5 Steps to a Blockchain Implementation
Blockchain technology is a decentralized account ledger, and it helps validate transactions in real-time without using the services of any third party. Use cases of this technology are unlimited, and many companies seek to implement Blockchain. However, for a successful Blockchain implementation, you need some necessary tools.
While you can implement a small Blockchain on any workstation to run a network of a few machines, it’s essential to learn the concept behind this technology. Here, we’ll share steps for implementing a Blockchain project.
Steps for Implementing Blockchain
Follow the below-given steps for a successful implementation of a Blockchain project.
Selecting a Platform
Do you know about the Ethereum Blockchain network? It’s a unanimous network. Due to the responsiveness of the community and the wealth of documentation, Blockchain promises to keep the object autonomous. In exchange for money, they execute code. Moreover, the door releases its access to be used during the authorized time.
The leading network of the platform is Homestead, and Geth is connected with it by default. So the first step after choosing the platform is to install Geth on the workstation (It’s available for Linux, Android, iOS, and Windows).
Initialize the Blockchain
You’ll have to create the first block manually for starting the Blockchain. Ensure that the block contains all the characters of a chain. These characters will then be shared with all the nodes of the network. Create a file in JSON format and define this block. You need to specify the several parameters, such as:
- Timestamp (It’s the validation time between two successive blocks)
- Nonce (It’s a cryptographic hash used for generating a random value)
Once you create a file, the next step will be initializing the Blockchain, and client Geth will do this. It’s essential to have cryptocurrency to ensure the propagation of a program.
Furthermore, the intent is to replicate commands as many times as the number of nodes in the network. More importantly, the latter one should agree with the first one, and to ensure communication within the Blockchain, the second node must connect them.
Geth will connect to the node in the network after getting his identifier called enode on Ethereum. However, as mentioned earlier, you need to have cryptocurrency in Gas for the propagation of the node-to-node program. Therefore, it will be helpful to get power from network actors.
Choose the Right Protocol
It requires a large amount of calculation because protocol involves fixing the mathematical problem. For example, if one miner finds a solution, it should be verifiable by all. The first miner who finds the solution can write the next block. The total power of the network helps adjust the problem difficulty in real-time.
The blocks are then written at regular intervals. As a result, it becomes challenging to attempt hacking, and it also protects the system from spam attempts. Hashcash is a famous consensus protocol. Use a hash function to encrypt the message. Remember, it’s impossible to find the decryption key because there is no way to generate random keys. It means it’s not possible to see the original message. If someone wants to do this, they’ll need computational power.
Execute the First Smart Contract
If you can run a smart contract, mounting the Blockchain is the only point of interest. Smart contract executes from a predefined threshold, and it can be a date, any duly authenticated event, or an amount. The success of Ethereum is the perfect example of a smart contract in the public Blockchain.
If you want to develop applications on Ethereum, you’ll use the reference language Solidity. This relatively simple programming language is object-oriented and works with attribute, class, and function notions. When a function is used, the Ethereum specifies it. Remember, the code is sensitive, and only a slight error will have significant consequences.
You can also use the smart contract as a web application, but you need to have a comprehensive understanding of Blockchain for it. Moreover, it’s also essential to understand its philosophy and constraints.
Debug and Scale
It’s the last step of Blockchain implementation. The concept of debugging isn’t simple. For example, a computer runs a program, but in the case of Blockchain, a block is executed on network terminations. Debugging the application is a highly complex process because each block must be equivalent to others.
If there is a problem, you’ll have to create a new block and wait until the chain propagates the changes. Moreover, the code evolves constantly in the case of an open-source platform. Therefore, the best approach is to hire an expert to audit the smart contract. It’s essential if the contract is deployed for public Blockchain networks.
Challenges in implementing Blockchain
the blockchain technology business, like any other, faces obstacles and constraints. here we explore frequent problems that stakeholders many businesses experience when implementing blockchain technology:
Inadequate Number of Skilled Blockchain Developers
This is a significant issue that arises throughout the installation of Blockchain. The sector continues to face a shortage of expertise, and smaller organizations are compelled to offer competitive incentives to recruit and retain the industry’s limited number of competent blockchain professionals.
Diverse and Uncertain Blockchain Regulation
The blockchain industry’s many stakeholders can still not agree on legislation that will govern the adoption of blockchain technology. The difficulty is not establishing rules; instead, it determines where and how much regulation should apply to blockchain implementation operations.
This is why all blockchain stakeholders must exert influence over the government and other regulatory agencies to get a consensus norm that benefits everyone.
This is another significant obstacle to the use of blockchain technology. Numerous blockchain developers are presently confronted with resolving the conflict between preserving the traditional benefits of DLT while also guaranteeing its scope is large and operating at fast speeds. Indeed, the blockchain technology industry’s full potential remains mostly unscalable.
This may be considered the single most troubling aspect of blockchain technology. It’s worth noting that blockchain technology was founded on the principle of security. However, as the actual implications of the 51 per cent assault hypothesis become more apparent, the blockchain business is exposed to strong hacking attacks.
High Energy Consumption
This is, in fact, one of the most challenging aspects of using blockchain technology. This problem became more severe once it was reported that the energy required by bitcoin mining in 2017 was equivalent to the energy consumed by the whole population of Denmark.
The answer to energy-intensive consensus protocols is for stakeholders to build new and novel consensus mechanisms for progressive decision-making. A breakthrough in this difficulty is projected to initiate an evolutionary process that will propel DLT forward.
Considerations During Blockchain Implementation
While implementing your Blockchain, there are several other critical factors to consider, including the following:
Make it Work
You must devote 100% of your efforts to ensuring that your blockchain implementation truly works and operates exactly as you intend. To do this, you must thoroughly test your system and its designs in a controlled setting. Following that, you may take it to a real-world competitive environment for more testing.
Testing your blockchain implementation is crucial since it is at this point that you may uncover a variable that you had overlooked previously, which may affect the outcome of your blockchain implementation process.
Additionally, you should conduct an additional study to choose the finest blockchain implementation example.
Do not give up
Remember that setbacks will always occur, particularly during the first stages of blockchain deployment. Rather than succumbing to failure, you must resolve the issues and experiment with several additional techniques.
In these instances, adopting the trial and error method will prove advantageous to you. Ascertain that you have exhausted all viable options and, in due course, you will stumble upon the answer that will propel your organization forward in the Blockchain.
Never lose sight of your primary aim while changing your blockchain protocol. Blockchain technology has a variety of facets, and one might quickly become distracted. Distractions will affect your overall purpose.
Ensure that you adhere to the strategy and provide the customers with exactly what you promised. Bear in mind that the aim is to alter your firm, not the entire blockchain system.
Distractions can have some very adverse outcomes. In practical terms, the repercussions will be a massive financial loss, significant disappointment, and, ultimately, the termination of your blockchain endeavours. This is why it is critical to maintain concentration. Make sure that you do not risk your complete progress on the blockchain network due to a distraction.
Following the successful implementation of your blockchain protocol, the next stage should be to make plans. Begin work on some of the aspects that may require additional enhancements. Essentially, you need to analyze the blockchain network to ensure that it stays helpful for your business’s future development.
The only constant thing in life is change. The blockchain sector will continue to grow and improve over time, and you must also engage in continual improvement, no matter how modest.
Blockchain installation involves a lot of alterations, which implies that it will be pretty tricky to implement. Ensure your user interface is basic enough for your clients to understand and is inexpensive for them.
The above steps will significantly assist you in realizing your vision for the blockchain business, regardless of the blockchain implementation obstacles.