Blockchain is a new and exciting alternative to traditional databases utilized for creating, reading, updating and deleting records. It is slightly different in the way that instead of storing these records on one database these records are stored on multiple databases across the globe.
High Quality Data
Blockchain data is complete, consistent, timely, accurate and widely available. Users are empowered by being in control of all of their information and transactions.
Transparency + Immutability
Changes to public blockchains are publically viewable by all parties creating transparency, and all transactions are immutable, meaning they cannot be altered or deleted.
Lower Transaction Costs
By eliminating intermediaries and overhead costs for exchanging assets, blockchains have the potential to greatly reduce transaction fees, with the added bonus of faster transactions.
What Is Blockchain?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. All transactions are passed to the network regardless of whether the transaction is legitimate or not.
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable
Blockchain Use Cases
- Digital currencies are a new type of currency, available in digital form
- These ‘digital’ or ‘crypto’ currencies have similar properties to their physical counterpart, but with the benefits of the underlying cryptocurrency system, such as fast, non-reversible transactions without an intermediate party, or borderless transfer of ownership
- The blockchain is the underlying technology for many ‘digital’ or ‘crypto’ currencies
Real Estate Records
- Real estate, traditionally, is a paper-heavy industry involving several third-party players, including brokers and banks.
- The blockchain allows people to transfer funds, property titles, and data in a peer-to-peer manner that is digital and open-source.
- An example of blockchain being applied to the real estate industry is Dubai Real Estate, who created the blockchain system using a smart and secure database that records all real estate contracts, including lease registrations.
Our Blockchain Development Approach
This process represents a general plan and particular detail will strongly depend on the feature list and project specification.
Development Plan Preparation
Gathering the project's requirements and technical design documents
- Feature set breakdown
- Architecture proposal
- Assessment of requirements
- Mapping of dependencies and risks
- Definition of technology stack to be used with clear justification
- Meeting between all of the developers on the project to fully understand the features and potential future features
- Preparation of the project infrastructure (repositories, wiki, etc.)
Development Plan Review
Address all issues that are not yet clearly defined with the client
- Address all issues that are not yet clearly defined with the client
- Provide a comprehensive statement of work to the client
- Development work packages clearly defined with timelines
- Transitional client reviews might be agreed to be held at the conclusion of one or more work packages
- The development plan is usually shared with the client to identify the deliverables of both Blockchain Reactor and the client
WEEKS 3 - 12
The main development work packages are carried out during this phase
- As described in the statement of work, the main development work packages are carried out during this phase
- This phase is intended to cover all functional and architectural requests, technology implementation and coding
- Demo platform to be launched and all requested features confirmed
WEEKS 13 - 17
Extensive testing and QA activities to be completed during this phase
- Implement tests for all known attacks and threats capable of inflicting damage to the system
- Once the platform is operational, confirm that risks are appropriately mitigated
WEEKS 18 - 21
Audit Process + Bug Fix
The final version of the code and platform to be delivered and ready for public launch
- Technical audit to be completed and reported together with financial audit (if required)
- All potential bugs or irregularities found during test implementation to be corrected and properly reviewed
- The final version of the code and platform to be delivered and ready for public launch
Are you ready to have your blockchain developed?
Contact us for a free discovery call. Here is what will happen next:
We will introduce ourselves on a video conference
Meet our senior team
Our senior team will discuss your requirements and strategy
Get your budget
Based on your requirements, we provide budget, activity and timeline estimates
We bring together a team from a range of disciplines to kick-off your project
Why Blockchain Reactor?
Experience, paired with a commitment to deliver an exceptional product to each and every project is what makes clients keep coming back to us.
Our team is a culmination of the brightest minds in the blockchain industry, all available to work on your project. We have an expert for every domain – no more passing the baton between different firms for different services. We have smart contract developers and architects who actually built the Ethereum and Hyperledger frameworks.
In sixteen years, we've worked with over one-hundred tech start-ups, as well as dozens of multi-national organizations. We have the know-how and experience to provide a solution to any problem your blockchain company has. We pride ourselves on our ability to execute and deliver excellence on our timeline promises.
We have a no-bullshit approach. To put it simply, our developers will move to other companies if we are not working on suitable and relevant use cases for smart contracts. We actively measure and monitor our efficiency levels to ensure our team is operating at maximum capacity to deliver projects on-time, every time.
Blockchain Development FAQs
Why do I need blockchain in my business?
- need full transparency in transactions
- a high volume of transmitted information
- current dependence legacy storage systems
Do you do blockchain development proof of concepts?
I would prefer to hire my own in-house team. Can you offer advice on this?
What are the timelines for building a blockchain project?
What blockchain projects have you worked on?
- An international banking solution for large bank transfers between banks in Serbia, Switzerland, Israel, and Austria.
- Tokenization of a cross-border parking solution.
- High-profile token-based global payments solution for brick-and-mortar merchants.
What blockchain frameworks do you use for development?
Can I move from my regular database structure to a blockchain based set-up?
What are the costs involved in setting up a blockchain solution for my business?
Ready to implement blockchain technology in your business?
We provide blockchain development, consultancy, smart contract development, smart contract auditing, and blockchain accelerator workshops to start-ups and enterprises looking to leverage the power of blockchain technology in their businesses.