Blockchain is currently a very famous word among the IT, internet, and development companies. The idea of blockchain technology evolved into crypto-trading platforms, data security platforms, healthcare automation, and many more.
Nowadays, more and more startup companies, software developers, freelancers, etc are using blockchain database in the software development process.
Today, the IT industry’s net worth globally is more than $5 trillion and it’s expected to grow more with the use of blockchain in it.
That’s why, in this article, we will uncover multiple use cases of blockchain in the software industry along with its benefits to the developers in SDLC!
The IT industry basically comprises of the development of applications, websites, software tools, web apps. mobile apps, and different industrial & artificially intelligent machines.
To this IT industry, blockchain technology has come as a boon as it offers several advantages, benefits, and useful impacts to the business world.
The blockchain is growing by leaps and bounds while solving every challenge it comes across in the software industry. The only purpose of this new technology is to ensure security, use smart contracts in software development, and make testing more productive.
“By 2025, we can expect blockchain technology reaching $39 billion, globally.”
However, the only question is how it affects software development lifecycle (SDLC) through being an open, cryptographic, distributed ledger system?
For this to understand, we must learn -
What Is Blockchain Technology?
In the blockchain, every data is recorded and is time-stamped sequentially among the cluster of computers. Being awarded as a reliable technology, it is known for its transparent data transfer being a decentralized and unbreakable electronic ledger system.
Each data block is tightly secured and arranged in the chain which can’t be modified, changed, even more, data blocks can't break the entire blockchain making process.
As blockchain gains popularity, unmistakable quality, and becomes prominent, the blockchain developers in the top blockchain development company in USA need to keep themselves updated with the most recent blockchain principles.
We can call that blockchain development is quite similar to coding!
A coder also needs to learn new things, latest updates to make its prominence; thus, we as a blockchain developer need to furnish our skills periodically.
“Reports tells us that by 2025, 10% of global GDP will get stored on a blockchain or blockchain-related apps, software!”
The blockchain market will grow exponentially, where everyone (consumer/client/developer) will have to keep them updated with the latest standards of blockchain.
Why Use Blockchain for Software Development?
We all know that blockchain technology software is highly secure. Once it is used in the adaptive software development, data storage is done transparently, ledgers with peer-to-peer networks.
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The increased usage of mobile apps has given blockchain its biggest market as the app security is now guaranteed to enhance via blockchain technology.
The key features why the blockchain software (BS) helps in software development are:
- Data Replication: The replicated data is replicated gets stored in a number of systems; thus, increasing data security.
- Requirement Checks: BS check transaction requirements for validation.
- Transaction Recording: BS records transactions & data sequentially.
- Public-Key Cryptography: All transactions are cryptographic on public-key.
All these above-mentioned blockchain software features give a huge benefit in ensuring the safety of data.
Opportunities for Small Developers
Small developers most of the time get underfunded as the middleman between the developer and project client takes a lot of commission. But, the blockchain will end this commission and middlemen system.
Many companies or organizations serve as middlemen between the service provider and the consumer.
For instance, independent programmers, designers, developers need a platform like Upwork to get projects and leads, while the clients or project distributors use Upwork to get resources. Both, demand secure payment and easy transaction.
Furthermore, the blockchain provides a peer-to-peer network in software development by creating smart contracts to eliminate middlemen.
Let’s check some of the examples below how a blockchain can changes businesses:
- In the banking & finance industry, specialists are using the blockchain for trading purposes such as cryptocurrency trading. Many famous cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. supports blockchain.
- We all know how boring and complicated is the process of any insurance company. The involvement of paperwork let the fraudulent claims happen. But, using blockchain, one can avoid these errors in the insurance industry by providing transparent and secure procedures.
- Once you combine blockchain with IoT (Internet of Things), a lot of things can be managed digitally. For example, with blockchain, you can make a safe and secure system in your houses and cities.
- Blockchain helps in keeping track of all transactions. If you use smart contracts, then encoding is easy, transparent, and any member can track transactions. The use of smart contracts helps patients to share their valuable health-related data and records in a confidential and private manner with full safety.
- Blockchain also assists artists in monetizing the products and protecting ownerships, rights via a decentralized system.
- Including all the above uses, nowadays, governments are showing their keen interest in blockchain technology to improve election systems and make it more reliable for the voters.
"Things that facilitate blockchain implementation are Smart Contracts, Distributed Databases, and apps. They provide benefits like replicating data, recording transactions, encrypting transactions with the public key, and checking requirements, etc."
Blockchain in Software Development Lifecycle
Blockchain Development turned into a pattern with the approach of Bitcoins. Bitcoin was created by an individual named Satoshi Nakamoto. These Cryptocurrency works are dependent on the appropriate record innovation, named Blockchain.
Also Read: What Are The Impacts Of Blockchain Technology In Healthcare Industry?
It follows a decentralized configuration, which implies there are no outsiders to control the online transactions in question. It depends on a shared control system.
Future engineers and blockchain developers must remain capable and ready for comprehensively understanding the blockchain innovation because it will change the process of doing transactions in the next decade.
As a result, it is very important to understand the blockchain technology involved in the software development lifecycle by implementing blockchain with development methodologies in your business.
Blockchain is another quick innovation that is now demonstrating its high utility for some, advanced arrangements in the software development industry like dApps.
A blockchain decentralized framework can upgrade different innovations, for example, IoT, AI, Machine Learning, etc. by making them safer and stable.
There is significantly more to anticipate from blockchain in the coming future. The innovation will proceed to advance and add new advantages to the software development cycle of any custom software development service provider in USA.
What are your views on the usage of blockchain technology in the software industry?
Mention in the comment section below!