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Building a core blockchain network: A guide to creating a blockchain

In 2021, $6.6 billion was spent on blockchain solutions, and demand for the technology only continues to rise. The technology that underpins Bitcoins and other cryptocurrencies today is not the only factor. No, blockchains are poised to alter the globe given how many industries already successfully use them and how many diverse ways the technology might aid enterprises worldwide. For instance, according to 52% of experts, blockchain would be crucial in the future for identifying fraudulent transactions or activities and customer identification verification. Blockchains will also be crucial in the transition from our existing, highly centralized financial system to a decentralized (Defi - from decentralized finance) one that is considerably speedier and safer.

But how can you build a blockchain network on your own?

There are numerous platforms available because of this.

What advantages come from building a blockchain?

Numerous other industries, including banking, healthcare, agriculture, software development, and many more, either now utilize or intend to employ blockchain technology. By 2030, the use of blockchains is predicted to increase the global GDP by $1.76 trillion.

What specific business needs can blockchains address?

By putting the data in a decentralized blockchain rather than a single database, you may increase transaction security and speed.
Lowering operational costs and streamlining business procedures (for example, in logistics and supply chains)
Data is promptly updated and shared amongst all nodes, providing much higher data openness than ever before.
Preventing the manipulation of company data since once uploaded to the blockchain, ledger nodes cannot be changed.
Blockchain is a more safer place to keep sensitive corporate information since it functions as a trustless environment (i.e., a place where trust is unnecessary because every network member can verify every transaction and network on the ledger).

Blockchain technology is also being used in software development to address a number of problems with the creation of mobile and IoT apps. Take data security as an illustration. Blockchain applications, also known as decentralized applications or Dapps, are significantly more secure since all data is encrypted with a cryptographic hash and all modifications are made public to the whole network. Additionally, because each node in the network maintains an exact copy of the data stored there and because any modifications require consensus, the entire system is practically impervious to tampering and resilient to system failures.

The improved security is only one advantage that companies can take use of to stay ahead of the competition and draw more customers to their products. Nowadays, many apps also allow users to pay for goods and services using cryptocurrencies or unique platform tokens. As a result, interest in these payment options is rising, and 39% of customers think that cryptocurrencies should be used for transactions rather than only as an investment.

Methods for selecting a blockchain platform
However, you must first select one of the major blockchain solutions if you want to start hosting data on the blockchain or add cryptocurrency payments to your new app. And doing this might be a little difficult.

If you've already begun looking into the platforms, you've probably noticed how many alternatives there are. According to Earthweb, there are at least 1000 blockchain platforms available today, including, but not limited to, Ethereum, Ripple, Stellar, and Corda. Which one should you choose among those?

With so many choices, it would be wise to do some research and make a list of your objectives, strategies, and expectations for the blockchain solution.

Whether you want a private network designed specifically for your business or are fine utilizing a public network that is accessible to everyone.
What characteristics does your blockchain network for business need? (for example, not all blockchain platforms offer smart contracts yet, so if this is something you need to have, you need to make sure the chosen platform supports it)
How many transactions you anticipate having to make use of the blockchain (the higher the TPS, or transaction per second, of the solution, the more transactions the blockchain will need to handle)

The majority of platforms differ in terms of what they can do and what features they have; some were also created with particular sectors in mind, which makes choosing even difficult. In our other article, Choose a proper blockchain platform - the must-know blockchain platforms list, we discussed the key aspects you should pay special attention to while studying your blockchain solutions. We have included a brief summary of the most well-known platforms inside it to help you decide which blockchain solution is appropriate for you after analyzing the available options.

An example of how to create a blockchain network using Corda

We'll now get into the technical specifics on what you'll need to build your new network and how to build a new blockchain network on your own.

We chose Corda as the platform for the course because it is extensively documented and reasonably simple to extend, so it should help you understand how to set up a blockchain network.

Originally developed primarily for financial organizations to assist them save operational costs while accelerating transaction processing, Corda is a permissioned peer-to-peer (P2P) distributed ledger platform. But it turns out that the platform was as useful for other sectors. Corda is used in the healthcare industry, for instance, to link the numerous healthcare databases and create a single, updated patient profile. Additionally, there is little chance that records may be accessed or changed because they are kept in time-stamped, encrypted, and immutable blocks in the chain.

Additionally growing in popularity is Corda in a number of sectors, including government, identity verification, and digital assets.

For the guide, we chose this platform for a few reasons:

Scaling is simple because of P2P architecture and the "building blocks" app architecture.
Corda functions as a private network, making it ideal for hosting sensitive corporate data because only those you invite can join the network.
Companies may create their app and network precisely how they want because the Corda platform is incredibly agile and versatile.
The blockchain network may be simply connected to the company's primary tools thanks to integration features built into it that are intended for enterprise systems.
Due to the substantial community that has developed around the Corda platform

When should you employ a blockchain development specialist?

Making your own apps and configuring the network on Corda shouldn't be too difficult for you if you are proficient in Java or Kotlin.
The ideal course of action would be to get in touch with blockchain developers who can assist you with creating and setting up your network if you don't have time to handle the coding yourself or want to hasten the creation of your new app.

Additionally, asking for assistance from someone skilled in blockchain app development will save you a ton of time (and money) in the long run if you are unsure of how the technology even operates and want someone with fintech/crypto/blockchain experience to join your team.We have worked on numerous projects for the iGaming, sports betting, MedTech, and fintech industries, and we know the market practically like the back of our hand. These projects involved developing a blockchain network or adding support for a cryptocurrency.
There is a significant chance that we can assist you with your project, whether you're planning to create a blockchain application or set up a private network for your business.

Our team of specialists consistently delivers outstanding results combining creative ideas with our past experiences and extensive research and knowledge. We will help your company reach it's fullest potential and achieve it's goals using our vast array of services.

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