There’s a ton of the hype around blockchain. I’ve read that blockchain development company can erase global hunger,
make the world corruption-free, end poverty and do a lot more without breaking
a sweat. Unfortunately, that’s not true. So, step 1 is to identify a use-case
that makes business sense.
There are 3 things
that blockchains can do very well:
·
Data
Authentication & Verification: this includes immutable storage, digital signatures and
encryption. Data in almost any format can be stored in the blockchain.
Blockchains can create public-private key pairs and also be used for generating
and verifying digital signatures.
·
Smart
Asset Management: this
includes issuance, payment, exchange, escrow and retirement. A smart/crypto
asset is the tokenized version of a real-world asset e.g. gold, silver, oil,
land.
·
Smart
Contracts: This is
a term most often misunderstood, but that’s something for another day.
Step 2: Identify
the Most Suitable Consensus Mechanism
The original
blockchain, which powers the bitcoin crypto-currency, used proof of work as a
consensus mechanism. But today there are multiple distributed ledger systems
that offer a host of consensus mechanisms such as Proof of stake, Byzantine
fault-tolerant, Deposit based consensus, Federated Byzantine Agreement, Proof
of Elapsed Time, Derived PBFT, Redundant Byzantine Fault Tolerance, Simplified
Byzantine Fault Tolerance, Federated consensus, Round-Robin and Delegated Proof
of Stake.
There are many top blockchain development company platforms out there today and most of them are free and open source.
Depending upon the consensus mechanism you chose in step 2, you need to
select the most suitable blockchain platform.
Some of the more
popular platforms, in alphabetical order are:
1.
BigChainDB
2.
Chain Core
3.
Corda
4.
Credits
5.
Domus Tower Blockchain
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