitches in your platform. 

Also, it will be best for you to perform better testing, where you will allow several users to test your platform. They will give feedback based on their experience when using your blockchain network so that you can improve your platform based on user feedback.

You can involve your business staff members if you are developing a blockchain network for your business network. They will test the blockchain network to identify any challenges they face when using your network so you can improve them before its final launch.

5. Launch and maintain your blockchain

After going through all the requirements to make your blockchain platform, you can launch them among your targeted audience or use them privately for your business.

However, regular maintenance is required for your blockchain network to help you improve the quality of your blockchain platform by adding new features and eliminating any possible drawbacks on each update.

6. Access technical support from blockchain developers

You will need constant support from blockchain developers to help with any technical challenges or train your employees regarding using your blockchain platform.

If you need marketing services, the blockchain developer team or any marketing team can also help you promote your platform among your target audience.

Contact Idea Usher to create your blockchain

Private blockchain offers many benefits to businesses, such as a great level of control and traceability. If you want to create a blockchain network for your business, you can contact Idea Usher. 

We offer complete blockchain development services and are experienced with adding advanced technologies and customized features to blockchain networks.

You can schedule a free consultation call with our team to discuss your project so we can create a blockchain for your business.

Contact Idea Usher 

Email:

[email protected]

Phone:

(+1)732 962 4560

(+91)859 140 7140

[INSERT_ELEMENTOR id="31471"]

FAQ

1. What are the key features required for enterprise blockchains?

These are the following key features required for blockchains:

• Private networks
• High throughput time
• More privacy and security
• Flexibility to limit network accessibility.

2. How is blockchain used in enterprise networks?

Blockchain enterprise solution allows companies to ease their data operation and business processes on their private blockchain networks. 

A private blockchain network offers companies better transaction speed and processing by eliminating all the intermediaries across all nodes and allowing them more control over their network.

The post Your guide to enterprise blockchain development appeared first on Idea Usher.