Top 10 Blockchain Development Research Insights for Your Business

Blockchain innovation has allowed businesses to taste several new

possibilities through its impressive applications in versatile industries,

enhancing the security and transparency levels among the

stakeholders. The potential that the blockchain technology possesses to

bring effective transformation in business processes has been

recognized by all kinds of industries in the market. The start-ups and

enterprises have already started adopting blockchain tech, but the

large organizations are still researching about the absolute

repercussions in both positive and negative ways and moving on

cautiously.

Like every technology, the blockchain development has its own pros &

cons. Though the consensus mechanism in the blockchain applications

has gained businesses extreme control over data, the limited storage

per block has therefore slowed down the number of transactions per

second. Nevertheless, the research for the required solutions to boost

the speed of transactions has already taken a full-fledged progress ride

towards the exploration of the blockchain technology applications.

The team of GoodFirms has carved out in-depth research based on a

constructive survey of the blockchain development companies/experts.

The research reveals the nitty-gritty of the blockchain technology

after-effects on businesses. Read the summary of the complete

research below:

OVERVIEW OF THE SURVEY

The top two trends in the blockchain industry are increased use of Smart Contracts with 90.9% support and IoT Connectivity with 51.5% support.

● The two major limitations of blockchain technology happen to be

Unsustainable Consensus Mechanisms and Limited Scalability

with 50% and 43.7% respectively.

● Transparency, Immutability, and Reliability were favored as the

three crucial benefits of leveraging blockchain technology scoring

61.5%, 58.5% and 40.8% of the survey contributors’ votes

respectively.

● 92.3% of the survey takers said that the top industry to get

disrupted from blockchain innovation is Finance, whereas 89.3%

of them leaned towards Supply Chain Management and 69.2% of

them chose Government. ● The average time taken to develop a basic blockchain application

is 3.2 months or 14 weeks or 96 days. ● The average cost of developing a basic blockchain application is

105k USD.

● Supply Chain Blockchain with 84.6%, Smart Contracts

Development with 76.9%, Exchange and Wallet with 53.8% and

46.2% affirmation from the survey participants concluded to be

the types of blockchain projects that are in high demand.

● Hyperledger with 97.6% and Ethereum with 92.3% claimed the

winning positions as the preferred tools and technologies used for

blockchain development. The experts also approved of EOS with

61.5% and Parity with 45.2% to be the trending tools for the

same.

● The significant platforms preferred for blockchain development

unveiled to be Amazon Web Services with 96.3%, IBM Blockchain

Platform with 76.9% and Google Cloud Platform with 54.3%

validation received in this assessment.

CONCLUSION The above highlights can be your perfect extract of the obtained

statistics in this blockchain survey. Being acknowledged of the average

cost and timeframe investment for a basic blockchain application, you

are now capable of finding your business a reliable blockchain

development partner confidently. It is also important to cross-check

that your developers are abreast of the latest updates of the current

tools and platforms available in the market. To make your search

process easy, just check out GoodFirms’ listing of top blockchain

development companies and select a development firm that fits you

best.