Blockchain technology is one of the major drivers of the future. As such individuals, businesses, organizations and nations need to start leveraging on the power of the technology. Deloitte in a recent report made a very profound statement that “The question for executives is no longer, ‘Will blockchain work?’ but, ‘How can we make blockchain work for us?”
The power of blockchain technology cannot be overemphasized. Although Blockchain technology in itself is difficult and complex to comprehend fully but in this article will help you understand the nitty gritty behind block chain Technology
Basically, there are four major entry points into the world of Blockchain Technology
Code New Blockchain from Scratch
One of the major advantages of building a new blockchain technology from the scratch is that it offers you sole opportunity to build exactly what you desire to the level you want it to be. You also enjoy complete independence as you will not need to rely on any other platform or network to operate it
The downside however is that your system can be easily hacked because of low level security. Also, the level of expertise needed to build a lasting Blockchain technology from the scratch is not always readily available and is very expensive to do. We are aware that blockchain skills are among the most expensive in-demand skills among programmers.
Forking Existing Source Codes
Achieving this task is not so difficult. It is easier to do because almost all blockchain protocols are open-source. It is one of the most widely used methods compared to coding from the scratch. The operating cost is relatively on the low side.
The downside however is that the security level is low and a forked chain will have reduced adaptability and will be restricted from the blockchain it was cloned from.
Smart Contract Platform As Entry
This is the most popular option adopted by many developers and businesses. It is very easy and efficient. All you need to do is to design a template of what you want and submit it to the platform and pay the necessary fee. It saves you time and money. One major advantage of this option is that it has a higher level of security compared to cloning a chain or forking it.
The downside is that it can be very expensive and you will have limited autonomy as to the operation of the technology since the smart contract platform such as Cardano, Ethereum and EOS would be fully in charge of hosting your decentralized applications or blockchain.
This is the newest method that emerged due to the limitations of the other method. Building an application-specific blockchain affords you a sovereign chain without coding from the scratch or forking an existing protocol. It is very efficient and simple. It has the highest level of security you can ever imagine.
Try out the various methods. We remain committed to bringing timely news and information that will give you better experiences in this era of blockchain technology.