How to Create a Blockchain-Based Project
1st October 2020
Blockchain technology is primarily associated with cryptocurrency. However, it can be used in many ways. It became noticeable since the Ethereum-based smart contracts appeared. Before you find out how to create a Blockchain-based project, you need to understand what this technology is.
What is Blockchain
Blockchain is a kind of database that every participant can access. System users can store, view, and add new data to the system. The blocks with information appear in the network only after the majority of participants confirm them. All records that were previously put into the Blockchain cannot be changed or deleted. And for this reason, this technology primarily was used to create currency. Thanks to the Blockchain properties, the cryptocurrency can’t be counterfeited or stolen, if only the owner of the wallet monitors the personal data security. However, electronic currency is not the only way to realize the Blockchain capabilities. Let's take a closer look at other areas where people can apply this technology.
Areas to Apply the Blockchain
Here we list the areas where one can create and develop a small Blockchain project. Skipping the taxation topic, the creation of e-government, medical databases, aviation, and other fields in which Blockchain can be applied at the state level.
There are many online stores and e-auctions where cryptocurrencies and smart contracts are used to exchange assets and acquire them.
- DeFi projects
This is the fastest-growing segment of the crypto industry. DeFi is a whole range of services that are an alternative to banking: loans, mortgages, investments, etc.
- Media libraries
Distribution of media files, copyright protection. This is a fairly new field. On the Blockchain basis, Blockchain allows creating a platform where a person can store intellectual property. The copyright will be secured forever since all information is stored in one place.
Blockchain Project Creation
The easiest way to create a Blockchain-based project is to develop Ethereum-based applications and services. The platform has its coding language, Solidity, which helps to create Blockchain applications. Two more platforms provide similar functionality in addition to Ethereum:
- Cardano is similar to Ethereum and has its cryptocurrency. The Cardano infrastructure includes two compute layers. The first one works with a project token (ADA). And the second one allows us to create smart contract-based projects using Haskell.
Blockchain from Scratch
Building a Blockchain infrastructure from scratch requires skills in creating cryptographic algorithms and programming in C, C ++, C #, Java, and Python. To implement such a project, you need to assemble a team of developers with experience in working with Blockchain.
You'll spend much more time developing with this approach, but you won’t pay a commission for using the platform resources and adjust to its limitations.