Blockchain is taking the world by storm. No, it’s not disrupting just the financial industry (as we have heard several times) it is doing so in software development too.
The decentralization of databases is breaking traditional software development models and taking them to a whole new level. Blockchain applications built on a P2P network are creating new frontiers for technological innovation. In the past decade, cloud-based technologies AWS, Azure, VMWare, etc. took the spotlight and pushed software development in a completely new direction, building a new category blockchain-as-a-service.
Blockchain technology improves cloud technology by facilitating team collaboration and increasing the use of smart contracts.
Transforming software development
Blockchain-based software’s are more secure due to a highly secure database. The quality of data stays high due to its immutability. As the data is distributed over a peer-to-peer network, data traversing makes blockchain-based applications is robust.
Here’s how the blockchain industry is allowing much-needed freedom to software development –
- 1. Data replication– On a peer-to-peer network data is replicated across the entire network. So the same data is available at all users.
- 2. Validation checks—Data is immutable on a blockchain network. Before you can change data on blockchain network validation is mandatory. This maintains data integrity.
- Transaction record– Blockchain maintains a sequential record of data changes.
- 4. Cryptography– Records are available as private as well public. Public data is available while private can be seen only with a private key.
How blockchain technology benefits software development
On a blockchain network, data can be added or viewed, but can’t be deleted. This maintains the data integrity of the database, which is a crucial aspect of software development.
Blockchain applications are built on a peer-to-peer network This means data is recorded and accessed on several computers. The database, therefore, can’t be accessed by unauthorized people. This keeps data more safe and secure. Data is accessible to many but not authorized to have access to them.
For these reasons, many companies are trying to integrate blockchain to their existing databases. GM, for instance, has been trying to integrate blockchain-based applications in their Aviation Division databases to bring more security and transparency. The blockchain industry has created space for itself across various industry sectors on its commonly offered benefit – data transparency and integrity.
Similarly, the following companies are incorporating blockchain in software development as follows –
- BurstIQ –– It uses Big Data and blockchain technologyto establish a relationship with patients and provides parameters for shareable information, based on which patients can share health information they seem necessary. Further, it suggests personalized healthcare plans for patients.
- Filament –This company makes software and microchip hardware that lets connected devices operate on a blockchain. This allows encryption of data, real-time data distribution on other blockchain-connected devices, which further allows monetization of connected devices based on timestamps.
- Chainlysis – The company’s blockchain-based application allows the government and other companies to keep a check on crypto exchanges, allowing the government to detect money laundering, fraudulent trading, compliance violations, and other prohibited activities. Making financial transactions more transparent.
- HYPR – Hyper uses blockchain to eliminate data hacking from IoT devices. With a decentralized database, it ensures data can’t be taken in any way. It bereftsIoT devices of password and biometric entry and makes them nearly un-hackable.
- Civic – This company offers individuals the freedom to secure their identity information. Users get into a smart contract as to who can share their information and how much. Upon breach of this contract, users are immediately alerted.
No doubt blockchain has grown in popularity and application. It is expected to grow further shortly and spread in application endlessly. Sparing the past, blockchain technology is headed towards a new height. Research and experimentations across the industry is still on and sooner than later we will see blockchain 3.0.
Software development is a small niche where blockchain is making an impact and we are seeing a visible growth. There’s much more to it. If you’re a software developer, keep watching this space for more exciting developments.