Blockchain Software Development
Blockchain is a cryptographic technology — a chain of blocks built according to preset rules with a timestamp and a link to the previous block, which is stored on different devices. Сryptotechnology is often spoken about in the context of cryptocurrencies, but this is not the only area of technology application. The capabilities of technology are much broader.
Blockchain Solution for Business
Do You Need It?
- Walmart, integrated blockchain solution to work with contractors. This saves the company a lot of costs because it eliminates fraud. Communication in the supply chain is simplified, and the ability to carry out fraudulent activity is much harder now. You can trace the path of goods to the counter in a few seconds. They developed the technology in partnership with IBM and its blockchain software development company. A cool and useful feature they have is the ability to withdraw expiring products from the circulation within a short period.
- In Australia, the online travel company Webjet, with the help of Microsoft, has optimized booking and payment for travel. And the transaction process itself has become more transparent for travel agency partners, which allowed them to attract more businesses and offer customers a better price/quality ratio.
- The Israeli bank Hapoalim, also based on Microsoft chain which was built from scratch, has created a document collaboration solution. Thanks to that, to update banking information about a person, he no longer needs to go to the physical branch of the bank.
An interesting fact: blockchain is used not only in the financial and banking sectors but also in game development. There are many ready-made platforms, the most trusted among them are Loom Network, Xaya, Cocos-BCX and last but not least — Enjin.
EightDevs Portfolio case — BitFreezer
How Much Does it Cost to Build a Blockchain Project
- Type of task. Issuing tokens is one of the simplest tasks. However, creating a blockchain protocol from scratch will require extensive resources.
- Work on the basis of ready-made solutions or going into custom blockchain software development. In the case of launching a blockchain project, you can use an existing platform and its infrastructure, or create a new one. The most popular ecosystems are Ethereum, EOS, Tezos, and Tron.
- The scale of the project. The sheer size of the workload for creating from scratch solutions in the crypto industry can not be compared to alternative technologies.
Cryptotechnology is expensive that requires large investments. For example, the transfer of Australia's workflow to the blockchain will cost one billion Australian dollars. It is often really hard to predict how much does it cost to build a crypto project since the technology is young.
Interesting fact: a well-known partner will not insure against failure. IBM which is considered to be the go-to blockchain software development company in North America made a mistake while working on the Australian census and paid $ 30 million in compensation (Australian dollars).
Before You Dedicate Yourself Towards Pursuing Custom Blockchain Answer 7 Simple Questions
Popular Blockchain Platforms to Use:
- Ethereum — a platform with a large audience and good documentary support;
- Hyperledger Fabric — the platform focuses on the corporate segment, but is characterized by a high entry threshold;
- EOS — provides solutions for creating applications, authentication, and planning;
- IBM — supports Go and Java, is a network with controlled access;
- Multichain — the main advantage is transparent pricing;
- Cardano is an interoperable network that is in the early stages of development;
- Openchain — the main competitive advantage of the network — it is possible to attach tokens to bitcoin using sidechains;
- Stellar — cheap and fast payment$
- BigChainDB — the network has private and public chains, as well as customized transactions;
- Quorum — Suitable for high-speed applications.
Blockchain Software Development | EightDevs Agency
Why You Should Work With Us?
- We have the experience working with almost every blockchain out there, our product company BitFreezer is a member of Crypto Valley in Switzerland.
- We have unprecedented expertise in security, BitFreezer is considered to be one of the most secure crypto wallets out there.
- Our cryptotechnology software development team has worked with each other for more than 3 years.
Tell us about your business and the task that you want to solve using cryptotechnology, we are super excited to work with modern technologies. Contact us by requesting a quote or booking a call with our manager.