Is blockchain Development Technology right for your Application?
Blockchain is a trending and hot technology in this era. But, a lot of blockchain technology pilots have been using applications that are not fit for the technology. Some traditional databases like MySQL work better than others.
Now the question is how do you know if blockchain technology is right for your application? Well, the answer to this question lies in understanding the fundamentals of blockchain and BTC. When you’ll be able to understand the advantages and disadvantages of blockchain, you can identify if the projects are suitable for blockchain technology.
What is blockchain?
Blockchain is the data structure that the bitcoin cryptocurrency uses for its public ledger. It is used to record the transactions and is also called a chain of blocks. Bitcoin is a simple yet ingenious way of passing information from A to B in a fully automated way.
One party initiates the transaction process by creating a block. This block is verified by millions of computers distributed on the net. After that, the verified block is added to the chain that creates a unique record and history across the internet. Bitcoin uses this model for transactions.
Blockchain has all these features but determining if blockchain is suitable for your application depends on what definition of a blockchain you are using. If your application is more like BTC, then the blockchain is suitable for your application. So before using blockchain development services, make sure to learn how it works.
If you are going to implement a cash system, then obviously your requirements are different from blockchain so there is no use to use blockchain. But if you’re creating secure sharing of medical data, cross border payment systems, personal identity security then blockchain is the best choice for your application.
Pros and cons of block-chain distributed database
Blockchain is a distributed database that makes it useful in many ways. It runs on the network computers and it coordinates by passing messages by application instance or shared memory. These databases can have a higher level of availability than non-distributed applications.
In the case of bitcoin, the lack of consistency means that someone could spend the same bitcoin more than once. The way that bitcoin records transactions is meant to solve the issue.
At some point, the BTC users may not agree if a specific transaction occurred but they will probably come to an agreement on this. To make a similar compromise for consistency if you implement a blockchain yourself.
Reaping the benefits of blockchain:
You have to overcome the few challenges if you want to get more from the blockchain for an efficient business process. The distributed nature of blockchain makes it hard to work with. The flexibility of blockchain also makes it much harder to get the acceptance of the business process that is completely based on blockchains. Now you understand the fundamentals of blockchain, so you can decide if blockchain meets your business needs. If you are looking for blockchain developers, give us a try. We have a team of experienced developers who are experts in their domain and they will surely provide you top-notch business solutions. Hire blockchain developers from Software Alliance and enjoy the best business model.