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A famous quote by Gil Penchina says, ‘Mobile was Internet 2.0, it changed everything. Crypto is Internet 3.0’
Yes, cryptocurrencies have started to change the world with their potential. After the massive victory of Donald Trump in the USA, Bitcoin prices have risen to a value equivalent to $92,970. What makes people trust Bitcoin like cryptocurrency today? Blockchain technology. It plays a pivotal role in the success of cryptocurrency. Besides the crypto market, blockchain is integrated in various other sectors including real estate, art, supply chain management, etc.
Is it necessary to create a business with blockchain from scratch?
Maybe not.
There comes the role of Blockchain integration, in which the blockchain network can be integrated into the existing systems. For instance, if you have a healthcare mobile app, incorporating a potential blockchain network will help users access the digital format of the diagnosis easily without any middlemen’s approval.
Are these the only benefits of blockchain integration?
No, Let’s explore the more business benefits of blockchain integration to the existing system.
Business Benefits Of Integrating Blockchain
Unimaginable possibilities are now made with the help of blockchain integration in various sectors. It also offers business-based benefits for newbie startups and established entrepreneurs. Some of them are listed below,
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Data Security
The foremost benefit of integrating a blockchain network is its higher security nature. The technology provides a decentralized ecosystem where the data are saved in blocks. Additionally, the saved data cannot be changed, deleted, or modified by anyone. As sensitive information is safeguarded, the trustability factor has increased among startups.
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Reduced Risk
As the blockchain network is an advanced-level technology, the chances for failure, technical glitches, and bugs are zero. This ensures that digital transactions or requests are completed without any hassles. Hence, utilizing the blockchain network will reduce the risk of failures.
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Transparency
Blockchain networks are widely in various sectors for their transparent nature. The blockchain’s nodes can be viewed, and analyzed by any of the parties. Also, the nodes or blocks of the transactions can’t be modified or changed.
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Scalability
Blockchain technology comprises a high level of ability for higher growth and adaptability. The blockchain network is flexible in terms of increasing the transaction limit, data storage, and other technological infusion. This will benefit more for the blockchain integration in finance sector. Because the transaction limit within the platform will increase rapidly.
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Cost-Effective
Integration of blockchain technology into the existing system reduces the cost estimation for third-party services, middlemen, and brokers. Also, it cuts down the regular physical paperwork charges, manual data processing, etc.
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Global Accessibility
People from all over the world can utilize the website or the system when integrated with blockchain technology. It enables seamless, reliable, and safe transactions all over the world. Through its decentralized nature, it offers access to underbanked regions.
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Data Privacy
The digital users will have complete control and ownership over the data of the blockchain-integrated system. The data are shared only with the authorized network which reduces the fear of scammers and hackers.
These are the wide range of benefits acquired by integrating blockchain technology into the existing system. As the world becomes more digitalized, various blockchain networks are infused within the platform for effective outcomes.
Now, it is the ideal time to know the core intent of the blog. That is…
How To Integrate Blockchain Into Your Business Infrastructure?
Blockchain integration is an easy process when it is done by the right Blockchain Development firm and its developers. So, first, pick the best developers and technicians to integrate the blockchain solutions. Let’s see the detailed step-by-step process of blockchain technology integration.
Step 1: Identify The Use Case
The first and foremost step in integrating blockchain technology includes the designing of a website or an app. This step enables startups to find out the use case for the relevant field. In many sectors including real estate, supply chain, healthcare, online identity verification, etc. There are millions of Blockchain business ideas out there in the digital market.
So, choosing the best one that suits your budget, and vision is essential to complete the development process effectively. Relevant resources, tools, and third-party services can be allotted for the blockchain API integration. Hence, give importance in finding the right use case and design the app accordingly.
Step 2: Choice Of Blockchain Network
The core part of the blockchain API integration process is choosing the perfect blockchain network. The market is flooded with various blockchain networks. Some of them are,
- Ethereum
- Hyperledger
- Solana
- Polygon
- Corda
- Waves
These are the top-tier blockchain networks presently used among industrial sectors. Also, choose the blockchain based on the consensus mechanism. The consensus mechanism is digital software that validates the transactions within the network. Each blockchain follows its consensus mechanism,
- Proof-of-Work (PoW)
- Proof-Of-Stake (PoS)
- Proof-of-Authority (PoA)
- Proof-of-Capacity (PoC)
- Proof-of-Publication (PoP)
Choose the blockchain network based on this consensus mechanism algorithm. Some sectors require higher transaction speed with lower fees. Based on the flexibility of the business project, the blockchain network can be chosen. Even it can be integrated as blockchain API in a website.
Step 3: Integration Of Blockchain
The development process includes the creation of Proof-Of-Concept. This is created to entitle the essential challenges, obstacles, feasibility, and outcomes of the blockchain API integration. This step also involves the evaluation of the existing system’s map workflows, asset inventory, etc. By analyzing this, developers integrate blockchain in a website. Knowing the vulnerabilities, and inefficiencies of the current system helps to integrate the right blockchain network.
After that, the blockchain network can be integrated by planning the technical framework seamlessly without compromising efficiency, cost, and functionality. The integration process also includes the implementation of on-chain and off-chain data.
- On-chain Data – This includes critical data like transactions, asset ownership, and time stamps.
- Off-chain Data – This includes sensitive information like larger datasets, files for frequent updates, and cloud solutions.
With these data and current system audit checks, the internal framework can be designed. Through this, the blockchain network can be integrated within the platform.
Step 4: Testing
As the integration of blockchain networks is completely digitalized, there are chances for technical glitches. To reduce that, it is essential to run a quality assurance process. For further validation, a beta version of the app or the website can be created. In this process, the blockchain system is validated based on the transaction speed, reliability, scalability, latency, fault tolerance, etc.
The blockchain systems will undergo multiple tiers of testing to ensure their quality and working nature. Through this, businesses can ensure that their blockchain technology integration delivers fast, reliable, and scalable operations, meeting both current and future demands.
Step 5: Beta Version Launch
After the successful conduction of the testing process, the beta version of the product can be launched for user experience. The real feedback can be gained when the product reaches the target audience. Through this process, user engagement, traffic, behavior, etc can be analyzed. This helps to enhance the quality of the blockchain system. Based on that, the Proof-Of-Concept (PoC) can be modified.
Users suggest some changes to enhance the platform’s usage and success. Hence, launching the beta version is essential. This also helps the startups to raise funds for the upcoming final product launch and development.
Step 6: Deployment
Once the beta version gets recognition, the exact blockchain system or the final product can be launched into the market. This is where the system is open to every user for usage. As it is launched to a wider set of audience, the need for blockchain technology integration can be valued. Along with that regular updates, upgradation, and maintenance must be provided for enhanced experience.
How Much Does It Cost To Integrate Blockchain Technology?
The average cost for blockchain integration will be around $15,000 to $20,000. Yet, this may change based on various factors and considerations. Some of them are,
- Hiring of Developers
- Project Complexity
- Third-party tools and services
- Regulatory compliance
- Customizations
- Maintenance and Support
- Accessibility
These factors act as a determining factor in the cost estimation for blockchain integration. Presently, many startups are showing interest in creating a blockchain mobile app because of its reliable and secure functioning.
Hence, the blockchain app development cost may vary. With the proper guidance, support, and expert advice the unnecessary cost can be reduced. As we have headed to the end part of the blog, now it’s time to know the best blockchain development company. Investing in a digital business plan requires more patience and resilience.
Our Pixel Web Solutions team stands tall amidst all the challenges of blockchain integration.
How does Pixel Web Solutions help you with blockchain integration?
Pixel Web Solutions is an exponential Blockchain development company that leads aspiring startups to reach success. Our development team ensures to offer the top-notch blockchain integration services seamlessly. We harness the true power of blockchain technology, its challenges, and considerations to deliver a perfect business product.
Whether you’re aiming to create a decentralized application, streamline supply chains, or develop smart contracts, our development team will guide you through every step of the process. Build a safer business model with our experienced blockchain developers and testers. Contact them to get a quote for integrating the blockchain network!
FAQ
How long will it take to integrate blockchain into the existing system?
The average time taken to integrate the blockchain system will be around 3 months to 10 months. But, based on the choice of development method, customization, project complexity, etc, the time may vary. The Blockchain integration services can be maximized or reduced based on the business needs.
What are the industries are benefited from blockchain integration?
Some popular industries utilizing blockchain API integration are Healthcare, real estate, supply chain, banking, logistics, Internet of Things (IoT), e-commerce, insurance, etc.
How does blockchain integration improve the security of the existing platform?
Blockchain technology utilizes encryption, and decentralization that makes the transactions more tamper-proof, and resilient against cyber attacks. Also, the data once saved are immutable for any customization.
