How to Choose the Best Blockchain Development Company
A Japanese person Satoshi Nakamoto invented blockchain engineering or technology in 2008. The main purpose behind this technology was to introduce the first cryptocurrency known as bitcoin in the world. The blockchain technology records multiple peer-to-peer transactions of cryptocurrency and makes a block of information, which is unalterably linked to the previous block. It is almost not possible to alter the information in a block without altering the data of the entire network.
According to the Grand View Research forecast, the global market size of blockchain technology is going to reach $7.59 billion by 2024 from just no value in 2008-9. The predicted growth of blockchain technology for the next 5 years is about 37.2% CAGR.
This technology has eliminated the central control over the transaction that takes place between two end users. The monitoring by the centralized entity has been fully automated by the blockchain technology to make the transactions cheaper, safer, and faster. Blockchain technology has reduced transaction charges of international to almost 2% to 3% as compared to over 5% to 20% in our standard digital remittance transactions.
What Is Blockchain Programming?
The development of software tools, APIs, and applications that can be integrated and operated in the blockchain technology environment is commonly referred to as blockchain programming. The blockchain technology programming is a distributed and decentralized ledger of digital transactions, which are encrypted with the higher level of encryption algorithms to offer a great level of security, integrity, and privacy of the data in it. The creation of blockchain development tools also falls into the blockchain coding field.
Blockchain software development is no more limited to the cryptocurrency and their applications. In recent years, numerous fields such as healthcare, finance, banking, and the government have unleashed the power of blockchain application development to improve efficiency and security of their business processes.
The blockchain app development will become a gigantic multi-billion market in the next few years from just $1.2 billion in 2018. According to the forecast by the world economic forum in 2015, more than 10% of the global economy will be stored on the blockchain networks by 2027.
Blockchain Software Development Statistics
The blockchain software development is not limited to bitcoin or other cryptocurrencies. Nowadays, blockchain technology development is extensively used in numerous other applications that require a higher level of security, privacy, and reliability. Electronic voting, payrolls, smart contracts, governance automation, supply chain communication, cloud storage, internet of things (IoT), and many other applications based on the blockchain technology development have already kicked started.
The major statistics of blockchain technology are listed below.
- Average growth in market demand for blockchain developers increased at about 400% in 2018
- The average salary of a blockchain developer is 10% to 20% higher than other developers
- The average salary of a skillful blockchain developer is in the range of $150K to $175K in the USA
- More than 90% of the banks in North America and European countries were searching for blockchain technology in their business processes
- More than 55% of healthcare apps would be blockchain based by 2025
- Total revenue generated by blockchain technology is expected to cross $20 by 2024
- Blockchain saves up to 30% on the banking infrastructure
- 17.6 million bitcoin in circulation in the first quarter of 2019 with a market cap of $139.1 billion
- More than 106 million ether coins are in circulation with a total market cap of $18.5 billion at the start of May 2019
- Over 270 billion transactions handled by blockchain
- More than 25 thousand blockchain API developers in more than 140 countries
- Google, Microsoft Azure, SAP, Oracle, IBM, and AWS are major providers of blockchain as a service (BaaS)
Blockchain Service Providers in Worldwide
There is huge competition in starting a blockchain technology company in the marketplace because hundreds of startups and big corporations are entering into this market on a regular basis. The major reasons for the mushrooming of blockchain service providers are that the blockchain development companies and professional developers are aggressively working on blockchain based software applications and software tools.
Microsoft Azure was the first service provider in the field of blockchain software development field. It started its cloud-based blockchain company in 2015 followed by the IBM in 2016. At this time, there are large organizations involved in the provisioning of the blockchain as a service (BaaS) such as Google, AWS, Oracle, and others.
The other major providers of blockchain customer services in software development include:
- Alibaba Cloud
- Baidu Blockchain Open Platform
- Huawei Blockchain Service
- Bank of America
- Celsius Network
- Patron Blockchain platform
- Visa Cards
- And many more
What Projects a Blockchain Development Company Focuses the Most?
The blockchain technology has become a top trend not only in the software development but also in different sectors of industries to adopt in their respective business processes. Blockchain technology is giving forth different types of business models in the marketplace. Different categories of blockchain technologies have emerged to develop and implement different types of projects. A few very important types of projects are mentioned below.
#1 Blockchain Mobile Apps
Blockchain technology supports numerous types of mobile apps that can connect to the blockchain network through APIs. The majority of these applications relate to the banking, healthcare, medical, financial transactions, mobile wallets, insurance claim, and others. The demand for mobile wallet or virtual currency payments is a hot category for a blockchain development company.
#2 Cloud Service Projects
The projects related to cloud-based services such as data storage, collaboration and document sharing, critical data storage and even other online services based on the cloud applications are other major categories of projects. Numerous cloud-based SaaS services have already started and many are emerging on the marketplace. The core idea behind these services is security powered by blockchain technology.
#3 Digital Medical Records DMR
A large number of healthcare institutes in North America and Europe have already implemented digital medical record systems in their business processes. Many healthcare companies see a huge scope of integrated DMR services powered by the blockchain technology for its high-level of privacy, security, reliability.
The other projects a blockchain development company is most interested nowadays include:
- Insurance claim services
- Banking transaction records
- A token economy based on the latest digital and virtual currencies
- Government services like digital voting
- Digital land recording platforms
- And many others
What Is Blockchain as a Service BaaS?
Blockchain as a service or BaaS is a type of cloud-based business model in which the service provider offers the platform to use blockchain technology, blockchain related tools, and entire infrastructure either free of charges or paying a little fee for that service. This business model works exactly the same way as the software as a service (SaaS) works. This service also allows the startups, professionals, and even the enterprises to run their blockchain based services fully managed by the service providers.
The blockchain as a service model of business is very cost efficient for the startup companies that have an innovative business idea but have limited budgets. The users don’t need to invest in the blockchain infrastructure and tools. They can use the blockchain development infrastructure and related tools for a monthly fee. This model of service is very popular in the software development field.
Top Blockchain Tools in Market
The software development based on the blockchain technology has taken stronger roots during the last few years. Now, professionals and developers prefer to develop, test, and deploy different software applications with the help of modern blockchain tools, which are very popular in the market. Let’s talk about a few top blockchain software development tools in the market.
#1 Ganache CLI
This is the Node JS based powerful tool, which is a complete package for development. This acts as an emulator of the blockchain platform fully customizable as per requirements. The developers can use this platform to carry out the entire sequence of ethereum network transactions without any need of real-world blockchain network.
#2 CoinBase API
CoinBase is a cryptocurrency exchange, which offers APIs to integrate different payment applications on your websites or web applications. You can also integrate mobile apps on this exchange. This is a highly featured and powerful exchange on which you can develop numerous types of software apps for your eCommerce businesses. A large number of mobile wallets have already been developed on this platform.
#3 MultiChain Blockchain Platform
This is an online blockchain development platform that allows the developers to develop and deploy blockchain quickly. It allows unlimited numbers of blockchain to create and deploy simultaneously. It is a downloadable tool under general public license v2. The commercial versions powered by unlimited assets and customer support are also available for a certain fee.
#4 Ethers JS
#5 Embark Platform
Embark platform is a software application development framework for Ethereum decentralized applications commonly known as Dapps. A developer can develop and deploy the decentralized applications for the ethereum blockchain technology. You can also create new ethereum-based smart contracts and use them with the JS code. The newly created contracts can easily be deployed and managed on different types of blockchain. It supports Meteor JS, Angular JS, React JS, and others.
Why to Choose Mobilunity as Blockchain Services Company?
Mobilunity is a provider of high-quality blockchain-based software development services to the enterprise across the globe. It is located in Ukraine, which a central geographic location for a majority of the countries of the world. It offers world class blockchain development services powered by the following features and qualities:
- Highly skilled, experienced, qualified blockchain software developers
- High-quality software products fully tried and tested
- Professionally designed apps in line with the latest trends and international standards
- Offers very competitive prices
- Fixed prices without any hidden charges at all
- Dedicated developers that work on your projects only
- 100% project success rate
- World class blockchain development infrastructure
- On-time delivery
- Fully managed services powered by the best management team
- Great customer services