Blockchain is considered as a revolutionary tool in the world of transactions. Since global business is now dependent on software, app, and web developments, we cannot ignore the influence of blockchain in the development process.
This article will take you through the ongoing shift in the world of programming due to blockchain technology by discussing new standards, improved databases, and other opportunities for small developers.
Globally, the IT industry will reach a mark of $5 trillion by the end of 2019, according to IDC, a research consultancy.
The above image shows the distribution of the IT industry all around the globe. Nearly a third of the IT industry (31%) is located in the US, while 26% of the IT industry can be found in south-east Asia.
The IT industry is involved in the development of websites, software tools, mobile applications, and artificially intelligent machines designed to make our lives easier.
Blockchain technology is changing the development processes in the IT industry and will, by extension, impact the larger business world.
But how can blockchain, a technology that serves as an open, distributed ledger system secured by cryptography, affect the development processes?
Blockchain Introduces New Standards
As blockchain gains prominence, developers need to learn about the latest standards of development.
In spoken languages, there is a communal understanding that certain combinations of letters make words, and a set of words makes a sentence.
Coding languages are similar. For a developer to communicate with his or her computer, it is necessary to set some standards so that the computer can understand what exactly the developer wants it to do.
The storage of almost 10% of global GDP will be on blockchain or blockchain-related products by 2025. Considering this exponential increase in the popularity of blockchain, developers have to update their processes with the latest standards of blockchain.
For example, let us consider Ethereum, a similar blockchain as Bitcoin, which enables users to develop smart contracts.
Protocols may get updated frequently, but the core reality of these standards will remain and guide the future of software and app development.
Traditional Databases vs. Distributed Databases
Blockchain works on a distributed database. All the records in a distributed database will be accessible and will actually be more secure.
Since the blockchain database can be accessed by everyone, there is more data monitoring. If someone tampers with a record, it's likely someone will notice the change.
Plus, blockchain eliminates the middlemen involved in any transaction and hence makes transactions more direct and less prone to loss of information or corruption.
But what does it mean for a developer?
Any user who can access the application developed on blockchain technology may view the data or add a block to the database but cannot change or modify or delete already existing data.
This makes the application sturdier against cyber threats or hackers.
These decentralized applications developed using blockchain technology are also called dApps.
A dApp is open-source software which is not managed by a single person, group, or authority.
One of the most popular examples of dApp is Bitcoin. Other famous dApps built on Ethereum blockchain include Cryptokitties (a game), Gnosis (a prediction market platform), and Storj (decentralized cloud storage).
Thus, blockchain is not just limited to the development of cryptocurrencies but also can be used to make any kind of applications.
Generally, it is believed that transparency is inversely proportional to security: the more easily accessible, the more there is a danger of tampering.
But blockchain provides you security with transparency. You can see through the decentralized and distributed database, but you cannot alter the information.
Opportunities for Small Developers
Small developers can feel underfunded in their projects, but blockchain is helping to solve this issue.
Middlemen in blockchain are no longer needed.
Many companies or organizations serve as middlemen between the service provider and the consumer.
For example, freelance software developers need a third-party platform like Upwork, where the buyer is trusting the portal to provide resources to find workers and the seller is trusting the portal that the work done will be paid justly.
Blockchain, on the other hand, provides a peer-to-peer network to the small players in the software development through which they can create self-executing contracts, which eliminates this middleman.
One such example of a platform is “Game protocol” which is a decentralized platform for games.
Game protocol lets community members fund the projects that they value with the help of Game protocol’s currency. This platform creates collaborative communities and gives incentives for active participation and game development.
This incorporation of crowd-funding in the platform enables the democratization of the development process and the same platform provides a market to these developers to sell their products.
Hence, they do not depend on big enterprises like Apple and Google to sell their games.
Therefore, if you do not have money to develop, then these types of platforms can help you raise crowd-funds and provide other resources to make your idea a reality.
Understand the Benefits of Blockchain Technology
Future developers have to be prepared and capable of understanding blockchain technology because this technology will change the way transactions are done in the next decade.
We have discussed a few transformations like changed standards, decentralization of databases, and opportunities for small developers, but it is still essential to continue to learn more about blockchain.
The technology will continue to evolve and add new benefits to the development process. Consult with a top blockchain developer if you have more questions about the process.