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Non-Negotiable Tips for Developing a P2P Lending Platform

Posted on July 22, 2024 by deftsoft

The world is emerging with new methodologies to find alternatives to traditional lending systems and P2P lending platforms have democratized the finance scenario. Because of lucrative borrowing and investing options, people are swaying away from conventional monetary systems.

According to Yahoo Finance, the global P2P lending market is poised for significant growth, with a projected market share of USD 621.3 billion by 2032. This represents a compound annual growth rate (CAGR) of 28.1% between the forecast period of 2023 and 2032, signaling a wealth of opportunities for those in the industry.

Whether you’re a business organization or enterprise looking to build a P2P lending platform, we have gathered the most practical tips to keep in mind before and after developing a successful P2P lending platform.

Before discovering the tips for a robust P2P lending platform, it is important to understand how P2P platforms make money.

How Can You Benefit from P2P Lending Platform Development?

A peer-to-peer lending platform is a decentralized common ground for lending and borrowing money. Powered by blockchain, it is not owned by any third-party beneficiary, financial institutions, banks, NBFCs, or credit brokers.

Borrowers and lenders can sign up on a P2P lending platform through KYC/AML verification. A dedicated crypto wallet is assigned to investors and borrowers. Lenders can find their borrower match and gain competitive interest rates.

But how does a P2P lending platform earn money?

Investors and borrowers pay a particular platform fee when making transactions on a P2P lending platform. The platform also charges a fee when someone avails of the platform’s services.

Top Tips to Consider Before P2P Lending Platform Development

Here are the topmost tips to consider right before developing a P2P lending platform:

1. Research About the Market’s Needs

The first step before developing a P2P lending platform is to perform comprehensive market research about what the user wants. It is very critical to analyze the pain points that are prevailing in conventional lending systems and how you can address the pain points of investors and borrowers. You must also understand how you can offer unique values and attractive interest rates to the users.

2. Focus on a User-Friendly Interface

A user-friendly interface can make or break your P2P lending platform’s success. Make sure that you create a design that is intuitive to navigate, offers a simplified transaction process and streamlined workflows, provides an easy loan application process and is transparent about its terms and conditions.

3. Top-Tier Security and Compliance

User security and compliance are pivotal in ensuring the safety and protection of users leveraging the P2P lending platform. You must incorporate regulatory standards into the platform’s software along with legal considerations. This practice will help curate a P2P lending platform with end-to-end security.

4. Broad Spectrum of Lending Products

Your P2P lending platform must offer a diverse range of loans to borrowers and investors. These lending options include business loans, personal loans, student loans, medical loans, etc. Therefore, you will be able to attract a wide variety of users to your P2P lending platform.

5. Implement Credit Scoring and Risk Assessment

Integrating a credit scoring system is important to help lenders estimate the risk involved in lending money to the borrowers. This system can analyze a borrower’s complete lending history—whether he has previously been a defaulter or not—the borrower’s profile and other important data to understand the risk involved.

The P2P lending platform developers can use new-age machine learning functionalities and algorithms to build a foolproof and compelling P2P lending platform for investors and borrowers.

6. Built-In Profile Matching

Automation can ease down various processes such as document verification, loan application review, credit history checks and lender-borrower profile matching. P2P lending developers can define certain criteria that can speed up the lending process and facilitate the mediation of successful loan transactions.

7. Integrated Real-Time Updates

You must create a dedicated platform dashboard that provides real-time updates about the loan application, its status, interest rates, loan repayment notifications to the borrowers, monthly interest gained by the lenders, etc. This transparent communication through a P2P lending platform facilitates real-time updates.

Top Tips to Consider After Developing P2P Lending Platform

Once the P2P lending developers have created the platform, here are some of the top tips to consider for your P2P lending platform:

1. Robust Customer Support

Quick and responsive customer support plays a significant role in determining the success of a P2P lending platform. You must have an effective and easy-to-use customer support system that quickly resolves users’ queries, whether the user has inquiries as a borrower or investor.

2. Efficient Platform Updates

You must ensure that the P2P lending platform is up-to-date with the latest industry standards by frequently pushing out new updates to the platform. Along with regular updates, you must specialize in keeping the app in compliance with the industry’s latest security standards.

3. Smart Default Handling

Your P2P lending platform must also have a smart system for handling the borrower defaults. In case of loan defaults, there must be a robust and efficient dispute system so that the dispute can be resolved easily.

Conclusion

Peer-to-peer lending has revolutionized the lending scenario entirely by eliminating any kind of intrusion from third-party beneficiaries. The rapid growth of the P2P lending market presents a significant opportunity for businesses and enterprises to develop innovative and user-friendly platforms. By focusing on thorough market research, user-friendly interfaces, top-tier security, diverse lending products, and advanced credit scoring, developers can create successful P2P lending platforms.

Post-development, maintaining robust customer support, regular platform updates, and efficient default handling are crucial for long-term success. Embracing these non-negotiable tips ensures the creation of a compelling and secure P2P lending platform that meets the evolving needs of borrowers and investors.

FAQs

1. What is a P2P lending platform?

A P2P lending platform is a decentralized marketplace that connects borrowers and lenders directly, bypassing traditional financial institutions. It is often powered by blockchain technology to ensure security and transparency.

2. How do P2P lending platforms make money?

P2P lending platforms earn money through platform fees charged to both borrowers and lenders for transactions and services provided on the platform.

3. Why is a user-friendly interface important for a P2P lending platform?

A user-friendly interface ensures that users can easily navigate the platform, apply for loans, and complete transactions smoothly, which is crucial for the platform’s success and user satisfaction.

4. What security measures should a P2P lending platform include?

The platform should incorporate regulatory standards, legal considerations, and robust security protocols to protect user data and ensure compliance with industry standards.

5. How can a P2P lending platform handle borrower defaults?

A smart default handling system should be in place, including an efficient dispute resolution process to manage loan defaults and ensure smooth resolution of any issues that arise.

Step-by-Step Guide: How to Build a dApp on Ethereum with Ease

Posted on July 5, 2024 by deftsoft

A technology that started with a digital currency called Bitcoin has now opened the door to building fully functional apps. Many people confuse Ethereum with Bitcoin; however, they’re not the same.

If you’re intrigued by the idea of creating a decentralized app (dApp) on the Ethereum blockchain platform, then this guide is a treasure trove of knowledge for you. It’s your key to unlocking the world of dApp development. Let’s get started.

Is Ethereum Just Another Bitcoin?

Ethereum is not a digital currency like Bitcoin. However, it is a software platform built on blockchain that allows developers to build decentralized apps (dApps).

Ethereum was ideated by Russian-Canadian programmer and cryptocurrency researcher Vitalic Bitterin in 2013. Later, in 2015, it went live. The simplest explanation of Ethereum in two words is ‘Software platform.’

So, how does Ethereum differ from Bitcoin?

“Bitcoin and Ethereum are both use cases of blockchain technology with different purposes.”
– CryptoCasey’s podcast

Bitcoin is simply a digital currency that people can use as a form of payment to send to and from each other or hold as a store of value. On the other hand, Ethereum is a programmable blockchain that people can use to build software to create valuable products and services due to the decentralization properties of blockchain technology.

The software that people can build on Ethereum is called decentralized applications or dApps.

What Exactly is a dApp?

A decentralized app or dApp is an app whose data is stored on a distributed network of computers. It is a Web3 app that can be developed on a platform that is built on blockchain. A dApp enjoys three main benefits of being developed on a blockchain network. These are:

Decentralization

The blockchain network is decentralized. Firstly, it means that the data is stored on a group of computers (nodes) rather than on a central server. Secondly, the network is not owned by any third-party intermediary, not even the government.

Transparency

Another important asset of blockchain is transparency. This means that the transactions recorded on the ledger are available for everyone to see and are stored on a network of computers around the world, thus making data impossible to alter or modify.

Immutability

Immutability simply means that the data recorded and stored on the blockchain cannot be changed, altered or forged. This un-modification of records is achieved through cryptography and blockchain hashing processes.

In simple words, when a Web3 developer builds a dApp on a blockchain network like Ethereum, he knows that no one can control the data or network or destroy it.

Also Read: The Beginner’s Handbook to Decentralized Apps (dApps)

Things to Know Before Building a dApp on Ethereum

There are two main things to know before beginning to build a dApp on Ethereum. Follow along!

Know About Gas Fee

As discussed before, blockchain is decentralized, meaning it is software distributed across a vast network of computers around the world to incentivize people to host and maintain data on the blockchain. Ether was created as a form of payment to fuel the Ethereum network.

So, anyone who wants to build a software application, i.e., dApp on an Ethereum network has to pay for the computing power and space required for using Ether. The amount of Ether required for network fees is determined by a built-in pricing system known as Gas.

Note: You only need to pay the gas fee for dApp deployment.

Proficient in JavaScript and/or Solidity

If you’re entirely new to blockchain and dApp development, you cannot directly jump on learning about blockchain programming languages. You must first have the time and patience to learn a basic programming language such as JavaScript or Python. You must also be aware of front-end development as well. It is only then that you can plunge your hands into blockchain programming languages such as Solidity or Go to build smart contracts from dApp.

How to Create a dApp on Ethereum Step-by-Step?

Now that you’re aware of what you need to create a dApp on Ethereum let’s address our primary focus: how to build a dApp on Ethereum. There are numerous steps involved in building a dApp, such as setting up the development environment to deploy the smart contract and then creating a frontend so that the users can interact with the app.

Follow the given roadmap to build dApp on Ethereum:

1. Prepare Your Development Environment

You need to install the following tools and runtime environment:

Install Node.js runtime environment and npm package to run JavaScript applications and manage packages. You can download Node.js from here.

The next step is to download Truffle, a popular development framework for Ethereum. You can install Truffle with the following bash script on Node.js:

npm install -g truffle

Then, download Ganache, an Ethereum development tool that allows you to simulate the blockchain environment locally and deploy smart contracts.

It is important to download a software cryptocurrency wallet to interact with Ethereum. To do this, download MetaMask, a browser extension for managing Ethereum accounts and interacting with the blockchain.

2. Code a Truffle Project

After installing all the required tools, create a new Truffle project and set up your directory infrastructure. The goal of Truffle is to deploy dApps and smart contracts to Ethereum. It offers you all the tools and libraries to simplify development, building the contract, testing, deploying and managing it.

3. Write Smart Contract

You can write the smart contract in Solidity, which is one of the most widely used blockchain programming languages for Ethereum. Compile and migrate the smart contract using Truffle. A good tip is to connect your GitHub repository to Truffle Teams.

4. Test Smart Contract

You can write the tests in Mocha and Chai to test the functioning of your smart contract.

5. Build a Frontend to Interact with Smart Contracts

To interact with the smart contract, you need a front-end framework such as React.js. This allows you to integrate Web3.js with the Ethereum blockchain.

6. Finally, Deploy the dApp

Once you’re satisfied with the created version of your dApp, it’s time to deploy your smart contract to Ethereum. You can promote it to production by deploying it to Mainnet or any testnet. After that, connect your frontend with the deployed contract.

Build a dApp on Ethereum with an Example

It’s good to have practical knowledge, but what’s fun when you don’t know how to code the dApp in real life? To make it easy, we’ve taken an example of a peer-to-peer lending dApp that you can build by following these steps. Consider this practice as a warmup exercise so that you can get started with creating your own dApp on Ethereum.

Here are the practical steps to build a dApp on Ethereum:

Set Up Development Environment

The steps are already mentioned above.

Creating a Truffle Project

Use the following bash script to initialize the Truffle project:

mkdir LendingDApp
cd LendingDApp
truffle init

Use the following Arduino code to prepare the directory structure:

LendingDApp/
├── contracts/
│ ├── Migrations.sol
│ └── Lending.sol
├── migrations/
│ ├── 1_initial_migration.js
│ └── 2_deploy_contracts.js
├── test/
├── truffle-config.js

Write the Smart Contract

Create ‘Lending.sol’ in ‘contracts’ folder by writing the following Solidity code:

pragma solidity ^0.8.0;
contract Lending {
    struct Loan {
        uint256 amount;
        address payable borrower;
        address payable lender;
        uint256 interest;
        bool repaid;
    }
    Loan[] public loans;
    mapping(address => uint256[]) public borrowerLoans;
    mapping(address => uint256[]) public lenderLoans;
    event LoanRequested(uint256 loanId, address borrower, uint256 amount, uint256 interest);
    event LoanFunded(uint256 loanId, address lender);
    event LoanRepaid(uint256 loanId);
    function requestLoan(uint256 amount, uint256 interest) external {
        loans.push(Loan({
            amount: amount,
            borrower: payable(msg.sender),
            lender: payable(address(0)),
            interest: interest,
            repaid: false
        }));
        uint256 loanId = loans.length – 1;
        borrowerLoans[msg.sender].push(loanId);
        emit LoanRequested(loanId, msg.sender, amount, interest);
    }
    function fundLoan(uint256 loanId) external payable {
        Loan storage loan = loans[loanId];
        require(loan.lender == address(0), “Loan already funded”);
        require(msg.value == loan.amount, “Incorrect amount”);
        loan.lender = payable(msg.sender);
        lenderLoans[msg.sender].push(loanId);
        loan.borrower.transfer(loan.amount);
        emit LoanFunded(loanId, msg.sender);
    }
    function repayLoan(uint256 loanId) external payable {
        Loan storage loan = loans[loanId];
        require(msg.sender == loan.borrower, “Only borrower can repay”);
        require(!loan.repaid, “Loan already repaid”);
        uint256 repaymentAmount = loan.amount + loan.interest;
        require(msg.value == repaymentAmount, “Incorrect repayment amount”);
        loan.repaid = true;
        loan.lender.transfer(repaymentAmount);
        emit LoanRepaid(loanId);
    }
    function getLoanDetails(uint256 loanId) external view returns (uint256, address, address, uint256, bool) {
        Loan storage loan = loans[loanId];
        return (loan.amount, loan.borrower, loan.lender, loan.interest, loan.repaid);
    }
}

Compile the smart contract through the following bash script:

truffle compile

Create ‘2_deploy_contracts.js’ in ‘migrations’ folder using the following JavaScript code:

const Lending = artifacts.require(“Lending”);
module.exports = function (deployer) {
deployer.deploy(Lending);
};

Migrate the Smart Contract

You the following bash script to migrate the smart contract:

truffle migrate

Test the Smart Contract

Create ‘Lending.test.js’ in ‘test’ folder by writing the JavaScript code:

const Lending = artifacts.require(“Lending”);
contract(“Lending”, accounts => {
    it(“should allow a user to request a loan”, async () => {
        const instance = await Lending.deployed();
        await instance.requestLoan(100, 10, { from: accounts[0] });
        const loan = await instance.loans.call(0);
        assert.equal(loan.amount, 100, “Loan amount should be 100”);
        assert.equal(loan.interest, 10, “Loan interest should be 10”);
        assert.equal(loan.borrower, accounts[0], “Borrower should be the account requesting the loan”);
        assert.equal(loan.lender, 0x0, “Lender should be empty initially”);
    });
    it(“should allow a user to fund a loan”, async () => {
        const instance = await Lending.deployed();
        await instance.fundLoan(0, { from: accounts[1], value: 100 });
        const loan = await instance.loans.call(0);
        assert.equal(loan.lender, accounts[1], “Lender should be the account funding the loan”);
    });
    it(“should allow a borrower to repay a loan”, async () => {
        const instance = await Lending.deployed();
        await instance.repayLoan(0, { from: accounts[0], value: 110 });
        const loan = await instance.loans.call(0);
        assert.equal(loan.repaid, true, “Loan should be marked as repaid”);
    });
});

Run the test by using the bash script:

truffle test

Build the Frontend to Interact with Smart Contracts

Set up the React app by using the following bash script:

npx create-react-app lending-dapp
cd lending-dapp

You then need to install Web3.js through the following bash script:

npm install web3

Create App.js components by using the following JavaScript code:

import React, { useState, useEffect } from ‘react’;
import Web3 from ‘web3’;
import Lending from ‘./contracts/Lending.json’;
const App = () => {
    const [web3, setWeb3] = useState(null);
    const [account, setAccount] = useState(null);
    const [contract, setContract] = useState(null);
    const [loans, setLoans] = useState([]);
    const [loanAmount, setLoanAmount] = useState(“”);
    const [loanInterest, setLoanInterest] = useState(“”);
    useEffect(() => {
        const init = async () => {
            const web3 = new Web3(Web3.givenProvider || ‘http://localhost:7545’);
            const accounts = await web3.eth.requestAccounts();
            const networkId = await web3.eth.net.getId();
            const deployedNetwork = Lending.networks[networkId];
            const instance = new web3.eth.Contract(
                Lending.abi,
                deployedNetwork && deployedNetwork.address,
            );
            const loanCount = await instance.methods.loansCount().call();
            const loanDetails = [];
            for (let i = 0; i < loanCount; i++) {
                const loan = await instance.methods.getLoanDetails(i).call();
                loanDetails.push(loan);
            }
            setWeb3(web3);
            setAccount(accounts[0]);
            setContract(instance);
            setLoans(loanDetails);
        };
        init();
    }, []);
    const requestLoan = async () => {
        await contract.methods.requestLoan(loanAmount, loanInterest).send({ from: account });
        setLoanAmount(“”);
        setLoanInterest(“”);
    };
    const fundLoan = async (loanId, amount) => {
        await contract.methods.fundLoan(loanId).send({ from: account, value: amount });
    };
    const repayLoan = async (loanId, amount) => {
        await contract.methods.repayLoan(loanId).send({ from: account, value: amount });
    };
    if (!web3 || !contract) {
        return <div>Loading Web3, accounts, and contract…</div>;
    }
    return (
        <div className=”App”>
            <h1>P2P Lending DApp</h1>
            <h2>Request a Loan</h2>
            <input
                type=”number”
                value={loanAmount}
                onChange={e => setLoanAmount(e.target.value)}
                placeholder=”Loan Amount”
            />
            <input
                type=”number”
                value={loanInterest}
                onChange={e => setLoanInterest(e.target.value)}
                placeholder=”Loan Interest”
            />
            <button onClick={requestLoan}>Request Loan</button>
            <h2>Loans</h2>
            <ul>
                {loans.map((loan, index) => (
                    <li key={index}>
                        Amount: {loan[0]} – Interest: {loan[3]} – Borrower: {loan[1]} – Lender: {loan[2]} – Repaid: {loan[4].toString()}
                        {!loan[4] && (
                            <>
                                <button onClick={() => fundLoan(index, loan[0])}>Fund Loan</button>
                                <button onClick={() => repayLoan(index, parseInt(loan[0]) + parseInt(loan[3]))}>Repay Loan</button>
                            </>
                        )}
                    </li>
                ))}
            </ul>
        </div>
    );
};
export default App;

Connect with smart contract:

Make sure that your frontend is connected to the right network where your smart contract is deployed.

Deploy the dApp

After testing the dApp, the final step is to deploy the smart contract to Ethereum Testnet or Mainnet. Leverage the following steps to do so:

Update ‘truffle-config.js’ with the suitable network configuration (e.g., Rinkeby, Mainnet). You can deploy using Truffle through the following bash code:

truffle migrate –network <network-name>

Deploy the Frontend

You can then use a hosting service such as GitHub Pages, Netlify or Vercel to host your React app.

Conclusion

That’s a wrap! If you’re a mere beginner or intermediate and want to refer to a guide on how to build a dApp on Ethereum, this blog is the perfect guide to get started. You can follow the complete roadmap to create your dApp. All you need to do is set up a development environment for creating a smart contract and then test and deploy the dApp.

If you’re an enterprise or business organization looking to build dApps, Deftsoft has a dedicated team of seasoned dApp developers who can build a professional dApp for your business venture. We’re here to help.

FAQs:

1. What is the first step in building a dApp on Ethereum?

The first step in building a dApp on Ethereum is to prepare your development environment. This includes installing Node.js, npm, Truffle, Ganache, and MetaMask. These tools are essential for running JavaScript applications, managing packages, simulating the blockchain environment locally, and managing Ethereum accounts.

2. Do I need to know any specific programming languages to create a dApp on Ethereum?

Yes, to create a dApp on Ethereum, you should be proficient in JavaScript and have a good understanding of front-end development. Additionally, you will need to learn Solidity, the programming language used for writing smart contracts on Ethereum.

3. What is the role of Gas fees in building a dApp on Ethereum?

Gas fees are required for deploying and running transactions on the Ethereum network. When you build a dApp on Ethereum, you need to pay these fees in Ether (ETH) to compensate for the computing power and storage space utilized on the network.

4. How do I test my smart contract during the dApp development process?

You can test your smart contract by writing tests using Mocha and Chai frameworks. These tests help ensure that your smart contract functions correctly before deploying it to the Ethereum network. Truffle provides built-in support for these testing frameworks.

5. What are the main benefits of developing a dApp on the Ethereum blockchain?

The main benefits of developing a dApp on the Ethereum blockchain include decentralization, transparency, and immutability. Decentralization ensures that the data is stored on multiple nodes rather than a central server. Transparency allows anyone to view the transactions recorded on the blockchain. Immutability means that once data is recorded on the blockchain, it cannot be altered or deleted.

Why Does Your Business Need Blockchain Development Company’s Expertise?

Posted on July 1, 2024 by deftsoft

What started as a digital currency, Bitcoin, in 2009 has now evolved into a technology that’s transforming industries. Various industrial segments are evolving with the implementation of blockchain technology. In 2024, Blockchain is known for its three key pillars: decentralization, transparency, and immutability, and it’s being embraced by businesses across the globe.

Driven by its attractive features, numerous enterprises and business organizations are leveraging blockchain technology to make their operations more feasible and interesting. One of its major benefits is the elimination of third-party intervention, ensuring a more streamlined and secure process.

Even according to Google Trends, there is a consistent uptrend in the popularity of users indulging with Blockchain technology.

This guide outlines the fundamentals of what to look for in a blockchain development company, the various blockchain development services involved, and, of course, why your business needs a custom blockchain development company.

What Exactly are Blockchain Development Services?

Blockchain development refers to the development, design, testing, and optimization of blockchain technology products such as decentralized applications (dApps), smart contracts, Non-Fungible Tokens (NFTs), crypto wallets, STO development, etc.

Blockchain development services are services that a blockchain development company provides to build various blockchain-powered solutions with an array of industrial applications, such as in e-commerce, retail, technology, transport and logistics, hospitality, medicine, research, etc.

For enterprises, business organizations, and startups, the key is to choose a reliable blockchain development company with a proven track record. With such a blockchain development partner, you can be sure that your blockchain development needs are in safe hands.

Why Your Business Must Invest in a Blockchain Development Company?

Outsourcing your blockchain development project is a strategic move. By entrusting your project to a blockchain development company, you can be confident in achieving tangible results. With a dedicated team of seasoned professionals focused on your project, you can achieve success quicker and more efficiently. This practice also combats the need to allocate a hefty in-house budget to kickstart a project.

The following are some of the significant reasons why you require investing in a blockchain development company:

Years of Dedicated Expertise

A reliable blockchain development company has years of experience related to a specific technology, which in this case is blockchain development. It become quite time-consuming and inefficient to create a team of blockchain developers, UI/UX designers, coders and testers from scratch. This is why it is easier to outsource a blockchain project than to deploy it yourself.

Array of Developers

When you hire a blockchain development company for your project, you significantly open the doors to a broad spectrum of blockchain developers. Be it smart contract development, ICO/IEO/STO development, dApp development, NFT marketplace development, P2P lending platform development or any other type of blockchain development services, a smart blockchain development company can cater to all that you need.

Customization at its Best

You get a complete and 360-degree evaluation of your project with the experts in blockchain technology before they kickstart the project. These well-versed professionals with tons of experience analyze your requirements, validate your vision and then offer a customized blockchain solution that suits your needs.

Faster Time-to-Market

Blockchain development companies work with strict deadlines without hampering the quality of the project outcomes. Therefore, you experience faster time-to-market without compromising on the functionality and efficiency of the final product. One of the other upsides of outsourcing your project is that you get solid feedback from an external source that gives you an open perspective on your approach.

What are the Various Blockchain Development Services?

A custom blockchain development company offers multiple blockchain-related services. Based on your goals and objectives, you can choose any of the following blockchain development services that are prevalent in today’s market:

1. ICO, IEO and STO Development

Are you looking for fresh and unconventional ways to raise funds for your startup or a potential idea? Look no further than the Initial Coin Offering (ICO), Initial Exchange Offering (IEO) and Security Token Offering (STO) development services. Since STO is the latest and most evolved methodology, look for an innovative STO development company that checkmarks all of your requirements.

When outsourcing an ICO, IEO or STO development project, look for a blockchain development company that provides end-to-end token development services that address the entire process of developing and listing tokens on a blockchain platform like Binance and also, marketing these tokens in a suitable ecosystem. Opt for a company that provides an innovative approach, follows a quick preparation process for ICO, IEO and STO development and ensures high-quality fundraising and the correct execution of the development process.

2. dApp Development

With the worldwide adoption of blockchain technology, the industry is inclining towards decentralized applications (dApps). If you’re in search of a leading blockchain development company that creates apps that function on a distributed ledger technology, the dApp development services are the right fit for your requirements.

These development companies provide custom dApp development services that can build robust decentralized apps on various blockchain platforms such as Binance, Stellar, Ethereum, EOS, Ripple, Hyperledger, Polkadot, etc. The process of dApp development not only includes app development but also involves creating smart contracts to implement certain conditions for the app.

Look for a company that provides scalable, extensive and easy-to-deploy dApp development services so that you can foster achievable results for your blockchain project.

3. Smart Contract Development

Smart contract development services lay the foundation of blockchain development methodology as these services help streamline various transaction processes that take place on a blockchain network. If you want to implement a smart contract for your dApp or fundraising, etc., it is indeed important to hire professional smart contract developers who can eliminate physical paperwork and also, ease down the legal implementation of smart contracts.

In such cases, it is imperative to hire a custom smart contract development company that has a professional team of developers, designers, code writers, deployers and QA testers. Your primary goal should be to emphasize the importance of getting a ‘secure’ smart contract built by the company.

There are a bunch of smart contract services available in the industry. These services include smart contract architecture and development, audit and optimization, smart contract for dApps, for NFTs, for DeFi and smart contract consulting.

4. Crypto Wallet Development

Crypto wallets are of premium importance as they store all the decentralized assets inside them. Whether you’re an enterprise, business organization or startup owner looking to secure your digital assets in an intuitive and easy manner, crypto wallet development services are meant for you.

A crypto wallet development company develops a crypto wallet that stores private and public keys, stablecoins, tokens, Non-Fungible Tokens (NFTs) and other cryptocurrencies with utmost security and perfectly on-time delivery. From DeFi trading to securely investing on decentralized exchange (DEX) platforms, crypto wallets can help you function in the safest manner.

Ensure multi-step authentication, sophisticated security of digital assets and intuitive wallet navigation through crypto wallet development services.

5. Peer-to-Peer (P2P) Lending Platform Development

If you’ve ever taken a loan, you can completely understand the hassle associated with its approval. However, peer-to-peer (P2P) lending eliminates the need for third-party intermediaries such as banks, NBFCs, credit brokers or financial institutions. If you want to get a P2P lending platform built, you can reach out to a P2P lending platform development company.

The company that you outsource your project to takes care of a 360-degree approach which includes the development of the P2P lending platform, loan processing, investments and reducing maintenance costs. By utilizing the power of latest and cutting-edge technologies such as IoT and Artificial Intelligence (AI), a P2P lending platform development company builds robust, seamless, easy-to-use P2P websites and apps.

6. NFT Marketplace Development

If you’re an enterprise or business organization that dreams of building a secure, scalable, and extensive Non-Fungible Token (NFT) platform, then you need to choose an NFT marketplace development company.

An NFT marketplace development company can cater to your industry-specific requirements and build a decentralized solution that can host art and collectibles from artists all around the world. The company can create an NFT marketplace on the blockchain of your choice, including Binance, EOS, Ripple, Ethereum, Solana, Avalanche, Polkadot, etc. If you want to achieve exponential growth for your NFT venture, it is quite important to invest in a blockchain development company.

What is the Future of Blockchain Development?

As the blockchain technology is gaining traction in the various avenues, the future of this technology seems bright and promising. Moving on, we can expect certain trendlines and extensive adoption of the technology. The following are some of the major trends to expect in the future:

Increased Adoption across Industries

As blockchain technology matures, various industries such as finance, healthcare, and supply chain management are expected to adopt blockchain development services more extensively. A blockchain development company can offer tailored solutions that ensure secure, transparent, and efficient processes, thus driving mainstream adoption.

Enhanced Interoperability

Future blockchain development will focus on enhancing interoperability between different blockchain networks. Blockchain development companies will prioritize creating protocols that allow seamless communication and data exchange between disparate blockchains, fostering a more connected and efficient ecosystem.

Integration of AI and IoT

The convergence of blockchain with Artificial Intelligence (AI) and the Internet of Things (IoT) will open new avenues for blockchain development services. Blockchain development companies will leverage these technologies to create smart, autonomous systems that can handle complex tasks, enhance security, and improve decision-making processes in real time.

Focus on Sustainability

As concerns about blockchain’s environmental impact grow, future blockchain development will emphasize sustainability. Blockchain development companies will innovate to create more energy-efficient consensus mechanisms and explore renewable energy sources to power blockchain networks, ensuring a greener future.

Regulatory Evolution

The regulatory landscape for blockchain is evolving, and future developments will be influenced by emerging regulations. Blockchain development services will need to stay compliant with these regulations, and companies will play a crucial role in developing solutions that meet legal standards while maintaining the decentralized ethos of blockchain technology.

Partner with An Innovative Blockchain Development Company

In today’s competitive world, diligently investing in a blockchain development company has become a non-negotiable. One such premier blockchain development company is Deftsoft. For the last 18 years, Deftsoft has been a leading name in various avenues, with blockchain being one of the most successful ones.

Known for its customized blockchain development services, we offer various services pertaining to blockchain such as ICO, IEO and STO development, smart contract development, P2P lending platform development, NFT marketplace development and crypto wallet development. The company has a team of seasoned professionals, including blockchain developers, UI/UX designers, QA testers, and many other blockchain experts.

Join hands with an innovative and custom blockchain development company like Deftsoft to yield tangible results that exceed your expectations.

FAQs:

1. What services can I expect from an STO development company?

An STO (Security Token Offering) development company specializes in creating security tokens that represent ownership of assets such as real estate, equity, or bonds. These tokens are developed to comply with regulatory standards and can be traded on blockchain platforms. You can expect an STO development company to handle the entire process, from token creation to listing and marketing, to ensure a secure and legally compliant offering.

2. Why should I hire a blockchain development company for my project?

Hiring a blockchain development company provides access to experienced professionals who specialize in various aspects of blockchain technology. These companies offer comprehensive services, including dApp development, smart contract creation and crypto wallet development. Outsourcing your project can benefit you from their expertise, which can lead to faster development times, lower costs and a higher-quality final product.

3. What blockchain development services can I expect from a professional company?

A professional blockchain development company offers a wide range of services such as dApp development, smart contract development, ICO, IEO and STO development, crypto wallet development, P2P lending platform development and NFT marketplace development. These services are tailored to meet the specific needs of various industries, ensuring efficient and secure blockchain solutions.

4. How does a custom blockchain development company differ from a standard one?

A custom blockchain development company focuses on creating tailored solutions that align with your specific business requirements. They provide a thorough analysis of your project needs, validate your vision and develop a customized blockchain solution. This personalized approach ensures that the final product is optimized for your unique use case, delivering maximum value and efficiency.

5. What factors should I consider when choosing a blockchain development company?

When selecting a blockchain development company, consider factors such as proven track record and experience in blockchain projects, range of services offered, including dApp development, smart contracts and STO development, customization capabilities to meet your specific project requirements, speed of development and adherence to deadlines, quality of the development team including developers, designers, and QA testers and compliance with regulatory standards and focus on security. By evaluating these factors, you can ensure that you choose a reliable and competent blockchain development partner.

Altcoin Season Alert: Bitcoin Alternatives Explained

Posted on June 28, 2024 by deftsoft

On the social media platform Twitter, the altcoin buzz is real. People from all corners of the world are discussing altcoin, often with the misconception that it’s a shortcut to wealth. But is this really the case?

Apparently, an altcoin season or altseason comes up when all the other cryptocurrencies besides Bitcoin outperform the latter and offer groundbreaking returns. The altcoin season arrives when there is bullish behaviour in the activity and trading volume of cryptocurrencies alternative to Bitcoin.

What is altcoin? Is the altcoin season over? What strategy should I use to invest in altcoins? Keep on reading to find the answer to these questions.

How Do You Define an Altcoin?

Any cryptocurrency other than Bitcoin (BTC) is called an altcoin. The term became popular when Ethereum was introduced in 2011. It was then that a new cryptocurrency was created, apart from Bitcoin.

Therefore, Ethereum is an altcoin. Other cryptocurrencies such as Binance Coin, Solana, Cardano, Dogecoin, Toncoin, Tether and Shiba Inu are altcoins.

Decoding the Altcoin Season

So, when is an altcoin season, and how does one identify the beginning of it?

They say don’t put all your eggs in one basket. This is what cryptocurrency investors believe in, too. Bitcoin has proven to be a tangible asset in offering groundbreaking returns. Out of hunger for more, investors began exploring alternative cryptocurrencies to Bitcoin to diversify their investment portfolio and identified altcoins as a golden opportunity!

Belonging to the small to mid-cap markets, these altcoins are more volatile and thus, offer potential gains.

Is Altcoin Season Over?

The two main indicators of a successful altcoin season are:

Bitcoin’s dominance in the market
Altcoin’s price performance

When there’s a major drop in the dominance of Bitcoin in the market, that’s when investors run out to invest in alternative cryptocurrencies, altcoins. Bitcoin hit its record-high around $74,000 in mid-March when there was an increase in the interest from new spot exchange-traded funds.

Fast forward to now, Bitcoin is falling down even below $66,000!

On the other hand, Ethereum’s price has surged 15% in the last month, while altcoins have also experienced a significant drop in their rates.

A basic rule of thumb to detect if the altcoin season exhibits an uptrend is when 75% of the top 50 altcoins perform relatively better than Bitcoin over a period of 3 months. However, only 8 cryptocurrencies have managed to outperform Bitcoin in the period of the last 3 months!

8 cryptocurrencies have managed to outperform Bitcoin in the period of the last 3 months

However, the Bitcoin season has apparently started again after a five-month span. There was an uptrend in altcoins at the beginning of January 2024, but it has subsided substantially.

Major Show Stealers in the Altcoin Market

When talking about altcoins, Cardano and Dogecoin are some of the major cryptocurrency performers in the web3 industry. Let’s learn about these two cryptocurrencies in detail:

1. Cardano (ADA)

Cardano is a blockchain platform known for its focus on sustainability, scalability, and interoperability. Founded by Charles Hoskinson, one of Ethereum’s co-founders, Cardano aims to provide a more secure and efficient infrastructure for decentralized applications (dApps) and smart contracts. Key features include its unique consensus algorithm, Ouroboros, which enhances scalability and security. ADA, Cardano’s native cryptocurrency, fuels transactions and operations within its ecosystem.

Benefits and Recent Performance:

Scalability: Cardano’s architecture allows for scalable and efficient transactions, supporting a wide range of applications.

Interoperability: It aims to facilitate seamless communication between different blockchain networks.

Recent Performance: ADA has shown significant growth, gaining attention for its technological advancements and strong community support.

2. Dogecoin (DOGE)

Initially created as a light-hearted meme coin, Dogecoin has evolved into a popular digital currency known for its vibrant community and low transaction fees. Developed by Billy Markus and Jackson Palmer, Dogecoin distinguishes itself with its accessible and user-friendly approach to cryptocurrency.

Benefits and Recent Performance:

Community Engagement: Dogecoin has a robust community that actively supports charitable causes and adoption efforts.

Low Fees: Transactions with Dogecoin typically incur minimal fees, making it attractive for everyday transactions.

Recent Performance: DOGE has experienced periods of significant price volatility, driven by social media trends and celebrity endorsements.

Disclaimer: These are mere suggestions based on the current market sentiments. We do not indulge in offering investment strategies for individual portfolios.

How to Create a Strategy During Altcoin Season

Here’s how you can create a strategic investment for potential altcoin investments:

Research and Due Diligence: Evaluate the technology, team, and community behind each altcoin.

Market Analysis: Monitor market trends, including trading volumes and price movements.

Risk Assessment: Assess the risks associated with each investment, considering factors like regulatory changes and technological vulnerabilities.

How to Mitigate Risks Associated with Altcoins?

You can follow the below-mentioned strategies to eliminate risks associated with investing in altcoins:

Portfolio Diversification: Spread investments across different altcoins and asset classes to minimize exposure to individual risks.

Setting Goals: Define investment goals and stick to a well-defined strategy to avoid impulsive decisions.

Staying Informed: Always ensure that you keep yourself updated about market developments and adjust your strategy accordingly. Don’t forget to put your money where your mouth is!

Final Words

Investing merely in altcoins is a pure gamble in 2024. You cannot forget the primary outperformer, Bitcoin, when trying to diversify your portfolio in the cryptocurrency space. Always play safe to protect yourself from the volatile market.

At Deftsoft, we don’t just observe the trends—we build the technology that powers them. Whether you’re looking to secure your digital assets or tap into the vast potential of altcoins, our custom crypto wallet development services are designed to meet your needs.

Join hands with the experts for the blockchain revolution. Contact us today to understand how our solutions can enhance your investment strategy and keep you ahead of the curve in the dynamic world of cryptocurrency.

FAQs:

1. What defines an altcoin, and how does it differ from Bitcoin?

Altcoin refers to any cryptocurrency other than Bitcoin. Initially popularized by Ethereum’s introduction in 2011, altcoins serve various purposes beyond Bitcoin’s digital gold narrative, including supporting decentralized applications (dApps) and enhancing transaction efficiency through different consensus mechanisms.

2. Is the altcoin season over, and how can I recognize its onset?

Altcoin seasons are characterized by increased trading volumes and market activity among cryptocurrencies other than Bitcoin. One indicator of an altcoin season is when a significant number of alternative cryptocurrencies outperform Bitcoin over a sustained period, typically observed through market dominance shifts and price-performance metrics.

3. Why should I consider investing in altcoins like Cardano and Dogecoin?

Cardano (ADA) and Dogecoin (DOGE) represent diverse opportunities within the altcoin market. Cardano focuses on scalability and sustainability, offering robust infrastructure for dApps and smart contracts. Dogecoin, originally a meme coin, boasts a supportive community and low transaction fees, making it accessible for everyday transactions.

4. How can I develop a strategic investment plan during the altcoin season?

Creating a strategic investment plan during the altcoin season involves thorough research, market analysis, and risk assessment. Evaluate each altcoin’s technology, community support, and market trends. Monitor trading volumes and price movements to identify potential opportunities while considering regulatory changes and technological risks.

5. How can a blockchain development company assist with crypto wallet development services?

A blockchain development company like Deftsoft offers custom crypto wallet development services tailored to secure digital assets and facilitate seamless transactions. Whether you’re a new investor or an experienced entity in the market, specialized crypto wallet solutions ensure enhanced security, usability, and integration with blockchain networks, empowering you to navigate the cryptocurrency market confidently.

The Beginner’s Handbook to Decentralized Apps (dApps)

Posted on May 31, 2024 by deftsoft

dApps, an acronym for decentralized apps, has become the talk of the town. With the worldwide blockchain obsession across the globe, tech geeks are paving ways to disrupt the decentralized market. No surprise, the emerging technology has now taken over the app market as well.

Google Trends report,on decentralized apps

According to the Google Trends report, interest in decentralized apps has also shown an upward trend over the last year. We have more stats for you! According to Crypto Potato, decentralized apps witnessed a whopping 77% rise in activity in the first quarter of 2024 and a 7 million daily active wallet user count.

What are decentralized apps or dApps? How does a dApp work? What are the features and types of dApps? What industries are using dApps? Are there any challenges faced in adopting dApps? What is the future of dApps?

If you’re looking for an answer to all these questions, you’re at the right place. We consolidated all the useful information with comprehensive research via our blockchain developers.

Let’s start with the basics.

What is a Decentralized App?

A decentralized app is a Web 3.0 app built on top of blockchain technology. Let’s expand the term ‘decentralized’ to get a better understanding of what a decentralized app is. Decentralized means that there is no central server where the data is stored; however, it uses a distributed ledger technology where the information is stored on a number of nodes.

Similarly, dApps are decentralized apps as there are no third-party intermediaries. Let me explain it with an example! If you wanted to sell your digital book on a centralized network, you could use PayPal as a payment gateway and create a checkout store that gives the user a book after checking out. Here, PayPal acts as a third-party intermediary.
However, in the case of a dApp, you can directly sell your digital book to the interested buyer without the need for a third-party beneficiary. You can code a smart contract that will be implemented once a user clicks on the payment option.

How Does a dApp Work?

As discussed above, a decentralized app or dApp works on top of blockchain technology. The backend of the app works on a peer-to-peer decentralized network. A dApp also has a frontend and user interface similar to that of a traditional Web 2.0 app. You can also host the frontend on any decentralized server such as IPFS.

The dApps are usually written in robust programming languages such as JavaScript, C++, Ruby, Go, Python, Solidity, etc.

Although dApps function quite similarly to the traditional apps that exist on Apple Store and Google Play Store, there are some highlighting features of a dApp that are worth noting.

What are the Features of a Decentralized App?

The following features of the dApp are noteworthy:

Decentralized: dApps are decentralized in nature, meaning that they do not function on a central server but rather on a distributed network of computers or nodes. For example, a decentralized application runs on Ethereum, a public, open platform.

Consistency: dApps operate the same way no matter what environment they’re running in, unlike centralized applications that run differently on various operating systems such as Windows, MacOS, Ubuntu, and Linux.

Dedicated Virtual Environment: All the decentralized applications run inside an isolated virtual environment called the EVM or Ethereum Virtual Machine. It is a virtual environment created to keep smart contract errors or buys at bay. This functionality helps in the seamless functioning of the blockchain network.

Open Source: There is no single server or entity that controls the functioning of dApps. These apps are open-source and the code is available for public inspection.

Agile: dApps have all the agility to function in various environments irrespective of the function that needs to be performed. When provided with the necessary resources, dApps can carry out any task.

Incentivized: A dApp works on the model of incentivization to the users. It can generate exchangeable and tradable tokens as proof of value. These tokens act as rewards on the blockchain network.

Protocol Compliant: Since dApps work on various blockchain platforms such as Bitcoin and Ethereum, they function by following significant cryptographic algorithms to show proof of value. For instance, both Ethereum and Bitcoin function on Proof of Work consensus mechanism protocols.

What are the Types of dApps?

Decentralized apps or dApps can be classified into various types based on consensus mechanism and functionality.

Let’s first classify them on the basis of the consensus mechanism:

types of dApps on the basis of consensus mechanism

Type I dApps

The type I dApps are the foundational dApps that form the framework for other dApps to be build upon. They have their own blockchains. For example, digital currencies such as Ethereum and Bitcoin, and smart contracts.

Type II dApps

The type II dApps are the decentralized apps that function on top of type I dApps since they do not have a blockchain of their own. They function on the basis of protocols and can have their own protocols. For example, the Omni protocol works on the Bitcoin blockchain.

Type III dApps

The type III dApps refer to the dApps with which a user interacts directly and performs actions on it. In other words, the type III dApps are built on top of type II dApps. These dApps have a decentralized marketplace or a digital wallet built on them. For example, an NFT marketplace to trade art or any other digital collectibles.

Now, let’s classify dApps on the basis of functionality:

types of dApps on the basis of functionality

Financial dApps or DeFi Apps

Financial dApp is a type of decentralized app that brings peer-to-peer (P2P) payment systems into the limelight. These apps eliminate the need for third-party intermediaries to enable and even create payment gateways. For example, Aave is a decentralized (DeFi) investment platform that allows lending and borrowing of cryptocurrency at both fixed and variable interest rates.

Governance dApps

dApps also have significant applications in the government sector, thanks to their unwavering transparency and credibility. These decentralized apps are being used in voting systems and Decentralized Autonomous Organizations (DAOs) that help make decisions on the basis of consensus protocols without the need for a central authority.

Gaming dApps

Decentralized apps have opened the door to another dimension of possibilities by turning virtual characters and artifacts into unique and verifiable assets. You can sell, buy or trade these assets on various marketplaces or even make an NFT out of them. For example, CryptoKitties is a decentralized gaming app that works on EVM where users can sell, buy and trade virtual cats or kittens.

Social Media dApps

You can also enjoy decentralized social media networks through dApps. For example, Lenstube is a decentralized social media app where users can share videos, mint their username and create their own Web 3.0 identity. The app is powered by Lens Protocol.

What are the Various Industries Utilizing dApps?

Many industries across the globe have recognized the power of dApps. From real estate to logistics, the blockchain technology has left no stone unturned. Let’s explore the applications of decentralized apps across various industries:

Supply Chain Management

dApps implementation in supply chain management has transformed the way in which goods are tracked. The intervention of dApps has allowed direct communication with the business partners, thus leading to improved business operations, enhanced transparency and traceability.

For example, VeChain is a blockchain-powered platform that improves business operations by enhancing the tracking of goods, products and processes. Another excellent example is the IBM Food Trust uses a private blockchain to provide actionable food supply chain data with immediate access to authorized users, right from the farm store to the end consumer.

Healthcare

The utility of dApps in healthcare is quite evident. It significantly helps in securing and managing patient data in a decentralized manner without sharing data with third parties. It also helps to enable interoperability between healthcare providers.

For example, MedRec is a decentralized record-tracking platform that gives full access to patients over medical record distribution. Patientory is another blockchain-powered software solution that provides control of patient data and incentivizes them through tokens.

Real Estate

Blockchain technology has also spread its wings in the real estate industry. It has simplified property transactions and mitigated fraudulent activities since there is no involved beneficiary.

For example, Propy is a real estate transaction platform that uses blockchain for transparent transactions and allows to navigate real estate deals completely online. RealIT offers tokenized assets for investing in real estate as a blockchain-secure passive income source.

Entertainment

dApps are also infiltrating the entertainment segment and helping to create more personal relationships between the artist and his cult following. The blockchain technology has also helped in fair revenue distribution amongst the people working in the background in the entertainment industry and introduced direct artist-to-fan interaction.
For example, Audius is a decentralized music streaming platform where users can create immutable and timestamped records through which they can earn bonuses and can be incentivized. Another example is Theta which is a blockchain-powered network for video streaming.

What are the Challenges of dApp Development?

Now that we have talked about the bright side of dApp development, let’s talk about the major challenges that the world is facing in building dApps. The following are the concerning downsides of dApp development:

Scalability Issues

Blockchain technology does not offer scalability features like cloud computing. It often lags behind in working up to its full potential in times of network congestion. It often faces low transaction speed when there is a high traffic influx. Not to mention the excessive gas fees that is charged on every payment on the blockchain network. For example, Ethereum has a high gas fee.

Security Concerns

Although blockchain is a decentralized and credible technology, it is still not away from the hands of malicious attackers and hackers. Talking about smart contracts, they’re not yet safe to use since they’re prone to many vulnerabilities. You must remember that blockchain itself is a public ledger that offers some kind of transparency.

Difficult User Adoption

Unlike Web 2.0, which is easily accessible to users via search engines, blockchain is relatively less accessible. In fact, people are not familiar with the use cases of blockchain. The UI/UX of the dApps is also non-user-intuitive and difficult to adopt.

What is the Future of dApps?

Although there are still plenty of bottlenecks related to the worldwide dApp adoption, the future of blockchain technology looks quite promising. We can expect various emerging trends in the world of blockchain such as Layer 2 solutions, cross-chain interoperability and some notable advancements in blockchain technology. Since traditional cryptocurrencies such as Ethereum and Bitcoin are highly volatile, we can expect the adoption of stablecoins by merchants and enterprises.

Another potential impact of blockchain technology that we can expect in the near future is the enhanced decentralization of the Internet. We can also expect the adoption of a more equitable digital economy.

Furthermore, the blockchain segment will be regulated in a streamlined manner to leverage the technology. For example, Dubai has already started utilizing blockchain resources to make it a smart city.

Conclusion

dApps are revolutionizing the way the world works. With an enhanced focus on data transparency and traceability, blockchain technology is becoming popular day by day. From supply chain management to the healthcare industry, every segment is exploring the scope of dApps and their decentralized nature.

Whether you’re a blockchain-powered startup, business organization or enterprise looking to expand the horizons of your dApp app development project, Deftsoft is here to help. With a team of seasoned dApp developers, testers and UI/UX designers, we stand strong as a dApp development company. Established for more than 18 years, our distinguished dApp development services can help you stand out from the crowd and gain a competitive edge.

You can check out our other blogs to gain deeper insights into blockchain technology and beyond.

FAQs:

1. What is meant by a dApp?

A dApp is a decentralized app, meaning that it works by leveraging blockchain technology to build app solutions that do not require any third-party intermediary. It usually works by implementing smart contracts with its frontend and backend, working on consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS) to validate and verify transactions.

2. What are the main features of a decentralized app?

The main features of a decentralized app include that it is open-source, consistent, works on Ethereum Virtual Machine Machine (EVM), agile in nature and works on consensus mechanisms such as Proof-of-Work (PoW) and Proof-of-Stake (PoS). Another important feature of a dApp is that it uses smart contracts for implementing payments and transactions.

3. What are the types of dApps?

There are different types of dApps based on the consensus mechanism such as type I, type II and type III dApps. Other types of dApps include financial, governance, gaming, and social media apps.

4. What are the various industries where dApps are utilized?

The various industries where dApps are utilized include supply chain management, healthcare, entertainment and real estate. For example, it is used for sharing end-to-end data for tracking goods from manufacturers to merchants in supply chain management.

5. Give an example of a dApp.

Audius is a decentralized music streaming platform where users can create immutable and timestamped records through which they can earn bonuses and can be incentivized. This app is great for selling timestamped records as a unique asset in the entertainment segment. A lot of people compare this dApp to Spotify and even find it better than the latter.

8 Best Programming Languages for Blockchain Development

Posted on May 16, 2024 by deftsoft

Blockchain technology has revolutionized the way the world works. Be it healthcare, e-commerce, or fintech, blockchain technology is soaring high. According to Zippia, more than 300 million people are using blockchain for cryptocurrency, which accounts for 3.9% of the global population.

With such an enhanced user base, a lot of people are drawn to blockchain development. We have created a list of the best languages for blockchain that you can use to build your own blockchain solution or app.

Our team of seasoned blockchain professionals has carefully crafted a list of the best blockchain programming languages to provide you with a toolkit for getting started. This blog is a comprehensive guide to understanding the history, pros and cons, examples, and reasons for choosing a language for blockchain development.

Let’s begin.

Role of Programming Language in Blockchain Development

The role of a programming language is pivotal in building efficient, robust, and fast systems by leveraging the power of blockchain technology. Any language for blockchain is utilized to create a solid Hyperledger structure that creates the very foundation of a blockchain application.

These blockchain programming languages can be used to build decentralized apps on various platforms such as Ethereum, Stellar, Tezos, Ripple, Polkadot, Solana, etc. These platforms can be used to build numerous blockchain offerings such as smart contract development, dApps and NFT marketplace development.

List of Best Languages for Blockchain Development

Now is the time to gain an in-depth understanding of top-notch options for blockchain programming languages. We have considered the trendiest languages for blockchain dApps, smart contracts, and NFT development. Based on your utility and expertise level, you can choose the blockchain programming language that suits you best. Here is the compiled list of the best blockchain programming languages.

1. Solidity

Solidity is one of the best programming languages for blockchain development, especially for smart contract development. It is easy to implement smart contracts on a variety of platforms, including the most popular one, Ethereum. The language is based on C++, JavaScript and Python.

Also read: Understanding Smart Contract Development: Innovate, Code & Execute

Language History

Solidity is one of the most thriving blockchain languages. It first came into existence in August 2014 under the expertise of the design mastermind Gavin Wood, a notable Ethereum co-founder. However, this blockchain language has been developed by numerous Ethereum core contributors, such as Christian Reitwiessner and Alex Beregszaszi.

This language was created out of the need for a programming language that is compatible and easy to use with the Ethereum Virtual Machine (EVM), a runtime environment to execute smart contracts.

Advantages:

Code Familiarity: Since it is based on existing programming languages, it is easy to work with. This code familiarity makes it simpler for traditional developers to step into the realm of decentralization and blockchain.

Flexible: Although this blockchain programming language is specially dedicated to smart contract development, it still has the capability to handle complex tasks related to dApp development.

Diverse Use-Case: Solidity can be used to create complex smart contracts, tokens, lending platforms, games, and decentralized exchanges.

Disadvantages:

Endangered security and correctness of smart contracts.
Scalability and efficiency issues of Ethereum.
Enhanced gas fees.
Integer overflows.
Unexpected behavior.

Examples:

Ethereum: All the smart contracts that are deployed on Ethereum are built using Solidity, which is popularly known as the blockchain programming language for EVM.
Uniswap: It is a decentralized exchange (DEX) created by an Ethereum geek.
Compound: An autonomous interest rate protocol created to build dApps and smart contracts.

Pro Tip: You can start coding Solidity on Remix, which is a web-based IDE that lets you code and compile smart contracts.

Final Review:
Great for creating smart contracts on Ethereum.

2. Rust

Although Rust is a newbie, it is one of the best blockchain programming languages for creating decentralized solutions. For the eighth year in a row, Rust has topped Stack Overflow’s annual developer survey as ‘the most desired programming language.’

It is deployed to build secure, immutable and innovative blockchain deliverables. It is a multi-paradigm and general-purpose programming language created for enhanced speed, safety, performance and team collaboration.

Language History

Rust is relatively younger than other languages for blockchain. A software developer named Graydon Hoare, who was working at Mozilla, started Rust in 2006 as a personal project. The programming language came into existence on 15th May 2015 when it was introduced by the Rust Foundation. Thanks to Gavin Wood, one of the Parity founders who contributed to the enhanced popularity of the programming language.

Advantages:

Memory Safety & Error Detection: Rust is a static programming language that selects and checks the variable and expression types at the time of code compilation. This makes the language more reliable through safe memory.

Self-Upgrading: You can easily compile the Rust code into WebAssembly (WASM), which offers its self-upgradability functionality.

Fast and Reliable: You can write multi-headed programs that run on 16 cores and keep them readable, easy to maintain and efficient.

Concurrent Programming: Coming with an in-built support, you can work on multiple threads without memory issues.

Zero Garbage: Rust does not collect garbage. This functionality empowers developers to have precise control over memory.

Disadvantages:

Access to less number of libraries.
There’s a significant learning curve.
It is relatively difficult to maintain.
It works slower than other programming languages.

Examples:

Polkadot: This blockchain development platform’s core infrastructure is built on top of Rust. Even its runtime logic is based on Rust.

IoT Development: Rust leaves no trace of memory-related bugs, supports small binaries, has less runtime, and is efficient; it can be embedded and used to create IoT systems.

Web Development: Rust supports web development when working on the server side. It can also be used for APIs and high-performance web servers.

Fun Fact:
Rust is named after a Fungi that is “over-engineered to survive”.

Final Review:
If you’re heavy on performance, need efficient memory and want to create any kind of blockchain project with fast runtime, Rust is the answer.

3. Go

If you’re looking for the best programming language that is the easiest to understand, we can name no other language for blockchain development but Go. Similar to Rust, Go is a statically typed language. It is a high-level language and is quite similar to Python and JavaScript since it is user-friendly, scalable, flexible and fast.

Language History

Go is a blockchain programming language designed by Robert Griesemer, Rob Pike, and Ken Thompson at Google in 2007. It was made available as open source on November 10, 2009. Previously known as Golang because of its early domain name, the language came into existence to fill in the gaps of C++.

Advantages:

Simple Language: There are no complexities or fancy code writing to the language. It exhibits perfect minimalism.

Easy Learning Curve: This language for blockchain is easy to learn and does not require heavy expertise in coding.

Built-in Testing: You do not need libraries for unit testing, as Go has its own set of testing and benchmarking tools.

Binary Execution: There is no need for a runtime interpreter. Therefore, it can compile single executable binaries.

Cross-Compilation: You can cross-compile out-of-the-box without breaking a sweat, unlike cross-compiling in C.

Disadvantages:

The code can be less flexible at times since it is a statically typed programming language.
Access to fewer libraries.
It offers low-speed performance as compared to Rust.
It lacks verbose error handling.

Examples:

Hyperledger Fabric: This open-source blockchain framework allows you to create a diverse range of dApps and blockchain solutions.

Go-Ethereum: It is one of the original implementations of the Ethereum protocol. It can be used as a library embedded in Android/iOS/Go projects or as a standalone application.

Final Review:
Go is the simplest language for blockchain. You don’t need to think much about creating a twisted logic when writing the code.

4. Motoko

Motoko is an excellent blockchain programming language for creating smart contracts. In fact, it is a programming language used to build directly on the Internet. This means that Motoko directly supports the programming model of the Internet Computer, a public blockchain network platform based on Internet Computer Protocol (ICP). Many professionals consider this language to develop smart contracts in the DFINITY ecosystem (the NPO that developed the Internet Computer).

Also read: How are Public Blockchains Different from Private Blockchains?

Language History

Mokoto is the native language of Internet Computers. It was developed by a non-profit organization called DFINITY and introduced in 2019. It is an actor-based programming language. There are more than 400 repositories on GitHub related to Mokoto.

Advantages:

Memory Allocation: Mokoto has a developed garbage collector that automatically adjusts memory when a database is no longer in use.

Safe Upgrades: This blockchain programming language also supports safe canister upgrades.

Built-in Support: The language offers support for orthogonal persistence, which means that the program adopts the illusion of running “forever” and keeps its memory alive.

Disadvantages:

It is difficult to test and debug Mokoto programs.
It does not allow setting breakpoints or setting through code running on the live network.
Since the language is new, there is not a wide user base for it.

Examples:

Internet Computer: A public blockchain based on the Internet Computer Protocol (ICP) for implementing secure and tamper-free smart contracts.

Final Review:
You can use Mokoto for your smart contract development project, especially if you want to build directly on the Internet Computer.

5. C++

C++ is yet another wonderful high-level programming language for blockchain app development. It is one of the oldest languages and has a proven track record in blockchain development. I’m quoting this because even Satoshi Nakamoto himself used C++ programming language to create the Bitcoin chain. Later on, it was also used to build Dogecoin, Qtum, Litecoin, etc.

Language History:

C++ came into existence in the year 1985 when it was developed by Bjarne Stroustrup, a Danish computer scientist. It is indeed one of the oldest general-purpose, object-oriented programming languages. Over the years, we have witnessed its solid use in cryptocurrency development such as Bitcoin, Ripple, Stellar and EOS.

Advantages:

Efficient Memory: C++ offers an array of benefits, with the primary advantages being having spectacular memory control and efficient CPU management.

Running Threads: It is easy to run both parallel and non-parallel threads using the C++ language for blockchain.

Compile-Time Polymorphism: C++ offers the helpful functionality of compile-time polymorphism that allows users to determine which function or operation to call based on types, order and number of arguments.

Code Isolation: C++ also offers the feature of code isolation for various data structures.

Disadvantages:

There is no garbage collection support in C++.
Running C++ is limited to the Microsoft platforms.
There is no built-in thread support.
The language syntax is relatively harder to understand.

Examples:

Bitcoin: The first blockchain and cryptocurrency in the world was created by using C++ blockchain programming language.

Stellar: It is an open-source, decentralized platform for payments, cryptocurrency trades and payments. It also offers a crypto wallet.

Ripple: It is another blockchain service provider that offers a real-time gross settlement system.

EOS: It is an open-source blockchain protocol that can be used by programmers to develop and run dApps.

Final Review:
C++ is one of the most reliable languages for blockchain and can be used to create apps, smart contracts, and much more. Although it has a difficult syntax for a beginner, it is the oldest language.

6. Ruby

In the bustling world of Solidity and Rust, Ruby is often underestimated in its value. Ruby is a high-level, multi-paradigm (works on multiple platforms) and general-purpose programming language that is powerful for creating a diverse range of blockchain solutions. With this solid language for blockchain development, one can build robust, secure, and scalable blockchain applications.

Language History:

Ruby was designed by Yukihiro Matsumoto, a computer scientist and software programmer in Japan in the mid-1990s. However, the language first appeared in 1995. This programming language gained popularity and became mainstream after the adoption of the Ruby on Rails framework.

Advantages:

Developer-Friendly: Because of its impressively high readability of the syntax, it qualifies as a chosen gem for the best blockchain programming language for blockchain developers. Therefore, it is a win-win when creating smart contracts.

A Pool of Libraries and Gems: Ruby has an extensive pool of libraries and gems from which you can choose. For instance, gems such as Ethereum and bitcoin-ruby act as a great entry point to the blockchain community.

Large Community: Since Ruby is an open-source programming language for blockchain, it is backed by a massive community of developers across the globe.

Disadvantages:

Ruby is not a good fit for handling large projects.
It struggles with inefficient memory.
It also has some performance issues.
The language is not flexible to use.

Examples:

Chain: It is a blockchain technology platform that offers tools for building and arranging blockchain applications. It is a developer-friendly platform to create blockchain-based applications using the available SDKs and APIs.

Blockstack: It is a decentralized computing platform that is used to create decentralized apps, such as DeFi. The user gets complete control of the data when using Blockstack.

Peatio: It is an open-source cryptocurrency exchange platform based on the Ruby on Rails framework. One can trade, withdraw, deposit and perform KYC/AML verification using this platform.

Final Review:
Ruby is the best blockchain programming language for a beginner who wants to build a blockchain application, as there is great community support for the language.

7. JavaScript

JavaScript is yet another one of the emerging languages for blockchain. Once, JavaScript was merely a browser scripting language. With the introduction of frameworks such as Node.js, JavaScript has expanded with advanced capabilities, one of them being blockchain development. It can be used mainly for real-time dApp interactions and communication between nodes.

Language History:

JavaScript is an object-oriented language created by Brendan Eich, the former CEO of Mozilla. It was first made available for public use on December 4, 1995. It was first created for web development, but with the introduction of frameworks, it was gradually adopted by the blockchain community.

Advantages:

Entry Point: Learning JavaScript is an easy entry point to the blockchain community because of its simpler syntax than C++.

Functional Programming: It is one of the best blockchain programming languages because of functional programming. It is a paradigm that can be used to build computer programs without mutating data.

Asynchronous Language: It is an object-oriented, prototype-based and asynchronous programming language that can handle communications easily between nodes in a blockchain network.

Disadvantages:

It is very dynamic to consider it a blockchain programming language.
Anyone can see the code.
Its interpretation depends on the browser.

Examples:

Topas City: Topas City has created a VR world by leveraging the programming language. The game is in the early development stage and consists of NFTs as items, in-game assets, and a blockchain-based data recording system.

Your Place: Your Place is a JavaScript-powered community art experiment where contributors can add pixels of color to a canvas which, once completed, can be minted as an NFT.

Final Review:
If you’re new to both the blockchain ecosystem and coding, you can consider picking up the pace by learning JavaScript.

8. PHP

Expanded as a Hypertext Preprocessor, PHP is a server-side scripting language mostly used for web development. Almost 79% of all Internet websites are based on PHP. With the emerging blockchain technology, developers are looking for new ways to utilize PHP to create dApps (decentralized applications).

Language History:

PHP is an old programming language dedicated to website and web app development. It was created by a Danish-Canadian programmer named Rasmus Lerdorf in 1993. It was only in 1995 that it was made live for public use.

Advantages:

Established Userbase: Since PHP is an old language that has been used by developers since the 90s, it can act as a reliable blockchain programming language without any syntax fuss.

Enables Interoperability: A lot of blockchain networks can be interconnected with each other with the help of PHP. It allows the creation of interfaces to connect a diverse range of blockchain networks via middleware and APIs.

Quick Development: PHP allows developers to build new applications quickly with high speed and efficiency. In the bustling world of blockchain, where speed is a significant metric, PHP can be a game-changer.

Diverse Applications: PHP can be used to develop all sorts of systems that can work with dApps, smart contracts and communication-enabling interfaces across the blockchain ecosystem.

Disadvantages:

PHP cannot be used independently for smart contract development. It usually needs another language, such as Solidity.
It is not a native language for many blockchain platforms.
It has a limited range of debugging tools.

Final Review:
Although PHP is not a dedicated blockchain development language, it can still be used to develop smart contracts, dApps and interfaces such as APIs for blockchain networks.

Bottom Line

Blockchain is an emerging technology that is ready to blow up at the speed of a bullet train. Even if you’re a beginner, there are a bunch of languages for blockchain development that can be deployed to build impeccable blockchain interfaces, dApps, NFT tokens and smart contracts. It is important to choose the right language for blockchain based on your expertise and understanding.
If you’re a blockchain-empowered business organization, startup or enterprise and you’re confused with the right blockchain programming language to choose for your next project, you can reach out to Deftsoft. We’re a premium blockchain development company with seasoned experts in smart contracts, dApps, ICO/IEO and STO and NFT marketplace development.

FAQs:

What are the various programming languages for blockchain?

There are numerous languages for blockchain that can be used in generating smart contracts and dApps. These languages include Solidity, Rust, Go, Motoko, C++, Ruby, JavaScript and PHP.

Should you choose JavaScript or Rust for blockchain development?

If you’re looking for a programming language that provides next-level performance and memory efficiency, Rust should be your choice of language. However, Rust’s syntax is sometimes difficult to comprehend if you’re a beginner. In such cases, you can stick to JavaScript, which offers great productivity.

Is it enough to learn Solidity for blockchain dApp development?

Solidity is Ethereum’s proprietary language. It is contract-oriented and adopted at a global level by blockchain developers. Its syntax is similar to JavaScript. However, Solidity is relatively more suitable for smart contract development than for dApp development. Yet, it is a flexible language that can also be used for dApp development.

How much coding is required for blockchain?

If you’re building a smart contract or dApp, it is imperative to learn coding. You can learn Solidity or Rust to build a sophisticated blockchain project. Other options include JavaScript, Go and C++.

5 Best Blockchains for NFT Marketplace Development in 2025

Posted on April 4, 2024 by deftsoft

Non-fungible tokens (NFTs) are assets that hold unique value. The data contained in the NFTs is stored on an immutable distributed ledger system. These are non-fungible assets, meaning they cannot be divided into smaller assets for partial ownership.

NFTs are created using various blockchain platforms. If you’re looking for the best platform to create, mint, and deploy your NFTs, this guide is the right place to start. We’ve jotted down the list of the top 5 best blockchains for NFTs that you can leverage to create and deploy your own tokens.
This blog discusses the importance of blockchain in the NFT landscape, the factors to consider when choosing blockchains for NFT, and finally, the best blockchain for NFTs.

Understanding the Importance of Blockchain in NFT

According to Statista.com, the global NFT market revenue is projected to hit an estimated number of $2,378 million in 2025. In fact, the number of NFT users is gauged to grow to a whopping 16.35 million users by 2028.

The above numbers show the significance of the NFT industry in today’s dynamic world. The buying and selling of these unique assets through tokens is prominent on blockchain platforms. First, let us understand blockchain technology and its significant role in NFTs.

Blockchain is a decentralized distributed or shared ledger technology that creates a chain of transactional records that are autonomous, immutable, tamper-free and free of any third-party intermediary.

NFTs, such as artwork or collectibles, are built on top of the blockchain. Therefore, whenever an NFT is bought or sold, the transaction is stored on the immutable ledger. This non-fungibility ensures zero discrepancies in the digital ownership of the NFTs, along with the rarity of the assets.

Choosing the best blockchain to create NFT can be tricky, considering transaction fees, capabilities, and speeds. It is important to pick the right blockchain according to your requirements to offer an optimal user experience for your NFT marketplace or community.

Factors to Consider When Choosing Blockchain for NFT

Let’s discuss the important factors to consider when choosing the best blockchain for NFT. The following factors are considered when choosing the best blockchain for creating and deploying NFT:

Blockchain Security and Decentralization

It is important to consider the security levels of the blockchain on which you’re choosing to create your NFT. Blockchain security refers to a distributed network that allows data decentralization. One of the biggest advantages of blockchain is that the blockchain network itself is secure against cyberattacks or manipulation.

This is how decentralization and high security can influence the choice of blockchain for creating NFT.

Efficiency and Scalability

The minting and sale of NFTs must occur efficiently and rapidly without delaying the process, as it can become frustrating for the users. Any lagging in the processing of payments can become a problem, especially during price hikes or NFT launches.

A blockchain platform that allows the scalability feature can prevent network congestion for growing ecosystems. Therefore, a blockchain platform must be robust in transactions.

Cross-Platform Operability

A lot of times, users have to access NFTs from various environments, such as crypto wallets, mobile games and metaverses. It is always better to choose a blockchain platform that is flexible and allows cross-platform transfers.

Budget-Friendliness

Average NFT creators/users often do not want to commit to heavy gas fees or volatility costs on the blockchain platforms. On the contrary, stable and economical blockchain platforms are preferred by creators, innovators, artists, and NFT enthusiasts.

Technical Capabilities

Another important factor is to look for a blockchain platform that supports NFT standards, meta-transactions, sophisticated smart contracts and staking opportunities.

Easy to Use

A blockchain platform’s onboarding experience must be seamless and user-intuitive. In simple words, it should be easy to navigate through the platform to buy, sell and use NFTs.

Ready to Build Your NFT Marketplace? Talk to Our Blockchain Experts Today!

Best Blockchains for NFT Marketplace Development

It’s time to check out the best blockchain platforms for developing NFTs. The list is mentioned as follows:

1. Ethereum

After Bitcoin, Ethereum is the second blockchain created. When it comes to the most popular blockchain for NFT, Ethereum is the talk of the town. In fact, Ethereum is a renowned name as a well-recognized NFT marketplace.

But what owes popularity to the Ethereum platform? Let’s decipher.

User-Intuitive:

The Ethereum Virtual Machine (EVM) is the easiest to use for creating NFTs. Sometimes, the user just needs to upload a file and enter the required information.

No Ownership Disputes

Settling ownership disputes is simple and easy. This is because the metadata and transaction history are optimally recorded.

Smart Contract Implementation

Thanks to the smart contract functionality, the creation and execution of NFTs are seamless in Ethereum. Smart contracts are self-executing digital contracts that execute when a certain set of conditions are met. Therefore, they ensure the immutability, security, integrity, and transparency of NFTs.

Go-To Platform

Ethereum is a well-established name in the NFT industry. It also enables cross-chain functionality, meaning that NFTs can be accessed from multiple wallets, mobile wallets, metaverses, etc. Token standards—ERC-721 and ERC-1155—allow interoperability and make the development process easier.

The NFT marketplaces built on Ethereum are as follows:

OpenSea
Rarible
SuperRare

2. Solana

After Ethereum, Solana is considered one of the best NFT marketplace development platforms. You cannot underestimate the power of this high-performance blockchain platform. Many renowned NFT collections are built using Solana, such as DeGods, Okay Bears, and Degen Ape Academy.

The notable features of this blockchain are as follows:

High Scalability

The Solana blockchain platform is quite popular for its ability to handle large-scale decentralized applications and NFT marketplaces. It also offers quick transactions.

Fact Check: Solana processes 50,000 transactions per second.

Economical

After Ethereum, Solana is the hotspot for NFT geeks. Many budding NFT creators and consumers prefer Solana because it has relatively lower gas fees than Ethereum.

Developer-Friendly

As this blockchain platform is built using Rust programming language, Solana is a preferred choice for developers.

The NFT marketplaces built on Solana are as follows:

Magic Eden
Solsea
Metaplex
DigitalEyes

3. Tezos

Tezos is a blockchain suitable as an NFT marketplace development platform. The platform is well-known for its high security, on-chain governance and self-modifications. Overall, Tezos is a smart choice to top it off as an NFT marketplace because of its robust nature. Brownie points to the fact that this blockchain platform is relatively less crowded than Ethereum or Solana!

The highlighting features of this blockchain platform for NFT are mentioned below:

High-Security

Tezos is a unique blockchain platform that uses formal verification to implement smart contracts. This phenomenon adds an extra layer of security to the NFT marketplaces built on Tezos, making them less prone to exploitation and attacks.

Efficient Transactions

This blockchain platform leverages a layer 1 scaling solution called Liquid Proof-of-Stake (LPoS). This solution allows high speed and efficiency of transactions.

On-Chain Governance

Tezos offers on-chain governance. This mechanism allows token holders to participate in the decision-making process, allowing the platform to evolve according to users’ changing needs.

The NFT marketplaces built on Tezos include the following:

TRUESY
Hic et Nunc
OneOf

Fun Fact: Tezos is the first ever blockchain of its kind to launch a color as a part of artwork through NFTs.

4. Polygon

Imagine a power-packed NFT creation blockchain platform that acts as a Layer 2 scaling solution for Ethereum. It offers scalability, low fees, and compatibility with the Ethereum ecosystem, making it appealing to NFT marketplaces.

The following are the highlighting features of the Polygon blockchain platform:

Scalability

Polygon addresses Ethereum’s scalability challenges by providing a layer 2 solution that enables fast and cost-effective transactions. The platform leverages the power of Plasma chains and sidechains, which allow Polygon to manage a large number of NFT transactions with minimal congestion.

Ethereum Compatibility

Polygon offers cross-platform compatibility with Ethereum. This means that Ethereum-built NFTs can seamlessly interact with Polygon NFTs and smart contracts, expanding the reach and liquidity of Polygon’s NFT marketplaces.

5. Stellar

Stellar is a powerful blockchain platform built to cater to fast and economical transactions. It allows cross-border payments and provides efficient solutions for financial transactions. While primarily focused on financial services, Stellar’s unique characteristics make it suitable for NFT marketplaces as well.

Here are Stellar’s most usable characteristics suitable for the NFT marketplace:

Fast and Low-Cost Transactions

Stellar’s consensus algorithm enables quick transaction confirmations, typically within a few seconds, making it suitable for NFT marketplaces where speed is essential. Additionally, Stellar’s low transaction fees make it cost-effective for creators and collectors to engage in NFT transactions.

Built-in Decentralized Exchange (DEX)

Stellar has a built-in DEX that allows for seamless asset exchange. This feature enhances liquidity and enables Stellar’s NFT marketplaces to offer users a wide range of trading options and engagement opportunities.

Summing Up

Blockchain technology is part of creating, minting, selling, and buying NFTs on various marketplaces. This guide is the best read for beginners to find the best blockchain for NFT development. If you’re an entrepreneur or enterprise looking to develop NFT, look no further than Deftsoft. We offer custom NFT marketplace development services that suit your needs. Check out our official website to learn more!

Need Help Choosing the Right Blockchain Platform? Get a Free Consultation!

FAQs:

1. What is the role of blockchain in the NFT marketplace?

Non-fungible tokens (NFTs) are assets that hold unique value in the digital landscape. They can be digital collectibles or artwork. NFTs are built over the blockchain and can also be minted, bought, or sold. Therefore, blockchain lays the foundation for enabling the secure and decentralized transfer of ownership of the NFT tokens.

2. How to choose the best blockchain for NFT?

NFT creators and consumers can choose the blockchain platform based on their economic budget, target community, technical capabilities, scalability and platform complexity. For example, if you’re a gaming enthusiast working on a gaming NFT, Ethereum is the best platform for you, considering its large user base and gaming community. However, if you’re looking for low-cost options, Polygon or Solana is the best option as they have relatively lower gas fees.

3. Where can I find the best NFT marketplace development services?

It is pivotal to choose a reliable NFT marketplace development company that offers highly customized, sophisticated and budget-friendly marketplaces. Deftsoft offers custom NFT marketplace development services that meet your needs. From NFT creation to listing and marketing it, we do it all.

4. How do beginners choose the best blockchain for NFT?

When new to the NFT community, one must consider some specific characteristics when choosing the best blockchain. Some important traits include low gas fees, a niche-specific NFT community, blockchain platform scalability, cross-platform feasibility to interact with other NFTs and platform scalability. Deftsoft, a reliable NFT marketplace agency, can help you build your NFT and sell it on the marketplace from scratch.

5. Which is the most popular blockchain for NFT?

Considering the platform’s agility and ease of transactions, Ethereum is one of the most popular blockchains for NFT. Ethereum is a high-value blockchain platform with a dedicated community and space for almost every niche.

The Fusion of Technologies: Exploring Blockchain in IoT

Posted on March 27, 2024 by deftsoft

The world has wrapped its head around numerous revolutionary technologies. Speaking of which, the Internet of Things and Blockchain are two of the most significant technological advancements reaching their peaks.

While Blockchain is a distributed ledger technology popular for its high security and decentralization features, the Internet of Things (IoT) is prevalent for its ability to digitize physical devices. Imagine a crossover between the two technologies that harness the power of Blockchain’s data integrity and IoT’s data connectivity. This ultimate fusion of the two technologies is often referred to as the Blockchain of Things (BCoT).

In fact, both of these technologies are autonomous, distributed, and mostly decentralized systems that can complement each other very well.
This blog discusses these two technologies, the applications of Blockchain in IoT, and the benefits of consolidating Blockchain and IoT.

What is Blockchain Technology?

Blockchain technology first came into existence in 2008 with the introduction of Bitcoin cryptocurrency. The exchange of Bitcoin was enabled with this technology. Later on, the technology started to exist independently.

Blockchain can be defined as follows:

Blockchain is a distributed or shared ledger technology (DLT) that refers to a shared database that stores any type of data in chronological order of transactions. This data is stored along with the transaction timestamps in a tamper-proof manner.

The transactional data is organized in blocks that are linked through the protocol through hashing and consensus, thus making a chain of hashes. One cannot delete or modify any of these existing blocks.
Known for its high data security and integrity, Blockchain leverages cryptographic asymmetric key encryption mechanisms and mathematical hashing for data security. It is an autonomous, immutable, decentralized (no intermediary), encrypted technology with a Peer-to-Peer (P2P) node-based consensus approach.

What is IoT Technology?

The “Internet of Things”, also known as IoT, was first introduced by Kevin Ashton, one of the co-founders of MIT’s Auto-ID Lab, in 1999. It refers to a series of electronic devices that can share and transfer data to each other, typically through the Internet.

Numerous Internet of Things devices are available. Smart toys, wearables (like watches and glasses), appliances (including TVs, speakers, and lightbulbs), smart meters (like thermostats), commercial security systems, and smart city technologies (such as those that track traffic and meteorological conditions) are few examples.

IoT technology is blurring the lines between the digital and physical realms. The connectivity between the two increases operational efficiency, automates processes, and allows for data maintenance via predictions.

Understanding the Importance of IoT-Blockchain Intersection

As discussed before, Blockchain and IoT technologies complement each other. IoT requires strengthening of its security features. On the other hand, Blockchain needs contributions from distributed nodes for its Peer-to-Peer (P2P) consensus model. This is how these two technologies can help each other foster and become more refined.

There are many applications of Blockchain for IoT and vice versa. The convergence of the two technologies offers transformative potential in various domains, such as supply chain management and healthcare.

Enterprises and business organizations can take advantage of this synergy between Blockchain and IoT to harness the power of intelligent and connected ecosystems.

To understand the convergence of Blockchain in IoT, let’s take a perfect example of a transactional application of IoT with Blockchain. If you’re a businessman who runs an expensive, well-bred meat business, you can track the location and temperature of the meat as it is transported from point A to point B.

Thanks to the secure database, which is based on blockchain, you can track the location, as the records are immutable. The IoT sensors can also inform you about the temperature at which the meat was kept while being transported. This application explains how middlemen can be eliminated in this process because of the IoT-Blockchain intersection.

What are the Applications of Blockchain in IoT?

Blockchain and IoT are emerging technologies that have already disrupted the industry as independent entities. Since IoT functions by using the Wireless Sensor Network (WSN), the technology is prone to privacy and security threats. Blockchain is considered a trust machine because of its P2P consensus methods and cryptographic techniques.

The highlighting applications of IoT with Blockchain are mentioned as follows:

Enhanced Security in IoT Systems

IoT devices work in a network of wireless sensors. The nodes in these IoTs are susceptible to malicious attacks, such as Distributed Denial-of-Service (DDoS) and other malware, injection attacks, etc. Also, IoT networks are mostly leveraged in cloud environments. Since cloud networks are centralized architecture, they can suffer from a single point of failure (SPF).

IoT devices also collect and generate large volumes of data over the Internet for informed decision-making. Data privacy and security are huge threats to IoT environments, and all these factors combined make IoT systems unreliable.

With the integration of IoT with Blockchain, IoT devices can be secured with decentralization with an immutable record of data.

Blockchain and IoT Convergence in Supply Chain Management

Goods can be tracked and managed more efficiently with the integration of the Internet of Things and Blockchain technology. IoT Blockchain devices that function on wireless sensors can monitor the location, movement, and condition of products in real-time.

The integration of blockchain technology allows the creation of an immutable and transparent record of transactional blocks. Therefore, the technology keeps stakeholders updated on the origin, authenticity, and location of goods and eliminates counterfeiting.

One great example of the application of Blockchain and Internet of Things (IoT) integration is how Walmat utilized a Blockchain IoT solution to track the journey of the products from suppliers to store shelves in collaboration with IBM.

Blockchain IoT in Healthcare Data Management

IoT and Blockchain integration have valuable applications in the healthcare industry. For example, wearable sensors and implantable devices help gauge patients’ health metrics, vitals, health histories, etc. This functionality allows the generation of valuable real-time data.

It is a significant application as it allowed the introduction of IoT-based configurable blockchain. It also enables the creation of personalized healthcare systems with secure data storage and analysis. Data integrity is indeed very important in the healthcare sector, and IoT in Blockchain ensures it.

Blockchain and IoT Convergence in Smart Cities

Urban landscapes can be converted into sustainable smart city ecosystems with the Blockchain IoT intersection. These smart cities will be interconnected through IoT devices equipped with Blockchain capabilities that provide high security, data integrity, transparency, and flexibility.

For instance, leveraging a Blockchain-defined network and a grey wolf-optimized modular neural network to enhance security in smart environments. The technology effectively eradicates confidentiality issues.

Another important application is the Blockchain-of-Blockchains (BoBs), which is a hierarchical blockchain-based platform created to address data management challenges. It ensures data integrity and interoperability in smart cities.

The city of Dubai is a real-life example of implementing Blockchain and IoT. The government is actively using blockchain in the city to empower various systems, such as security. It is ready to become the first blockchain-powered city.

Blockchain and IoT Aiding in Next-Gen Networks

Blockchain technology can also be utilized to strengthen IoT networks and move forward to adopt the transition toward next-generation networks, such as 5G and beyond. Technology can play a pivotal role in allowing efficient service orchestration in 5G multi-cloud environments and enhancing resource management in 6G upcoming networks.

The next-generation network systems can be made more solid and secure with the integration of IoT Blockchain.

What are the Benefits of Blockchain in IoT?

Now that you’re familiar with the peculiar applications of the Internet of Things and Blockchain let’s understand the significant advantages of Blockchain in IoT. The benefits are mentioned as follows:

Data Security

Due to the sensitive nature of the data, security, and integrity are the foundational needs of IoT networks. Blockchain addresses this problem through its cryptographic algorithms to ensure temper-free data sharing, transfer, and storage. Only authorized devices can access the data, as the Blockchain adds an extra layer of security that is missing in conventional IoT systems.

Facilitating IoT Reliability

A single point of failure can cause the whole IoT network to crash down. This means that typical IoT networks are prone to power outages and failure. Blockchain’s decentralized nature removes this risk and ensures the overall reliability of the IoT systems.

Ensuring Data Integrity

The immutability of the Blockchain ensures the data integrity of the IoT devices and networks. Every entry on the Blockchain is time-stamped and linked to the previous entry, making it a series of blocks that cannot be altered or deleted. No one can modify the data once stored in the network.

Bottom Line

The collaboration of Blockchain and the Internet of Things (IoT) is a revolutionary asset to the dynamic world that prioritizes security, confidentiality, and integrity. Blockchain now plays an indispensable role in fixing the drawbacks in IoT devices, networks, and systems.

The world is about to witness more refined versions of the integration of IoT Blockchain. From smart cities to supply chain management, the two technologies are multifaceted in transforming the way how the world works.
If you’re new to Blockchain and wish to build an immersive Blockchain application of your own, Deftsoft’s refined Blockchain Developers and Engineers can help you bring your vision to life. Reach out to get started!

FAQs:

What is blockchain in IoT?

Blockchain is a distributed ledger technology popular for its decentralized and autonomous nature. The technology’s integration with IoT helps in building secure IoT networks for data collection and sharing. It allows the building of an immutable record of transactions in the IoT networks.

What are the benefits of integrating blockchain and IoT?

One major benefit of integrating blockchain with IoT is enhanced security and data integrity in IoT networks. Other benefits include increasing the reliability of IoT systems, as the blockchain’s decentralization properties remove the risk of them crashing down.

What are the challenges of blockchain in IoT?

IoT devices can range from high to low-power devices. Since blockchain requires large energy resources to function, low-power devices may struggle to integrate blockchain into them. Another significant issue is related to the non-regulation of the blockchain technology.

How are IoT and blockchain used in Fintech?

Blockchain and IoT can be used in financial systems to secure transactional records. The technologies can also facilitate novel and innovative financial services, such as secure online payments with immutable records. It can also make the fintech services efficient, fast, reliable, and cost-effective.

What is the future of IoT and blockchain?

The two technologies can integrate well to build smart cities, revolutionize healthcare systems for better patient diagnosis, and be used in edge computing and upcoming connectivity systems, such as 5G and 6G.

How Tech is Transforming Healthcare: Latest Innovations

Posted on March 26, 2024 by deftsoft

The intertwining of healthcare and technology is ready to expand the horizons of the industry. The health tech market is coming up with new innovations every day that can transform the entire existence of mankind.

The global healthcare industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.27% and reach $21.06 trillion by 2030. These numbers vouch for tech’s growing dominance in the industry.

In 2024, the healthcare landscape is evolving rapidly, and tech is revolutionizing every facet related to the healthcare domain. This blog encapsulates the latest innovations and new tech in healthcare that have the capability to revolutionize the world.

What are Health Tech Innovations?

No industry has been left untouched by recent abrupt innovations in the technology landscape, and healthcare is no exception. The term ‘health tech’ emphasizes the importance of technological innovations in healthcare.

Whether integrating AR and VR to aid medical professionals with real-time patient information or implementing the Internet of Medical Things (IoMT), the healthcare industry is ready to witness groundbreaking innovations at the intersection of healthcare and technology.

The goal of the tech innovations is to improve medical implementations, leverage medical data for technical advancements, research for the diagnosis of various diseases, and improve the quality of patient care.

Exploring Groundbreaking Innovations in Health Tech

Let’s explore some of the most state-of-the-art and pioneering innovations in the health tech industry.

1. Telemedicine

You must be wondering what telemedicine is in healthcare. According to WHO, half of the globe’s population does not have access to medical facilities. In the face of such adversities, telemedicine is a revolutionary technology. It refers to remotely accessing interactions with healthcare professionals, even living in another corner of the world.

This technology has transcended the physical barriers as patients can be diagnosed remotely. This health tech application was extremely helpful during the pandemic.

2. Internet of Medical Things (IoMT)

Internet of Medical Things (IoMT) refers to a collection of devices and applications that can be deployed through WiFi. It is a part of the Internet of Things (IoT) technology.

This connection allows machine-to-machine communication to carry out various tasks, such as performing surgeries, tracking patient medication orders, leveraging Remote Patient Monitoring (RPM) to care for patients with chronic diseases, consolidating patient data from wearable devices, and much more.

It is because of IoMT that the concept of telemedicine has been brought to life.

3. 3D Bioprinting

3D printing in healthcare is opening the doorway to a more specified methodology for treating patients. For example, the technology has allowed the creation of lightweight prosthetics, casts, and bionics for treating patients’ body fractures.

In fact, the volume of 3D bioprinting opportunities is estimated to cross $6 billion by 2027. Another important application of 3D bioprinting is that medical professionals can make bio-compatible implants using this technology.

Some other prominent advantages of 3D printing are as follows:

Customized bionic prosthetics for knees, skull, etc.
Synthesis of high-grade implant materials.
3D-printable life-saving implants for neurological and cardiovascular patients.
Reduction in the cost of prosthetics, implants, and bionics, thus making them more economical.

4. Robotics and Automation

There is a massive gap in the availability of healthcare workers in the market. This is where the role of robotics and automation is becoming indispensable. The technology is an excellent method to save time by automating repetitive tasks.

Some of the notable applications of robotics are mentioned as follows:

Robotics and automation technology can automate tasks such as logging patients’ information and vitals.
It can also be used in keeping a historical record of their medical history, managing insurance claims, and much more.
For instance, service robots can help the clinical staff deliver supplies and medications, assist in carrying out surgeries, and follow instructions for completing trivial tasks.

5. Health Wearables

Health wearables are another budding segment in the health tech industry. One great example of a health wearable is the Apple Watch, which allows you to monitor your vitals, such as pulse rate, cardiovascular activity, steps, sleep cycle, menstrual cycle, etc. Yet, this is just the beginning.

These wearable devices use biosensors and digital biomarkers that monitor the user’s data consistently. When they find unusual data, they instantly indicate the user. The latest GWI data indicates that 3 out of 10 working-age Internet users own “smart wrist” devices.

Some other wearable devices apart from smartwatches include smart hearing ads and bio patches. The bio patch technology is revolutionary as it does not require an individual to wear any smartwatch to monitor the vitals.

6. Personalized Medicine

The concept of personalized diagnosis and medicine is touching new horizons. Artificial Intelligence (AI) and machine learning technologies have enabled life-changing innovations in healthcare. These technologies have allowed the creation of precision medicine by examining patients’ genomic makeup and molecular profiles.

Because of this transformative technology, patients can be treated with personalized medicines and treatments based on their family history, genetic makeup, immunity levels, etc. The health tech industry is also leveraging the power of prediction models to synthesize personalized medicines based on genetics, biomarkers, demographics, and drug levels.

Therefore, personalized medicine is a revolutionary emerging tech in healthcare that allows for catering to the varying factors that affect patients and offering them personalized treatments.

7. Nanotechnology

Nanotechnology is gaining rapid traction in the health tech industry and is indeed a new tech in healthcare. The nanotech has reached a market value of a staggering $ 68 billion in 2023 and is expected to reach $183.7 billion by 2028, growing at a compound annual growth rate (CAGR) of 22.0%.

The technology has two major applications in the healthcare industry. Let’s take a look at the major applications.

Nanotech devices

The first application is the miniaturization of electronic components to develop more efficient and powerful devices. For example, nanosensors can detect proteins, DNA, or any other small particles binding with proteins for disease diagnosis, drug discovery, and genetic screening.

Nanomedicine

Another important application of nanotechnology is nanomedicine. As the name suggests, nanomedicine refers to nano-sized particles that can be absorbed easily by the human bloodstream because of their small molecular size. This technology enhances drug efficacy and accelerates healing. Technology in healthcare is transforming the industry from effective drug delivery to regenerative medicine. It has also improved vaccine efficiency.

8. Blockchain

Known for its high fidelity and security, blockchain technology has also made its way into the healthcare industry. The technology can be used to maintain tamper-proof electronic medical record (EMR) management systems and FHIRChain (Fast Health Interoperability Records) that cannot be hacked because of end-to-end encrypted blocks. The FHIRChain can be used to share clinical data across the globe.

Healthcare networks can also collaborate seamlessly because of blockchain technology without hampering security. Another useful application of blockchain technology is the use of smart contracts in handling counterfeiting of drugs, including sharing, storing, and accessing biomedical data.

Also, check: How Blockchain is Transforming the Healthcare Industry?

9. Artificial Intelligence

Another groundbreaking technology in healthcare is the intervention of Artificial Intelligence (AI) in the health tech industry innovations. AI can save lives and improve the healthcare of millions of patients across the globe. It can make hospitals more efficient and improve access to healthcare by offering accurate decision-making tools.

One of the most revolutionary applications of AI in healthcare is cancer diagnosis. An AI model can be fed data about a patient’s blood tests, X-ray images of the suspected lesions, and genetic information retrieved from a tissue biopsy.

As Navid Toosi Saidy, PhD in Biomedical Engineering and Medical Device Development, says,

“The trained AI model can rapidly consolidate this information and provide highly accurate predictions of the patient’s diagnosis, treatment options more likely to succeed, and as well as the prognosis.”

AI can also be used to make predictions by analyzing a patient’s health history and genomic structure.

Bottom Line

The intervention of technology in healthcare expedites the process of patient disease diagnosis, analyzes genomic history, and introduces revolutionary treatments with high success rates. With the arrival of technology in healthcare, the world is entering another dimension.

From Artificial Intelligence to nanotechnology, healthcare professionals are leveraging the technology for a better tomorrow.

FAQs:

What are the latest trends in healthcare?

One of the latest trends in the healthcare industry is the utility of Artificial Intelligence (AI) and machine learning. These technologies are transforming the healthcare landscape, especially in cancer diagnosis. Another emerging tech in healthcare is nanotechnology, which has sophisticated applications in creating nanomedicines.

What are some of the top innovations in healthcare?

Some of the best tech innovations in healthcare include 3D bioprinting of prosthetics, wearable devices such as smartwatches and bio patches, assistance through robotics and automation in hospitals, nanomedicine, personalized precision medicines, telemedicine, Internet of Medical Things (IoMT), EMR and FHIRChain management, etc.

How is the wearable industry transforming healthcare?

One of the most significant innovations in healthcare is the non-invasive blood glucose monitoring device that monitors blood glucose levels with good accuracy. Although the technology has not achieved complete accuracy, tech professionals are working towards refining it.

What are the IoT innovations in healthcare?

One of the major IoT innovations in the healthcare industry is the Internet of Medical Things (IoMT). It can be used for Remote Patient Monitoring (RPM), such as telemedicine, assisting in surgeries, helping medical professionals track medication administration, etc.

Give an example of healthcare innovation.

Artificial Intelligence and deep learning are helping medical professionals predict diagnoses and choose more effective medications. One of the greatest discoveries is that AI can detect early signs of dementia through speech.

How Blockchain Technology is Changing Real Estate?

Posted on March 4, 2024October 25, 2025 by deftsoft

The blockchain technology is profoundly transforming the real estate industry. The reason? High-level security, transparency and whatnot are what this technology encapsulates. The real estate industry is fascinated by the use cases of blockchain technology. The numbers say it all.

The real estate industry is growing rapidly at a CAGR of 66.27% currently. This trend is expected to grow at the same compound annual growth rate until 2027. Also, it is estimated that almost 50% of all transactions could happen via blockchain by the year 2025. Isn’t that surprising?

The solid indication of the real estate market disruption is challenging the market norms. Speaking of which, commercial real estate is about to reach new heights with the intervention of blockchain technology.

This blog is a gentle introduction to what is blockchain in the real estate industry, how blockchain can be used in real estate, and the benefits of blockchain in real estate.

What is Blockchain in Real Estate?

Blockchain is a distributed ledger technology (DLT) that stores data on a distributed network of nodes. The blocks of information are decentralized and offer end-to-end encryption. This is the reason why the blockchain technology is very secure and transparent.

Since every industry has been transforming through blockchain, how could real estate be left untouched? For ages, the real estate industry signifies in-person interactions to trade various physical assets. The advent of blockchain has enabled the industry to adopt a fresher perspective.

The real estate industry is going paperless with more secure, transparent and quick transactions through blockchain technology. As Alex Blackwood, the founder of Mogul Club, says:

“The supply chain of real estate, when you think about it from a capital markets, operational and transactional perspective, you can really start to apply blockchain throughout those different avenues operating what’s called or solving for what is called that kind of Oracle problem of blockchain.”

One of the prime examples of blockchain applications in real estate is the application of leasing and payment processes. Smart contracts can automate various types of payments to encourage service providers, tenants and landlords. This is the major reason why real estate businesses have started relying on blockchain technology.

How Can Blockchain be Used in Real Estate?

The applications of blockchain in real estate are numerous. Some of the highlighting use cases of blockchain in commercial real estate are mentioned below:

Real Estate Asset Tokenization

Practicing asset tokenization is one of the most practical use cases of blockchain technology in the real estate industry. In simple words, asset tokenization refers to the digitization of real estate instruments, such as financial entities, securities, and land. Blockchain technology opens the door to a massive pool of investors since the real estate assets get tokenized.

This way, investors can sell fractions of their properties via tradable digital tokens. For instance, investors can list their properties for crowdfunding projects through asset tokenization.

Loan and Mortgage Security

Real estate deals involve hefty amounts of paperwork. This can make it difficult for the involved parties to verify loans, monitor transactions, secure data sharing, and ensure timely payment settlement. This is when blockchain technology comes into play and facilitates real-time reporting of payment settlements, loan updates, etc.

For example, investors can leverage smart contracts for mortgage agreements. They can use the technology to automate and apply the terms and conditions of a mortgage without any need for third-party intervention.

Urban Planning

Local communities often feel excluded from the real estate projects in their regions. Blockchain technology introduces an excellent solution to include them in these projects and, thus, seeks their acknowledgment for various initiatives. Investors can create blockchain-backed urban planning forums with local communities as the core members. They can contribute to the unanimous decisions leading to harmonious and sustainable projects.

Pre-Calculated Property Valuations

Blockchain technology can help gauge the perfect price for various properties. Blockchain platforms can improve transparency and provide an accurate real-time valuation for properties. It does so by analyzing the shared historical data on market trends, transactions, and previous sales. Buyers, lenders and investors can make more informed decisions by comparing a broad spectrum of data across a specific timeline through the blockchain platform.

Investor Background Check

Both tenants and investors can cross-check identities on the blockchain platforms with the help of KYC/AML processes. This process allows individuals to enhance security, reduce costs, and verify various personalities. Since the identities are verified, investors, borrowers and lenders can perform secure transactions.

Land and Properties Registries and Sales

Blockchain technology is easily deployable in the real estate industry to simplify and expedite land and property registries. This practice can reduce the risk of fraud, physical document mismanagement, and discrepancies. The distributed ledger technology can assist in enabling tamper-proof registries, reassignments and property/land sales.

What are the Benefits of Blockchain in Real Estate?

After exploring the real-life use cases of blockchain technology in real estate, it is time to address the proliferating benefits of the technology. Let’s discuss the major advantages of blockchain technology in real estate.

Transparent and Secure

One of the primary benefits of applying blockchain technology in real estate is that the technology offers transparency and security. It improves the operations of real estate as it keeps track of all the transactions and prevents potential frauds and double-spending, thus ensuring utmost security.

Fractional Ownership

Blockchain technology enables the tokenization of real estate properties and other instruments as digital assets. This allows investors to trade these fragmentized tokens to various parties. Investors can sell their ownership share anytime they want without any hassle involved. This method also opens the doors for individuals who cannot invest in a property independently.

Global Accessibility

Anyone across the globe can access real estate data and make investment choices judiciously through the decentralized network offered by blockchain. One can manage a large number of residential and commercial real estate stakeholders across the globe by harnessing the power of the investors present across the world.

Quick and Efficient

The intervention of blockchain in the real estate industry ensures speedy and efficient transactions. Thanks to the smart contract technology, the payments are automated according to the set rules. Therefore, blockchain ensures high accessibility, transparency, agility, and security.

Enhanced Liquidity

Since cryptocurrency in blockchain technology is less volatile and stable, it offers ease to the real estate stakeholders. Although real estate is considered illiquid conventionally, the intertwining of blockchain technology can enhance liquidity by tokenization of the properties. Individuals can readily sell, buy, lend and borrow these digitized tokens as and when needed.

No Intermediaries

The process of buying, selling and investing has become easier than ever since there are no intermediaries involved in the process. Blockchain technology has eliminated any third-party intrusion since smart contracts have dominated the market. It is imperative to say that smart contracts will facilitate more than 50% of the transactions in the upcoming five years.

What Does the Future of Blockchain in Real Estate Look Like?

Blockchain technology has introduced a life-transforming concept of decentralization. For ages, we have been dependent on centralized networks that are governed by single authorities, such as Meta, Bank of America, etc. Blockchain has unlocked the door to new possibilities, especially in the real estate sector.

Realtors no longer need to list their properties on various online platforms; all they need to do is upload their listings on a single decentralized platform, and the work is done. The world has already started inclining towards blockchain in commercial real estate. For instance, the UAE government launched the Emirates Blockchain Strategy in 2021 to push the blockchain technology and enable 50% transactions on it.

North Americans are also seamlessly embracing blockchain technology in real estate. As mentioned in the blog above, the founder of the Mogul Club discusses the potential of blockchain applications in the real estate industry.

How Can Deftsoft Help You?

Deftsoft is a premier blockchain development company that offers new-generation blockchain solutions tailored to your requirements. We have served a broad spectrum of industries, such as logistics, e-commerce, real estate, digital marketing, healthcare, etc.

Our experienced set of blockchain developers offer custom solutions to your problems and commit with utmost responsibility. If you’re an enterprise or business organization looking to expand your horizons in the real estate industry, let us bring your vision to life.

FAQs:

What is the benefit of blockchain in the real estate industry?

The benefits of blockchain technology in real estate are numerous. Primary benefits include high-level security, transparency, flexibility, and liquidity. One can also mitigate the risks of fraud and disputes with the integration of blockchain technology in real estate.

How is crypto used in real estate?

The introduction of crypto in real estate allows stakeholders to be more liquid with their investments and provides them the power of bargaining, unlike trading real estate for cash. Crypto transactions open up the gateway to smart contract implementation, which ensures sellers’ security. Therefore, they can settle down for lower offers.

How is blockchain technology used in commercial real estate transactions?

The blockchain technology has expanded the horizons of secure transactions in the real estate industry. Since the blockchain technology is decentralized, all the transactions occur on a public network. Therefore, a chain of transactional records is kept by the computer nodes. This process ensures high transparency of payments in the real estate industry.

What is meant by asset tokenization in the real estate industry?

Asset tokenization is the process of digitalizing real estate products, including securities, property, and financial organizations. Blockchain technology tokenizes real estate assets, opening them access to a vast pool of investors. This opens the door for a large pool of stakeholders with the minimum amount of investment.

How do you tokenize a real estate project using blockchain technology?

The first step to enable tokenization of assets in the real estate industry is to code a smart contract on any blockchain platform, such as Ethereum, Binance, etc. You can mention the rules and regulations in the smart contract that can be implemented when someone buys a tokenized digital asset in the corresponding real estate investment. Various management, transfer and ownership rules can be defined in the smart contract.