Blockchains’ Radical Impact Is Revamping Custom Software Development

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FAUN — Developer Community 🐾

6 min readJul 20, 2021

Blockchain is a major technology behind crypto and ICO activism, and big investors around the planet are enthusiastic about making a profit from blockchain solutions. Although blockchain is still in its infancy, the employment of this technology in custom software development is quite popular.

Blockchain is being tried and tested across a number of industries, and it has been envisioned to be a radical transformation in the practice of software development. Blockchain transactions are also a major attraction, boosting the longings of creating advanced fintech solutions for the finance industry.

Following are major statistics that can describe how blockchain has become an unpreventable trend.

Blockchain has the potential to bestow 1billion revenue to the global banking sector via blockchain-based cryptos.
In 2020, the share of blockchain-enabled services in IoT technology was 20%.
The blockchain market is expected to grow by over 69% CAGR rate between 2019 to 2025 worldwide.

Needless to say, blockchain has an incredible impact on the market, including software development trends and strategies. Although blockchain usage for purposes other than cryptocurrency development is still a matter of debate, some enterprises are already eager to employ it in their custom solutions. Altogether, there is a huge demand for blockchain developers within the software development market.

Let’s understand the impact of blockchain technology on custom software development in 2021 and the future.

Blockchain Is Re-energizing Security & Transparency In Custom Software Development!

One of the most cherished perks of blockchain technology is security and transparency. We already know that blockchain technology’s infrastructure includes binding data in blocks and securing them with encryption keys.

It makes data highly secured and immutable; besides, data storage is transparent. Blockchain also includes the system of peer-to-peer networks, which also results in higher data security to the system.

Take a glimmer of blockchain potential via the features mentioned below.

Data Replication: In a blockchain system, data gets replicated and stored in a number of systems, which increases data security.

Requirement Verification: Blockchain systems check transaction needs and verify each of them.

Secure Transaction Recording: Blockchain systems record transactions and data sequentially.

Public-Key Cryptography: Public and private key systems are major aspects of the transaction that make the transaction cryptographically secure.

These features are boosters of security in the blockchain system and ensure that data is secured and transparent to all users. In short, the infusion of blockchain in software systems strengthens the security of solutions by implementing these features and also inspires developers to leverage its potential to the fullest for the profit of business or industry.

Moreover, Blockchain development services are also being practiced innovatively to cater to people with futuristic solutions.

New Standards For Transformation

Blockchain has brought a number of significant concepts to life after its initiation and implementation in crypto and software solutions. One of them is a smart contract, the most acclaimed and dependable for businesses relying on paper deals and contracts.

The smart contract enables users to store, verify and execute code on a blockchain. A number of ongoing projects are holding the potential to replace the traditional processes of storing, stacking, and elementing with smart contracts.

Have you heard of Hyperledger Fabric? It offers the foundation for privacy, identity, and processing. It allows developers to create robust components atop the fabric. Ethereum is a similar blockchain system that can be used in both public and private modes.

These systems allow developers to use enterprise-friendly languages to develop smart contracts. For e.g., Ethereum has its own language, although it looks something like JavaScript. Unlike other conventional languages, Etherum language enables developers to define convenient understanding into consensus and currency.

Blockchain standards are still evolving, and new ones are emerging day by day. Stirs are imminent in the space of blockchain software development, and the underlying reality of new standards is still needed to be tested. Meanwhile, the soaring popularity of this technology means the emergence of new protocols, standards, and concepts to challenge the intellect of experts.

Distributed Systems

Blockchain is based on a distributed database system where data is accessible to everyone, but still, it prevents unauthorized access. The Peer-to-peer technology behind these databases is more secure and robust and eliminates the need for any central authority to maintain data.

The users in a blockchain system can view data or add records but cannot modify or delete an existing record. This improves the integrity of the entire application and also benefits sensitive data protection for several industries. However, minor changes in data can be a major implication.

A number of industries are already exploring different ways to integrate blockchain in databases and core systems. The field is a major space for innovation as adding blockchain in existing systems such as MongoDB and RethinkDB can be a bit tricky.

Moreover, interesting approaches are enabling companies to gain significant benefits from blockchain databases without uprooting their necessary data collections.

A New Protocol For Storage

Another accomplishment of Blockchain experiments in the software development arena is the innovative file storage approach. The blockchain can host an Interplanetary File System (IPFS) that straddles communication and storage systems altogether.

Moreover, it is appreciated for improving incumbent HTTP communication protocol. In this system, HTTP protocol downloads one file from one machine at a time, while IPFS downloads a number of pieces of a file from different decentralized machines at the same time, similarly the torrent operates.

The concept of Git or shared depositories is also included in this system and comes with a number of considerations, including file naming and solid use cases. Moreover, the protocol provides client libraries to popular incumbent languages such as Python, Swift, C++, and JavaScript.

Not just this, but Filecoin is another accomplished solution that provides another storage mechanism, more intuitive and innovative file storage.

Empowerment Of Businesses

Presently, transactions between two parties take place in the presence of a third party, which acts as a middle man to enforce reliability and trust in the process. Since a number of the transactions, today are being done over services like PayPal, and Moneybookers, the room for independent transactions isn’t trusted yet.

Popular intermediaries such as PayPal acts as a major depository for people sending and receiving money. Custom software development services are providing a number of Blockchain systems that throw up a number of resources that facilitate both decentralized & independent online transactions by removing the third party.

This decentralized system offers an ecosystem for crowdfunding and the development of incredible software solutions, which empowers businesses to make untraceable transactions faster. From cryptocurrency to highly secured enterprise software solutions to improve processes and operation within organizations and improving transactions are also bigger perks.

Wrapping UP

There are already a number of software solutions available in the marketplace, which are solving business-related issues with a wide range of features. Some of these systems are Venture Aviator, Software Mill, Somish, and more.

In short, innovation is radical among enterprises and software development companies to employ blockchain technology for the welfare of humankind and bring new concepts such as independent money transactions and smart contracts to the business vertical.

Seamless infusion of these blockchain-based systems will turn out a significant solution to most data security and transparency issues. If you want to know more about the usage of blockchain in your business, you can connect with a custom software development company or reach out to experts.

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