October 02, 2020

How to use your blockchain: what to choose?

How to use your blockchain: what to choose?

Before developing your own blockchain your team should clearly understand what the blockchain is for, and what budget you can allocate for its maintenance.

Blockchain design and launch have their own nuances. They can be easily overlooked when planning if you misjudge the scope and complexity of the task.

Blockchain is a tool for creating a decentralised database. This is a software that a large number of computers have access to. Such a peculiar type of accounting makes it possible to control current transactions without the consent of the trusted party.

This technology is used in banks, logistics systems, insurance companies, and is also used for identity verification. The blockchain consists of blocks that are connected in series and then into a single chain. The information they contain is contained on different computers, without being attached to a specific server.

- decentralisation;
- reliability;
- transparency;
- no data volume limit.

- keys can be lost;
- a high level of energy consumption during the extraction of blocks;
- transaction verification speed.

For the spread of blockchain technology, it is necessary to release its own cryptocurrency, which will provide a high speed of financial transactions. Blockchain technology for business is used when users interact with a high level of distrust (competing companies, branches of organizations). The main thing is to correctly distribute the groups of possible risks related to security.

If a business is focused on accepting only cryptocurrency payments, it will be enough to create an address for them and resolve legal issues. If you need to automate more complex operations in your system, it is recommended to place public network smart contracts. Another solution is to develop a personal blockchain.

A public type of blockchain is a network that is publicly accessible without the permission of a third party, that is, any Internet user get access. The main advantages of the public blockchain are the transparency and reliability of data exchange around the world. It is obvious that in such conditions, the network can be discredited. Public blockchain rules cannot be revised once they are approved at the start of development.

Personal blockchains are a technology that only trusted people have access to. The owners control the operation of the network, and the rules of the system can be changed under the influence of various factors (number of participants, authorisation, level of authority, etc.). This type of blockchain allows you to work both autonomously and in connection with other chains. Personal blockchains are often used by the oil and gas industry. In general, the level of trust in private blockchains is significantly higher than in public ones. The development of a personal blockchain requires the involvement of computer and legal specialists. In addition, you need to create your own fork (services for monitoring the operation of the system, as well as a number of tools for users). Then the network is tested, improved and troubleshoot, after which it is evaluated by experts.

- Software development is expensive.
- Problems and tasks that require an innovative approach to solving.
- Multilevel testing process.

There are also ready-made solutions for blockchain development. Among them there are both immature platforms (Open Ledge, Bitcoin Blockchain, Corda) and well-established networks with open source code (Ethereum, EOS Hyperledger).

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