Over the past ten years, the number of blockchain development services platforms and how well they work have grown by leaps and bounds all over the world. It means that organizations now have more options when choosing who to hire.
When choosing a blockchain platform for your business, think about these things.
The right amount of privacy
Know that there are many ways to set up a blockchain, and that not all data needs to be public. Some data, like information that can be used to find out who someone is or sensitive patient data in healthcare apps, must be kept private. You can remove sensitive information from the blockchain and use a different way to check it.
Start by figuring out how private each type of data or set of data is. Then, choose from blockchain platforms like
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public (permissionless) blockchain
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private blockchain (access-controlled)
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hybrid blockchain (a mix of both principles)
Other concerns about privacy are:
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use of a cryptographic hash so that users can check data without revealing what the data is
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the level of anonymity that users want
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users' places of residence in the network
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the need to keep track of IP addresses
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Size of the network and how you want it to grow
Plan the number of nodes and how fast and far it will grow to avoid or reduce expensive redesign. In an ideal world, the larger a blockchain network is, the slower it will run. This is because as the blockchain system grows, it gets harder to get the information you need from the nodes that are still online.
Also, decide how powerful each node is and, by extension, how much processing power it can give to your blockchains.
Other things to think about when scaling are:
How far apart the nodes are:
As distance increases, the speed of the network slows down.
How hard it is to do a transaction:
When there is more complexity, costs and wait times go up.
The amount of privacy that users need:
If you lower the encryption level, your network can run faster.
Why do we need tokens?
Choose if your network will use tokens that are based on a cryptocurrency.
For instance, using torrents to download has no benefit because users don't always finish the seeding (re-uploading) process. Trust is what makes this network work.
Answer these questions to find out if your blockchain network needs tokens:
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Will your blockchain stay private, or will it change to a public or semi-public one that gives tokens as rewards? Private networks may not need tokens.
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How much does it cost to run your blockchain?
What does Blockchain have to offer businesses?
Blockchain is a new kind of "global business operating system" that puts trust and openness at the center. Using smart contracts and technology that stops fraud, it makes peer-to-peer (P2P) transactions possible.
Before you set up a blockchain, you should think about what you want to do with it. The size of your network, how fast you want to grow, and how much privacy you need are some of the most important things that affect your blockchain strategy.
