blockchain development

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.

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.

Smart Contract Vulnerabilities: Types & How to Prevent Them

Posted on June 12, 2024 by deftsoft

Smart contracts have transformed the way transactions occur across the web. These are self-implementing agreements among stakeholders without the interference of intermediaries on Web 3.0. It is important to note that smart contracts are built and run on top of blockchain.

Most commonly, users deploy smart contracts on Ethereum. A smart contract consists of a set of conditions and once these conditions are met, it launches automatically. Sounds easy and safe, right? Even though the smart contract is executed in the correct way, hackers have found their way into this ‘immutable’ blockchain system!

Why does this happen?

This is because there are many vulnerabilities or weaknesses in a smart contract that need to be identified. Therefore, smart contract auditing is the answer to recognizing the smart contract vulnerabilities and eliminating them.

You can refer to this guide to understand in-depth about the top smart contract vulnerabilities and what you can do to avoid them.

What is Smart Contract Auditing?

Smart contract auditing is the process of performing a thorough and comprehensive analysis of a smart contract in an application. The objective of smart contract auditing is to look for vulnerabilities and act on them robustly.

According to a CertiK report of 2023, the Web3 landscape lost a total of $1.84 billion across 751 security incidents. With such a huge number lost in the market, there is a grave need for performing security audits in smart contracts.

There are numerous tests that a smart contract auditor performs to identify these smart contract vulnerabilities. We’ll discuss more about these tests in the later part of this blog.

Watch Out for These Smart Contract Vulnerabilities

Here’s a list of top smart contract vulnerabilities that you need to watch out for in a target smart contract.

1. Reentrancy

When talking about Ethereum vulnerabilities, reentrancy is one of the most common types of smart contract vulnerabilities. This is a kind of vulnerability where an attacker tries to push in a malicious smart contract before a transaction is made. The reentrancy smart contract vulnerability can cause heavy financial loss as the attacker can get the ‘malicious’ smart contract implemented.

The reentrancy attack is one of the most common malicious attacks found in smart contract implementation.

The following are the main types of reentrancy attacks:

External Call

In this type of reentrancy attack, an attacker looks for the availability of an external call through a malicious contract. The external call befools the callee to execute the arbitrary code. Therefore, you must be aware if there is any external call getting executed in your smart contract.

Single Function Reentrancy

When an attacker is trying to call the exact vulnerable function again and again, it is called single function reentrancy. The scariest part about this attack is that the balance is only modified after the funds are transferred.

Cross-Function Reentrancy

This kind of reentrancy test is a complex version of the attack. It occurs when a vulnerable function shares its state with a function that can be potentially exploited by an attacker.

Read-Only Reentrancy

This is a new type of reentrancy test in which the attacker cannot directly enter and exploit a smart contract. Instead, he enters into another smart contract which then reads the state of the original smart contract. This reentrancy attack is quite hideous in nature as it doesn’t attack directly on the target smart contract.

How to Prevent Reentrancy Attacks?

For Other Reentrancy Attacks

One of the simplest ways to prevent reentrancy attacks, other than read-only reentrancy attacks, is to use ReentrancyGuard. It allows you to add a modifier to the functions that are vulnerable in nature. For example, you can use the nonReentrant modifier to stave off single-function and cross-function reentrancy attacks.

For Ready-Only Reentrancy Attacks

To avoid read-only reentrancy attacks, you can leverage the checks-effects-interactions pattern for the highest level of security. The trick is to make the state changes prior to an attacker enters the smart contract.

The checks-effects-interactions pattern follows the below-mentioned sequence to order smart contract functions:

Begin the function with checks, such as assert or require statements.
Perform the state of the smart contract, that is, you need to make state modifications.
Lastly, you need to perform interactions with other smart contracts. External function calls are a great example.

The implementation looks as follows:

function withdraw() external {
  uint256 amount = balances[msg.sender];
  balances[msg.sender] = 0;
  (bool success,) = msg.sender.call{value: balances[msg.sender]}(“”);
  require(success);
}

Here, the balance is set to 0 and nothing can be transferred after the first interaction.

2. Gas Grieving

Gas grieving is another significant and commonly found smart contract vulnerability, especially on the Ethereum platform. Let’s understand what it means. Whenever a user has to make a transaction or execute a smart contract, a certain fee must be paid. This fee is called a gas fee. The price of this gas fee is decided based on the demand, supply and network capacity during a transaction.

Sometimes, the gas fee is enough to implement the smart contract but not enough to make calls to other smart contracts, which are called sub-calls. When these sub-calls fail to happen, either the execution is continued or the transaction fails.

This is when gas grieving, a significant smart contract vulnerability occurs. For example, a relayer contract allows a user to make and sign a transaction. This usually happens when users are not able to pay for the gas.

How to Prevent Gas Grieving?

Although there is no definite way to prevent gas grieving smart contract vulnerabilities, you can do the following:

You can code the smart contract or get it coded by a blockchain developer and set the amount of gas fee to be sent. This way, the user doesn’t have to send the gas fee dedicatedly.
Only the trusted users should be allowed to relay the transactions.
Another way to prevent gas grieving is to provide enough gas. It can be done with the following code:

// contract called by Relayer
contract Executor {
    function execute(bytes _data, uint _gasLimit) {
        require(gasleft() >= _gasLimit);
        …
    }
}
Source: GitHub

3. Integer Overflows and Underflows

Integer overflows and underflows occur in a smart contract when the result of an arithmetic operation exceeds or remains below the fixed-size ranges. Older smart contracts leveraged the SafeMath library to prevent exceeding or ‘less than’ values. However, in the Solidity blockchain platform, there is a built-in SafeMath logic that prevents integer overflowing and underflowing.

We’ll take the case of Solidity, where integer types have the following maximum values.

Unit8 => 255
Unit16 => 65535
Unit24 => 16777215
Unit256 => (2^256) – 1

So, when do the overflows and underflows occur? When the value goes beyond the maximum value, integer overflow happens. This is when the value is taken back to zero.

On the contrary, when the value is even below the minimum value limit, integer underflow happens. This is when the value goes up to the maximum value limit.

Overflow bugs especially occur with small integer types such as unit8, unit16, etc. as these integer types have smaller maximum values that get overflowed easily. Therefore, these values should be used with utmost care.

How to Prevent Integer Overflows and Underflows?

Here are the two approaches you can use to prevent integer overflows and underflows:

You can use the SafeMath library if you’re working on older smart contracts.
The 0.8.0 version of Solidity does not allow any occurrence of integer overflows and underflows as it comes with a built-in SafeMath logic.

Note: You can avoid the SafeMath logic by using unchecked blocks.

4. Unencrypted Private Data

Blockchain is an immutable technology however, it is completely transparent in nature. All the information stored on the blockchain is readable, accessible and visible to everyone on the network. Therefore, it is not advisable to add confidential or sensitive information on the blockchain network.

Smart contracts built on top of blockchain often contain sensitive functions and variables. To give you an idea, the smart contract code, storage and data can always be read by anyone. Malicious attackers can decompile the code and gain sensitive transaction information.

How to Prevent Private Data Leaks?

You can follow the below-mentioned tips to prevent data leaks:

Smart contract developers must implement specific access controls.
You can also use the principle of least privilege by leveraging Solidity’s variable and function visibility modifiers. This allows you to offer minimum-level visibility to the smart contract.

5. Denial of Service (DoS) Attack

There are many reasons for a Denial of Service attack, one of which is when logic cannot be executed. This often occurs as a result of unexpected revert. Some of the prominent reasons for the logic to get reverted are as follows:

Integer Overflow/Underflow

If you’re using anything below Solidity 0.8.0 where the SafeMatch library is missing, there are many chances of creating integer overflows and underflows while performing arithmetic operations. These overflows and underflows can cause a revert that can gradually lead to a Denial of Service (DoS).

However, it doesn’t mean that the usage of checked math will always lead to DoS attacks. You just need to take care while working with small integers such as int8/uint8, int16/uint16, int24/uint24, etc.

Reverting Funds Transfer

Sometimes, when you try to send funds to a user with functions, Denial of Service (DoS) attacks can occur. The attacks occur in these functions when the functionality depends on the successful transfer of the funds.

An attacker can act to send funds to a smart contract and then simply create a fallback function that reverts the complete payment. This way, the attacker can revert all the payments and those payments can never be refunded.

Note: You can prevent the reverted payments by using a pull function rather than a push function. This way, the recipient can call the function for payment.

Unexpected Balances

Sometimes, an attacker deliberately increases your account funds to cause an unexpected revert. He can either do so by simply transferring ERC20 tokens into the contract or by forcibly sending Ether to a contract.

For example, an attacker may forcibly send Ether to a contract even before the first deposit which can cause all the deposits to revert.

How to Prevent Denial of Service (DoS) Attacks?

The following are the best ways to prevent Denial of Service (DoS) attacks:

You must never call external smart contracts that cannot be fully trusted. On the flip side, you should also stay away from granting access to untrusted accounts.
It is advisable to use multi-signature wallets that use multiple private keys to access or transfer cryptocurrency assets.
You can set a gas limit to prevent the exhaustion of gas units through malicious recursive calls.

Bottom Line

With the emerging use of blockchain technology, smart contracts are emerging as a significant entity to enable transactions. However, hackers have still made their way to detect poignant smart contract vulnerabilities to parse their way into the technology. This is the reason why it is important to adopt smart contract vulnerability detection techniques to identify bugs in smart contracts and act on them robustly.

Are you an enterprise or business organization looking for smart contract testing services? Deftsoft is here to help cross-check your smart contract against all the above-mentioned smart contract vulnerabilities. Contact us now!

FAQs:

1. What are the common types of smart contract vulnerabilities?

Smart contract vulnerabilities include reentrancy attacks, gas grieving, integer overflows and underflows, unencrypted private data, and denial of service (DoS) attacks. These vulnerabilities can lead to significant security issues and financial losses if not properly addressed.

2. How can I perform smart contract vulnerability detection?

Smart contract vulnerability detection involves conducting thorough audits and analyses of the smart contract code. This process includes identifying and reducing vulnerabilities through various tests and checks, such as the use of ReentrancyGuard, checks-effects-interactions patterns, and SafeMath libraries.

3. What tools can be used as a smart contract vulnerability scanner?

A smart contract vulnerability scanner can be a specialized software or tool designed to automatically detect vulnerabilities in smart contracts. Examples of such tools include MythX, Oyente, and Slither, which analyze the code for potential security flaws and provide detailed reports on any detected issues.

4. How can smart contract vulnerabilities be prevented?

Preventing smart contract vulnerabilities involves several practices, including:
=> Using the checks-effects-interactions pattern to avoid reentrancy attacks.
=> Implementing SafeMath or using Solidity 0.8.0 and above to prevent integer overflows and underflows.
=> Ensuring proper access controls and visibility modifiers to protect private data.
=> Making DoS attacks expensive through gas fees and time-lock puzzles.

5. Why is smart contract vulnerability detection crucial for blockchain applications?

Smart contract vulnerability detection is crucial because it helps identify and address security weaknesses before they can be exploited by hackers. By detecting vulnerabilities early, developers can ensure the integrity, security, and reliability of blockchain applications, thereby protecting users and assets from potential threats and financial losses.

Top 10 Blockchain Development Companies

Posted on June 7, 2024 by deftsoft

Once merely started as a decentralized digital currency, blockchain has now become a full-fledged autonomous technology. With its numerous applications across various industries, blockchain technology has become an indispensable resource for fostering business security and growth.

According to Cision PR Newswire, the global blockchain market is expected to reach a whopping $39.7 billion in 2025. Another statistic from Statista states that blockchain technology is forecasted to reach around 943 billion U.S. dollars in 2032 with a CAGR of 56.1%.

Whether you’re a tech-based enterprise or a business organization, it is imperative to invest in a premier blockchain development company to propagate a secure, transparent, and credible environment.

Explore the novel wave of transformation from our well-researched list of top-notch blockchain development companies.

How to Choose the Best Blockchain Development Company?

There are plenty of factors to consider when looking for a solid blockchain development company. From the company’s authority to project history, enterprises and business organizations must consider a certain set of pre-considerations before handing over a pivotal blockchain project to a blockchain development company. For your ease, we have laid down the list of key questions to ask yourself when choosing the right fit for you.

You can refer to the following questionnaire when choosing the best blockchain development company that fits your bill:

How long has the company been established?
What is the team size of the experts of the company?
Does the company’s services align with your budget?
How are the reviews of the company’s blockchain development services?
What is the company’s search engine ranking?
What technology stack is leveraged by the company?
Does the company have reliable client testimonials?
What industries has the company been catering to?
Is the company flexible and robust with its offerings?

After finding out the answers to these questions, you can find the best blockchain development company that offers customized services.

Our team of experts have carefully created a list of reliable blockchain development companies so that you can choose the one that meets your project’s scope and expectations.

List of Top-Notch Blockchain Development Companies

It’s time to address the elephant in the room: where to find the best blockchain development services? With sophisticated research, you can refer to the following top blockchain development companies to outsource your blockchain project.

1. Deftsoft – Customized Blockchain Development Services

Deftsoft is an all-inclusive blockchain development company that has been offering customized solutions across various industries for more than 18 years. The company has a vast clientele from across the globe, including healthcare, logistics, finance, e-commerce, etc. They have specialized blockchain developers, UI/UX designers, and testers to aid enterprises and business organizations in fulfilling their project requirements and achieving their vision in a dedicated economic budget.

Deftsoft is a Clutch-recognized blockchain development company with an aggregate rating of 4.8 stars. It offers full-cycle and scalable blockchain development services with experts who have experience with various blockchain platforms such as Hyperledger, Ethereum, Tezos, Stellar, EOS, Polkadot, Binance, Polygon, Avalanche, Substrate, Cardano, etc.

These experts are also fluent in blockchain-specific programming languages, including Solidity, Rust, Go, C++, JavaScript, Python, Vyper, Kotlin, React and Angular.

Whether you’re a well-established enterprise or an emerging startup or a business organization, Deftsoft’s innovative and custom blockchain services are meant for you.

Deftsoft offers the following blockchain development services to boost enterprise growth and enhance industry recognition:

Initial Coin Offering (ICO), Initial Exchange Offering (IEO) and Security Token Offering (STO) development
Decentralized Apps (dApps) development
Smart contracts development
Crypto wallet development
Peer-to-peer (P2P) lending platform development
Non-Fungible Tokens (NFTs) development

Key Specifications:

Years of Experience: 18 years
Awards and Recognitions: Clutch and TiECON partner
Projects Completed: 900+
No. of Blockchain Experts: 50+

2. Mobile Coderz

Mobile Coders is an innovative blockchain development company that helps enterprises and business organizations unleash the power of decentralized ecosystems. They help clients build smart contracts, integrate crypto wallets and other digital wallets, engineer decentralized applications and build crypto exchange platforms. Their goal is to help businesses grow and stay competitive across the globe.

The company has a team of blockchain developers who help you build a decentralized ecosystem for your brand and revolutionize your blockchain idea into a practical blockchain solution. It is a leading name in the industry and has comprehensive blockchain knowledge.

The highlighting features of their blockchain development services include reduced costs, enhanced security, high transparency and traceability, individual data control and automated business processes.

Their blockchain development services include the following:

Blockchain app consultation
Smart contract development
End-to-end dApp solutions
Initial Coin Offering (ICO) development services
Crypto wallet development
Hyperledger based solution
NFT marketplace development
Crypto tokenization

Key Specifications:

Years of Experience: 7+ years
Projects Completed: 75+
No. of Blockchain Experts: 20+

3. Debut Infotech

Debut Infotech is yet another blockchain development company that offers customized blockchain development services. Established in 2011, Debut Infotech is a company focused on yielding tangible results and outshining competitors.

This company provides secure and scalable blockchain solutions with a special focus on creating smart contracts, decentralized applications (dApps) and performing blockchain integration in various modern solutions.

You can elevate your business with their various blockchain development services such as blockchain technology consulting, blockchain supply chain management, custom blockchain app development, hyperledger fabric development, decentralized app (dApp) development, NFT marketplace development, smart contract development, coin and token development and crypto wallet development.

The company possess numerous experts who are familiar with a diverse range of blockchain platforms such as Polygon, Binance, Ethereum, Corda, Hyperledger, Substrate, Polkadot, Avalanche, Tezos, etc.

The primary goal of Debut Infotech is to offer affordable blockchain solutions in healthcare, finance, retail and e-commerce, gaming, logistics and supply chain, entertainment, travel and real estate.

Key Specifications:

Years of Experience: 13 years

4. Osiz Technologies

Osiz Technologies is a dynamic blockchain development company that has been established for over 15 years in the industry. This company is specialized in offering customized blockchain development services to business organizations and startups by harnessing their expertise in Solidity, Hyperledger, EVM, Substrate and Cosmos.

Osiz Technologies offers cutting-edge solutions to clients across the globe who offer cutting-edge solutions to enterprises, startups and business organizations. Their comprehensive blockchain development services include blockchain consulting, blockchain app development, blockchain-powered startup support and other future-proof blockchain solutions.

The highlighting blockchain development services offered by Osiz Technologies are as follows:

Crypto exchange development
AI development
Metaverse development
Game development
Web3 development
Defi development
Token development
NFT marketplace development

The benefits of their blockchain development services include enhanced privacy, increased efficiency and cost-saving, transparency, traceability, global accessibility and trust. You can outsource your project to Osiz Technologies if you want bespoke blockchain development services.

5. Boosty Labs

Boosty Labs is an offshore blockchain development company that has solid experience in developing cryptocurrency, smart contracts and other enterprise blockchain solutions. They lay their foundation on following an efficient and well-established internal process, thus creating a high-level and sophisticated approach to quality control.

The highlighting blockchain development services of Boosty Labs include outsourcing blockchain app development for B2B businesses, smart contract development services that include creation and launch of cryptocurrencies, building decentralized exchanges and decentralized apps (dApps) for decentralized finance, outsourcing decentralized web and mobile development services and secure storage of cryptocurrencies.

This company majorly focuses on boosting the growth of startups through blockchain technology, fintech and cloud computing. Boosty Labs help you create an end-to-end blockchain product that you can confidently showcase the world. Established for more than six years in the industry, the company’s first-ever client was Storj, the world’s largest decentralized cloud storage solutions.

Key Specifications:

Years of Experience: 7 years

6. SCAND

SCAND is an emerging blockchain development company that offers unbiased access to blockchain development services to startups and business organizations. SCAND’s prime focus is on offering reliable blockchain development services and developing cryptocurrency solutions such as crypto wallets, crypto exchanges, trading apps, etc.

The company has gained comprehensive experience in the blockchain industry as it has been an early bird in the budding field of blockchain and cryptocurrency. The two main offerings of Scand include the following:

Blockchain software development services
Blockchain app development services

The blockchain software development services include developing apps to manage and trade cryptocurrencies, building secure and efficient cryptocurrency exchange platforms, and blockchain-powered marketplaces, NFT marketplaces and other custom blockchain network solutions.

The blockchain app development services of SCAND include creating solutions that ensure the mitigation of attacks on decentralized solutions. The company has a team of well-versed blockchain developers who possess deep expertise in fortifying critical networks and hardware requirements. It doesn’t end there. The seasoned developers also focus on fixing data issues to maintain a tamper-free decentralized environment.

Key Specifications:

Years of Experience: 24 years

7. Jafton

Jafton is a premier blockchain development company that has revolutionized the existing traditional processes running across a broad spectrum of industries. It offers affordable blockchain and distributed ledger solutions for various segments such as real estate, retail and supply chain management. The main objective of Jafton is to ensure the security of sensitive data and build robust payment systems by leveraging the power of robust distributed ledger systems.

Over the period of eleven years, the company has built more than 200 apps that are functioning across the globe with a high satisfaction rate. It is a custom blockchain app development company that utilizes the power of blockchain developers and other professionals. They offer end-to-end services that include building a minimum viable product (MVP), pilot and full-scale custom blockchain solutions.

Their process of creating blockchain solutions start right from discussing the project, planning and preparing a proposal, designing the MVP that kicks off the development process, developing and coding the project, Quality Assurance (QA) testing and finally releasing the project.

Key Specifications:

Years of Experience: 11 years

8. UIG Studio

UIG Studio is a specialized blockchain development company that has a dedicated group of developers and designers who are experienced in building decentralized apps with a unique interface that is user-intuitive and seamless to the users. Now, their primary focus has become offering trustworthy blockchain solutions and developing products around the technology. Considering custom software development as their prime focus, the company can help you transform your business idea into a fully-functional and secure blockchain application.

UIG Studio caters to various projects belonging to media and entertainment, logistics, supply chain management, healthcare, digital identity, banking and many other industries. The pivotal blockchain development services of UIG Studio include building decentralized applications, smart contracts, enterprise blockchain solutions and blockchain wallets.

The company has a team of blockchain developers who are proficient in working with the most popular and mainstream blockchain platforms such as Hyperledger, Ethereum and EOS. The professionals also leverage the power of Agile development process, rigorous testing and robust launch of the blockchain project.

Key Specifications:

Years of Experience: 14 years

9. PixelCrayons

PixelCrayons is an innovative blockchain development company that focuses on creating decentralized, transparent, credible and secure transaction platforms for decentralized networks. They have quite a wide range of experience in the industry as they build secure and efficient systems to drive business growth and eliminate potential risks of malicious attacks.

PixelCrayons offers various blockchain development services which include blockchain consulting, digital transformation through advanced blockchain technologies, digital wallet development on Web3, decentralized apps on hyperledger fabric and multichain networks, smart contract development, minimum viable product (MVP) development, and many more.

To summarize, PixelCrayons provides solid blockchain services, including designing smart contracts, integrating blockchain into existing systems, building decentralized apps proficiently and other custom blockchain development services.

Key Specifications:

Years of Experience: 20 years

10. Etteligens Technologies

Ettleligens Technologies is a solid blockchain development company that mainly focuses on creating decentralized and immutable mobile app solutions for the decentralized world of Web 3.0. This company has a full-fledged team of blockchain developers, designers and marketers who help clients foster their blockchain projects to new heights without compromising security norms.

The company offers various blockchain development services such as minimum viable product (MVP), crypto exchange development, end-to-end dApp development, private blockchain development, Initial Coin Offering (ICO) development services, crypto wallet development, hyperledger-based solutions, supply chain decentralized solutions, smart contract auditing, decentralized finance and payment solutions and other custom blockchain development services.

Key Specifications:
Years of Experience: 10 years

Bottom Line

Choosing the right blockchain development company that fits your checklist is pivotal in yielding affirmative results. Ensure that you find a company that aligns with your project requirements, your budget and project type. For instance, if you’re building a decentralized mobile app, you must consider blockchain development companies that have a proven track record of building apps in a dedicated space.

We hope this list of top-notch blockchain development companies helps you find what you’re exactly looking for!

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++.

Blockchain App Development: Shaping the Future of Mobile Technology

Posted on September 21, 2023 by deftsoft

In the rapidly evolving landscape of technology, blockchain has emerged as a revolutionary force. Its impact is not limited to the financial sector; rather, it extends to various industries, including mobile technology. Blockchain app development is poised to reshape the future of mobile technology, ushering in a new era of security, transparency, and efficiency. In this article, we will explore the significant role that blockchain plays in mobile app development and its implications for the future.

What Is Blockchain?

Blockchain is a decentralized and distributed ledger technology that records transactions across multiple computers. These transactions are grouped into blocks, forming a chain. Each block contains a cryptographic hash of the previous block, ensuring the integrity of the entire chain.

There are three types of blockchain. These are:

Public blockchain:

Consider the public blockchain as an open-source technology that can be accessed by any individual. For instance, Bitcoin, Ethereum, and Dogecoin are examples of public blockchain since any individual can use them to make transactions.

Private blockchain:

A private blockchain is a type of blockchain that cannot be accessed by everyone. Only the users with granted permissions can access the data.

Consortium or federated blockchain:

Only a preselected group of stakeholders can control the mining process.

Why blockchain is relevant in mobile app development?

According to a recent report by Cybersecurity Ventures, cybercrime costs will hit $10.5 trillion by 2025 across the globe. Mobile apps are no exception to these malicious attacks. Over 24,000 malicious mobile apps are blocked every day (Tech Jury).

The above statistics explain the grim need for the intervention of blockchain technology in mobile app development. The relevancy of blockchain in mobile app development is because of its following features:

1. Enhanced Security: Security is paramount in the world of mobile app development. Blockchain’s decentralized and cryptographic nature provides a highly secure environment for storing and managing user data. Traditional centralized databases are vulnerable to hacking and data breaches, but blockchain’s architecture makes it exceptionally resistant to unauthorized access and tampering. This added layer of security helps protect user information, fostering trust among app users.

2. Immutable Data: In blockchain, once data is recorded, it becomes virtually immutable. This means that once a piece of information is added to the blockchain, it cannot be altered or deleted without the consensus of the network. In mobile app development, this feature ensures data integrity, reducing the risk of data manipulation and fraud. Users can have confidence that the information they interact with within the app is accurate and unaltered.

3. Transparency and Trust: Blockchain’s transparent ledger system allows users to verify transactions and data independently. This transparency builds trust, especially in applications where financial transactions or sensitive information are involved. Mobile apps utilizing blockchain can provide users with real-time access to transaction histories, enhancing transparency and accountability.

4. Smart Contracts: Smart contracts are self-executing agreements with predefined rules and conditions. They automate processes and transactions, reducing the need for intermediaries, such as banks or legal entities. In mobile app development, smart contracts can streamline various operations, such as payment processing, identity verification, and supply chain management. This automation not only saves time but also reduces the potential for errors and disputes.

5. Decentralization: Traditional mobile apps rely on centralized servers, making them vulnerable to server outages and downtime. Blockchain-based apps, on the other hand, operate on decentralized networks, distributing data and processing across multiple nodes. This decentralization minimizes the risk of app downtime and ensures continuous availability, even in the face of network disruptions.

Blockchain Software Development Platforms

Blockchain software development platforms are the foundations upon which dApps are built. They provide developers with the necessary tools, frameworks, and infrastructure to create and deploy blockchain-based applications. These platforms enable the execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.

Here, we’ll explore some of the most popular blockchain software development platforms, each with its own unique features and capabilities:

1. Ethereum

Ethereum is often considered the pioneer and leader in the blockchain software development space. It introduced the concept of smart contracts, self-executing agreements with code-based rules. Ethereum’s programming language, Solidity, is widely used for writing smart contracts. The Ethereum platform has a large and active developer community, making it a preferred choice for dApp development.

Key Features:

=> Smart Contracts: Ethereum’s primary feature, enabling programmable and automated agreements.
=> Decentralization: Ethereum operates on a decentralized network of nodes, ensuring security and censorship resistance.
=> Interoperability: Ethereum has inspired the development of many other blockchain projects and tokens, fostering interoperability.

2. Binance Smart Chain

Binance Smart Chain (BSC) is known for its compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows developers to easily port Ethereum-based dApps to BSC, taking advantage of its high-speed and low-cost transactions. BSC is integrated into the Binance ecosystem, providing seamless access to various services.

Key Features:

=> Compatibility: BSC is EVM-compatible, simplifying the migration of dApps from Ethereum.
=> High Throughput: BSC offers fast transaction processing and lower fees, making it suitable for various applications.
=> Binance Ecosystem: Access to Binance’s extensive ecosystem of services and products.

3. Cardano

Cardano is renowned for its focus on sustainability, scalability, and rigorous academic research. It places a strong emphasis on formal methods and peer-reviewed research to ensure the security and reliability of its platform. Cardano uses the Haskell programming language for smart contract development.

Key Features:

=> Formal Verification: Cardano employs formal methods to mathematically verify the correctness of smart contracts.
=> Sustainability: Cardano’s unique treasury system funds ongoing development and improvements.
=> Layered Architecture: Cardano uses a layered architecture to enhance scalability and flexibility.

Factors to Consider for Blockchain App Development

When embarking on blockchain app development, there are several critical factors to consider to ensure the success and effectiveness of your project. These factors encompass technical, strategic, and practical aspects of the development process. Here are the key factors to keep in mind:

1. Platform Selection

Choosing the right blockchain platform is paramount. Different platforms have varying features, consensus mechanisms, and programming languages. Consider factors such as scalability, security, and community support when selecting a platform like Ethereum, Binance Smart Chain, or Cardano.

2. Use Case and Objectives

Clearly define the purpose of your blockchain app. Understand whether it’s for financial transactions, supply chain management, identity verification, or other applications. Setting specific objectives will guide your development efforts.

3. Scalability

Scalability is a crucial factor, especially if you anticipate high transaction volumes. Ensure that your chosen blockchain platform can handle the expected traffic and has solutions for scalability challenges.

4. Smart Contracts

If your app requires smart contracts, choose a platform that supports them. Understanding the logic and functions of your smart contracts is essential for proper development.

5. Security

Security is of utmost importance in blockchain development. Implement robust security measures to protect against vulnerabilities, hacks, and unauthorized access. Consider using established security protocols and conducting thorough audits.

Languages for Blockchain Mobile App Development

Blockchain development requires a deep understanding of various programming languages, depending on the specific blockchain platform and the components you’re working on. Here are some of the best languages commonly used in blockchain development:

1. Solidity:

Solidity is a high-level programming language specifically designed for developing smart contracts on the Ethereum blockchain. It was created to make it easier for developers to write secure and efficient code for decentralized applications (dApps). Solidity’s syntax is similar to JavaScript and Python, making it accessible to a wide range of developers.

One of the key features of Solidity is its focus on security. It includes built-in functions for common security patterns and offers tools for automated testing and code analysis to identify vulnerabilities. This is crucial because smart contracts, once deployed, cannot be altered, so ensuring their security during development is paramount.

Solidity also supports object-oriented programming, enabling developers to create complex, modular smart contracts. It has a large and active developer community, extensive documentation, and a wide range of resources, making it one of the most popular choices for Ethereum-based dApp development.

2. Vyper:

Vyper is another programming language designed for Ethereum smart contract development. It was created as an alternative to Solidity, with a primary focus on simplicity and security. Vyper’s syntax is intentionally designed to be less complex than Solidity, making it easier to read and audit.

Vyper achieves its simplicity by avoiding features that are present in Solidity but could potentially introduce security risks or ambiguities. This approach aligns with the Ethereum community’s commitment to security and safety in smart contract development.

While Vyper offers readability and security benefits, it may not be as feature-rich or versatile as Solidity. Developers often choose Vyper when they prioritize code simplicity and clarity, especially in situations where security is of utmost importance.

3. Rust:

Rust is a systems programming language known for its emphasis on safety, performance, and concurrency. It has gained popularity in the blockchain space due to these attributes, making it a preferred choice for developing blockchain platforms and components.

Rust’s safety features, such as ownership and borrowing, help prevent common programming errors like null pointer dereferences and data races. This level of safety is crucial in blockchain development, where security and reliability are paramount.

Moreover, Rust’s performance is exceptional, making it suitable for building blockchain nodes and components that require high throughput and efficiency. Blockchain projects like Solana and Polkadot have adopted Rust for their development, benefiting from its speed and safety. Additionally, Rust’s support for concurrent programming enables blockchain platforms to process multiple transactions simultaneously, enhancing scalability.

4. JavaScript (Node.js):

JavaScript is a widely used programming language for web development. In the context of blockchain, JavaScript is often used with Node.js, a server-side runtime environment, to interact with blockchain networks and build the front-end and back-end of decentralized applications (dApps).

JavaScript is a crucial language for building the user interfaces of dApps. Libraries like Web3.js and ethers.js provide interfaces to connect with Ethereum and other blockchain networks, allowing developers to create interactive and user-friendly interfaces for blockchain applications.

Node.js is employed for server-side scripting in blockchain-related applications. It enables developers to build server-side logic, handle API requests, and manage database interactions for dApps. Its non-blocking, event-driven architecture is well-suited for handling real-time data in blockchain applications.

5. Go (Golang):

Go, often referred to as Golang, is a statically typed, compiled programming language created by Google. It has gained popularity in the blockchain space due to its simplicity, efficiency, and strong support for concurrency.

Go is known for its efficient memory management and minimal runtime overhead, making it a suitable choice for building blockchain nodes and infrastructure components. It allows for high-performance blockchain networks. It is also clean and straightforward, making it easy to read and write code. This simplicity contributes to the language’s popularity, as it reduces the likelihood of errors and aids in code maintenance.

Blockchain App Development: How much time does it require?

The time required for blockchain app development can vary significantly based on several factors. These factors include the complexity of the app, the blockchain platform chosen, the testing & security of the project, and the specific features and functionalities you want to implement. Here’s a breakdown of the key considerations:

Project Scope and Complexity: The more complex the blockchain app, the longer it will take to develop. Simple applications, like a basic token or a simple smart contract, may take a few weeks, while more complex projects, such as decentralized exchanges or supply chain management systems, can take several months or even years.

Blockchain Platform: The choice of a blockchain platform can impact development time. Platforms like Ethereum and Binance Smart Chain have mature ecosystems and developer tools, which can expedite development. However, if you opt for a less established or custom blockchain solution, development may take longer due to the need to build more components from scratch.

Features and Functionalities: The features and functionalities you want to implement in your blockchain app will impact the development timeline. Complex features, integrations with external systems, and advanced smart contracts can extend development time.

Testing and Security: Blockchain apps require thorough testing and security audits to ensure they function correctly and are secure. This phase can add a substantial amount of time to the development process, but it is crucial to avoid vulnerabilities and issues.

The future of blockchain in mobile app development

The future of blockchain in mobile app development promises enhanced security through cryptographic encryption and decentralized ledger technology. It will see the widespread adoption of blockchain to protect user data and digital assets, mitigating cyber threats. Decentralized Apps (dApps) will become more prevalent, offering users increased control over their data and transactions. Additionally, blockchain’s transparency will foster trust in mobile apps, benefiting industries like finance, healthcare, and supply chain management. Interoperability between different blockchain networks will rise, enabling seamless communication between apps and expanding their functionalities. As blockchain matures, its integration will redefine how mobile apps operate and interact with users.

Why Should You Use Deftsoft to implement Blockchain for Mobile apps?

When considering the implementation of blockchain technology for mobile apps, choosing the right partner is crucial, and Deftsoft emerges as a compelling choice. Deftsoft is a blockchain development company with a track record of excellence in providing blockchain development, consulting, and related services to businesses worldwide. Our team comprises highly skilled professionals with a wealth of experience in blockchain technology. We offer a comprehensive suite of services that includes blockchain development, consulting, and various other blockchain-related solutions to businesses across the globe.

What truly sets us apart is our commitment to delivering tailored solutions that precisely match the unique requirements and objectives of our client’s mobile app projects. We understand that no two projects are the same, and we work closely with you to ensure that our blockchain integration seamlessly enhances the functionality and security of your mobile apps.

Wrapping Up

In conclusion, blockchain technology has emerged as a transformative force in mobile app development. Understanding its core principles and the benefits it brings to mobile apps is crucial. We’ve explored the significance of blockchain software development platforms and the key factors to consider when embarking on a blockchain app development journey. Additionally, we’ve discussed the programming languages for blockchain projects and the potential timeframes involved in development. When considering a partner for blockchain implementation, Deftsoft shines as a reliable choice. Looking forward, the future of blockchain in mobile app development promises enhanced security, decentralized apps, and a more transparent, trustworthy digital landscape, offering new possibilities for innovation and user empowerment.

FAQs:

What is meant by blockchain app development?

Blockchain app technology is a distributed ledger technology that is used to record transactions and keep them secure. The transactions recorded cannot be decrypted. It is also used to manage and track assets in a network, be it physical or non-physical assets.

Which is the best technology for creating a blockchain app?

One of the best technologies for creating decentralized apps is Ethereum. Blockchain developers can make use of Solidity, which is a smart contract language offered by Ethereum.

What types of mobile apps can be built using blockchain technology?

A blockchain app can be created for various industries. The varied apps that can be developed using blockchain technology include healthcare, logistics, Internet of Things (IoT), Non-Fungible Tokens (NFTs), government apps, smart contracts, money transfers, etc.

Which is the best programming language for blockchain?

Python is one of the best programming languages for blockchain technology. Because of its user-friendly syntax, it can easily be understood by anyone. On top of that, Python is an open-source language; therefore, you can access libraries, frameworks and tools, etc., to build blockchain mobile apps.

Why should blockchain be used in mobile app development?

Blockchain is a new-age technology that offers secure transactions for mobile apps. For instance, blockchain technology can be used in trading apps to secure transactions and ensure that they’re tamper-proof.

Blockchain: A Revolution in Digital Trust and Transparency

Posted on September 16, 2023 by deftsoft

In the rapidly evolving landscape of technology, blockchain development has emerged as a revolutionary concept that has disrupted traditional systems of trust, transparency, and data management. The components of Blockchain have transformed industries from finance to healthcare, and its potential applications continue to expand. In this comprehensive guide, we will delve into the essence of blockchain, its key components, and real-world examples to understand how this technology is changing how we interact, transact, and trust in the digital age.

The Foundation of Blockchain

At its core, blockchain is a decentralized and distributed ledger technology that records transactions across multiple computers to ensure their immutability and transparency. This decentralized nature is one of its defining features and differentiates it from traditional centralized systems, such as banks or government databases.

A central authority (like a bank) holds and controls all transaction data in a traditional system. In contrast, blockchain disperses this data across a network of computers known as nodes. Each node stores a copy of the entire blockchain, and there is no single point of control. This decentralization reduces the risk of manipulation or fraud, as no single entity has full authority.

Key Components of a Blockchain

To understand how a blockchain works, it’s essential to grasp its key components and how they interact:

1. Blocks: A blockchain is a chain of blocks, each containing a set of transactions. These transactions can represent anything from financial transfers to asset ownership records. Blocks are linked together in chronological order, forming a chain.
2. Cryptographic Hash: Each block contains a cryptographic hash of the previous block, which creates a secure and immutable connection between them. If the data in a block is altered, the hash changes, indicating tampering.
3. Consensus Mechanism: For transactions to be added to the components of the blockchain, there must be a consensus among the nodes in the network. Common consensus mechanisms include Proof of Work (PoW) and Proof of Stake (PoS). PoW requires nodes to solve complex mathematical problems to validate transactions, while PoS relies on a node’s cryptocurrency.
4. Distributed Ledger: All nodes in the network have a copy of the ledger, ensuring transparency. Once a transaction is validated, it is added to all copies of the catalog simultaneously.
5. Immutability: Once a block is added to the chain, its contents are immutable and cannot be altered without the consensus of most nodes. This immutability enhances trust in the system.

How Blockchain Works: An Example

Let’s explore how a blockchain works with a simple example: Alice wants to send digital currency to Bob using a blockchain-based system.

Step 1: Alice initiates a transaction, creating a digital record of her intent to send a certain amount of cryptocurrency to Bob.

Step 2: This transaction is broadcast to the blockchain network, where nodes validate its authenticity and accuracy using the consensus mechanism.

Step 3: Once the transaction is verified, it is bundled with other transactions into a block. The block includes a cryptographic hash of the previous block, creating a secure link.

Step 4: Miners, responsible for validating and adding transactions to the blockchain, compete to solve a complex mathematical problem. The first miner to solve it gets to add a new block to the chain. This process is resource-intensive and is a central feature of PoW-based blockchains like Bitcoin.

Step 5: Once the block is added, all nodes will update copies of the ledger to reflect the new transaction. The catalog is now updated and transparent, with the transaction visible to anyone on the network.

Step 6: The transaction is considered secure and immutable, as altering it would require changing all copies of the ledger across the network, which is computationally infeasible.

Real-World Applications of Blockchain

Blockchain development extends far beyond cryptocurrencies. It has found applications in various industries addressing trust, transparency, and security challenges. Here are some notable examples:

1. Finance: Cryptocurrencies like Bitcoin and Ethereum have revolutionized digital payments and introduced decentralized finance (DeFi) platforms, allowing users to borrow, lend, and trade digital assets without intermediaries.
2. Supply Chain Management: Companies like IBM and Walmart use blockchain to track product origins, enhancing transparency and traceability. This is particularly valuable in industries like food and pharmaceuticals, where knowing the source of products is critical.
3. Healthcare: Medical records and drug supply chains in the healthcare industry can greatly benefit from Blockchain in Healthcare Industry, thanks to its unparalleled security and transparency. With blockchain technology, patients gain greater control over their health data, while healthcare providers can confidently ensure data integrity and privacy.
4. Voting Systems: Blockchain can enhance the security and integrity of electronic voting systems by creating a tamper-proof ledger of votes cast, preventing fraud and manipulation.
5. Smart Contracts: These self-executing contracts automatically enforce and facilitate the terms of agreements, reducing the need for intermediaries in various sectors, from insurance to real estate.
6. Energy Trading: Blockchain enables peer-to-peer energy trading, directly allowing individuals and businesses to buy and sell excess renewable energy, promoting sustainability and efficiency.

Challenges and Future Potential

While the components of blockchain offers significant advantages, it also faces challenges. Scalability, energy consumption (particularly in PoW systems), and regulatory hurdles are among the concerns that must be addressed.

However, the potential of blockchain technology is immense. As it matures and evolves, it can reshape industries, streamline processes, and enhance trust in the digital world. With ongoing research and development, blockchain’s role in society is poised to grow, bringing about new opportunities and possibilities we have yet to imagine.

Bottom Line

Blockchain development is a transformative technology that has revolutionized how we trust and transact in the digital age. Its decentralized and transparent nature and cryptographic security have enabled various applications across industries. As blockchain continues to evolve and address its challenges, its impact on our society will likely deepen, offering innovative solutions to longstanding problems and redefining how we conduct business and interact in the digital world. For those looking to harness the full potential of blockchain technology, Deftsoft’s reliable blockchain development services is the answer. Our team of expert blockchain developers unlock new opportunities and harness the benefits of this ground-breaking innovation. So, what are you waiting for? Contact us today to enjoy the top-class blockchain services.

How Blockchain is Transforming the Healthcare Industry?

Posted on July 22, 2022 by deftsoft

Blockchain is an increasingly widespread technology that has made it possible for many industries to view and share data securely. However, the vast majority of people associate blockchain technology with cryptocurrencies.

However, the scope of its use has expanded greatly, and today practically every industry—including the healthcare industry—uses blockchain technology.

What is Blockchain?

Blockchain, a core component of the digital currency “Bitcoin,” was created in 2008. It is a distributed and decentralized “write-once, read-only” record of digital events exchanged via a peer-to-peer network in chronological order.

Blockchain for business records database exchanges and transitions that can be distributed and shared among authorized users. What makes Blockchain distinct from other technologies is that users cannot remove or add any records. In addition, not even a single transaction occurs without the validation of all required users.

Blockchain in Healthcare

The present-day healthcare infrastructure system is often known as inadequate to handle information exchange, requiring specific tweaks.

Blockchain has completely changed how data and healthcare can be viewed together, going beyond the “innovation trigger.”

Since the healthcare industry deals with confidential medical data and demands private access to information, blockchain may simply streamline medical records and enable sharing in a secure way. Therefore, scalability, security, and data privacy are all provided solely by technology.

This is undoubtedly the main factor why the global Blockchain in the healthcare market size is increasingly growing. Of course, to run a healthcare organization, you don’t need to have first-hand technological experience; this is where Blockchain development services can be useful. But you need to be aware of what Blockchain can do for you. So, let’s look at some significant Blockchain use cases in the healthcare sector.

Blockchain Healthcare Uses in Digital Health

A major challenge in the healthcare industry, as in many other industries, is verifying the provenance of medical goods to confirm their legitimacy.

Using a blockchain-based system to track items from the point of manufacture and at each stage along the supply chain allows customers to have complete visibility and transparency of the products they are purchasing.

This is a major problem for the industry, especially in developing markets where counterfeit prescription medicines cause tens of thousands of deaths each year. In addition, as more remote health monitoring is implemented, it is becoming increasingly important for medical devices as well, which are expanding quickly and drawing the attention of dishonest actors.

Advantages of the Blockchain (Paired with AI):

Customer confidence: The customer’s ability to track each package’s end-to-end provenance, with integration, with manufacturers, wholesalers, shipping, etc.

Compliance: Manufacturers of pharmaceuticals and medical devices face high reporting burdens to maintain patient safety. By combining supply chain data into one system, compliance can be made easier. For instance, FarmaTrust’s blockchain-based system sends automated alerts to law enforcement when it detects a problem.

Supply chain optimization: Companies utilize AI to more precisely forecast demand and modify supply when all the data is in one place.

— Patient-centric electronic health records:

Healthcare systems around the world struggle with data silos, which only give patients and their medical professionals an incomplete picture of their medical history.

One solution to this problem is to create a blockchain-based medical records system that can be connected with current electronic medical record software and function as an overarching, single view of a patient’s record. Every hash function is unique, and only the data owner—in this case, the patient—can decrypt it with their consent.

In this scenario, each time a patient record is modified or they agree to disclose a portion of their medical information; a transaction is recorded on the blockchain. A leading example of a business collaborating with healthcare providers to implement blockchain-enabled EMRs is Medicalchain.

— Medical staff credential verification:

Blockchain technology is also used to track the experience of medical professionals, similar to tracking the provenance of a medical good. Reputable healthcare organizations and institutions can log the credentials of their staff, which streamlines the hiring process for these organizations. ProCredEx, a US-based company, developed such a system for verifying medical credentials using the R3 Corda blockchain protocol.

The blockchain system’s main advantages are:

— Quicker credentialing during the recruiting process for healthcare organizations

— A chance for medical facilities, insurers, and healthcare providers to monetize their current credentials data on past and current employees

— Transparency and assurance for partners, such as companies using locum tenens as a subcontractor or new virtual health delivery models that let patients know about the qualifications of the medical personnel

— IoT security for remote monitoring:

One of the biggest trends in digital health is the usage of remote monitoring solutions, where different sensors recording patients’ vital signs are used to help give healthcare practitioners more visibility into patients’ health, enabling more proactive and preventative care.

Security, however, is a significant problem in health IoT, both in terms of ensuring that data of the patient is private and secure and that it is not altered to create incorrect results. In some cases, when a connected device may be needed in an emergency, such as alerting an old person’s care provider that they have had a heart attack or fallen, it is also crucial that the supporting systems be extremely resilient to DDoS or other attacks disrupting service.

How Blockchain Technology Could Help Secure IoT Devices Used for Remote Monitoring?

Blockchain cryptography protects personal data saved on the blockchain as a distinct hash function so that only authorized parties can access it.

Once patient data is stored as a hash function on the blockchain ledger, it becomes nearly impossible to alter because doing so would need access to all previously stored copies.

The decentralized nature of blockchain allows IoT devices to communicate directly with one another, which makes man-in-the-middle and DDoS attacks more difficult because the majority of IoT connections now go through a central server.

How Deftsoft Can Help You?

If you’re looking for blockchain solutions in the digital health industry, you can contact Deftsoft for the best results. Our team of Blockchain experts can help you create customized blockchain solutions as per your project requirements. Contact our team to discuss your project.