90% of Blockchain projects that once started with a solid POC have now failed.
For everyone who has worked on Blockchain or have tried to make sense of it, it comes as no surprise that when it comes to the complex and ever-evolving technology, getting a decentralized Blockchain project off grounds takes more than a great idea — it needs a dedicated team, expertise and right resources for succeeding.
And even then, even in the presence of the golden trio, Blockchain projects tend to fail. Miserably.
Having worked on more than 20+ dapps and Blockchain projects, At Appinventiv, we understand that one of the reasons behind this failure lies at the very core – failure to choose the best Blockchain development platform.
In this article, we are going to look into several subsets around the choice of Blockchain platforms, with a single-focus intent to keep you from becoming a number in the failure statistics.
But before we get there, let us answer one of the most asked questions for you.
If we had to make a list of trendy technology topics dating back to 2010, the one name that would make a constant appearance year after year would be Blockchain. Its promise of transforming economies through features like transparency and interoperability has not gone unnoticed by businesses.
There is also a grim picture amidst a plethora of benefits. The picture of Blockchain POCs failing. Businesses, in the ode to be in-trend end up incorporating Blockchain technology in their process offering without paying much heed to whether or not it would solve their business purpose in short and long term.
As a moral obligation on our part, it is necessary to help you decide whether or not you actually need Blockchain integration in your project, for taking the decision of choosing the best Blockchain development platform will only come much later.
Here’s a decision tree that we, under our role as a Blockchain app development company use to help you make a concrete decision.
Development of the best Blockchain framework and network from scratch is a utopian state for many aspiring businesses – an expensive utopia that is more or less impossible to achieve when the reality wave of complexity hits.
This difficulty gives birth to Blockchain platform providers. They let enterprise software development service providers and other businesses take advantage of the existing software, infrastructure, and service related to Blockchain. To validate their need, promising Blockchain-based technologies come with multiple benefits:
Getting the essentials in one place – Blockchain is a database distributed and managed by individuals. It helps keep track of all the transactions in a structured and secure manner. The way it achieves this is through the Blockchain platforms.
Greater efficiency – A Blockchain technology platform is devised to be efficient from day one. Unlike other gateway solutions, Blockchain platforms enable the stakeholders to directly interact with the consumers. This, as a result, checks price and removes the inclusion of intermediaries.
Prevention of fraud – with Blockchain being at the heart of the solution, Blockchain platforms prevent modification of information. Meaning, it becomes impossible to misuse the information by editing it to meet their needs.
Promotes Auditability – by being transparent, the platforms bring accountability to the table of Blockchain technology services. Everyone who is part of the Blockchain system knows who is responsible for what and thus hold them accountable when things go wrong.
There are three main types of Blockchain development frameworks: public networks, permissioned networks, and private networks.
Public Networks – these are decentralized networks that anyone can participate in at any level, including things such as running full nodes, trading tokens, mining cryptocurrency, etc. On the cons side, they are generally more expensive and slower to use. This is the reason why they are not generally considered as a must-have Blockchain platform for startups.
Permissioned Networks – these networks are visible to the public but participation in them are controlled. They are generally very fast and have low latency plus high storage capacity compared to public networks.
Private Networks – these are shared between the trusted parties and not made open for the public. They are very fast and have zero latency. Most of the private networks do not use cryptocurrency or have the same security and immutability advantages of decentralized networks.
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