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blockchain technology
December 16, 2017

Why Develop on the Blockchain?

Blockchain development technology has become increasingly popular in the past few years, especially popular media recognition of cryptocurrencies and boom of ICOs. Many of these coins serve a purpose though — they can serve as securities or rewards for performing a decentralized action on the blockchain. These coins can help to perform a valuable function, take Bitcoin for example: The token helps reward devices for performing verifications of transactions that might not otherwise be performed. In Ethereum, this can incentivize devices to run other verifications in the form of smart contracts. In effect, it can allow you to run code on other computers in a secure and verifiable manner.

 

Working with these types of features is a very different style of development than normal. Instead of relying on a central source to validate information, you can get information from a network verified from a single source. There are numerous applications for this — take a new variant of identity storage for example. Instead of storing identity information in a central database, users can share self-signed identities for KYC processes. This can help reduce identity theft.

 

You can also consider a shipping ledger at a port. Each device can verify that it has seen a particular package with scanners from both companies. In this method, you can use the blockchain as a public ledger for tracking check-ins of objects without trusting just a single provider.

 

Many of these applications rely on a decentralized and trustless method of storing and transmitting data, which is starkly different from a lot of centralized web applications and other software products. These can have upsides depending on your application, and while often less efficient than a centralized datastore, you may want to weigh learning about them and integrating them into your applications.

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