The importance of blockchain development services has been grabbing the attention of different organizations, sectors, governments, and people who envision more potential applications of the technology in many areas in the future.
Over the past decade and presently, blockchain development services have been making a great impact on job creation, creating countless new job positions and start-ups. Depending on what needs to be achieved, there are a variety of blockchain development services that can be used to produce and run a production-ready or prototype platform that can help anyone reap immense benefits from blockchain.
Meaning of “blockchain development services”
Blockchain development services are services, mainly technologies, used to create decentralized blockchain networks that are capable of securing countless data and transactions, and providing enhanced traceability.
Many reliable blockchain development companies offer a wide range of blockchain development services for cryptocurrency development and creation of trading apps, crypto exchanges, crypto wallets, trading apps, etc.
11 Types of Blockchain Development Services
Generally, the major blockchain development services include but may not be limited to the following:
1. Creation of newly developed blockchain solutions and revamping or customization of existing blockchain solutions by employing different system implementations, integrations, and modifications. Services are used to create blockchain security softwares, public & private blockchains, and decentralized applications (dApps) that make it possible for businesses to derive the best from blockchain technology.
Blockchain technology platforms and integrations help businesses by leveraging third-party blockchain platform APIs to invent more customized approaches that can offer enhanced flexibility, scalability, and security.
2. Development of custom applications (a.k.a. “blockchain application development services”) and integration of custom blockchain applications into systems to help scale businesses under a safe and highly secure technological environment designed to strengthen security, reduce and eliminate expensive fees, avoid fraud, reduce loses, and support different types of plug-ins.
3. Design and creation of Blockchain-as-a-Service (BaaS) solutions that can be used in place of time-consuming and error-prone processes and integration of ASIC (Application-Specific Integrated Circuit) chips within cryptocurrency mining softwares to increase transactions/transaction verifications. ASIC chips can be used to create miner performance dashboards and provide architecture solutions for certain issues that are facing mining farms.
4. Development of blockchain wallet and exchange software (for token issuers, brokers, dealers, asset holders/managers, exchange operators, etc.) and integration of features for trading multiple cryptocurrencies and blockchain tokens, auto-generating public and private keys, and taking part in digital security offerings (DSO), security token offerings (STO), and initial coin offerings (ICO).
5. Design and development of blockchain smart contracts and custom blockchain solutions: development of blockchain smart contracts provide decentralized web solutions for activities in e-commerce, real estate, finance, and gaming markets for creating letters of credit, validating insurance eligibility, and registering intellectual properties and loan requests:
- Development of custom blockchain supply chain solutions to help control expenses, enhance security, and warn of any flaws or inefficiencies by employing counterfeit detection softwares, logistics tracking and digital certification, and document automation and digitization.
- Development of custom blockchain retail and e-commerce solutions to help secure payments, execute transactions, provide a means for retailers to authenticate their products, and enhance the capabilities of their data.
- Development of custom blockchain healthcare solutions to help systems be HIPAA compliant and protect sensitive information on patients which is used for patient health data exchange and clinical trial management, thereby enhancing or maintaining the quality of healthcare.
- Development of custom blockchain real estate solutions for individuals (buyers, sellers, contractors, clients, etc.) who are in the real estate industry: solutions offer enhanced market data encryption, liquid asset implementation schemes, and automation processes for ownership verification to accelerate and track property sales.
- Development of custom blockchain gaming solutions that are cryptographically programmed to heighten the level of security and protect systems from failure, cheating, and attack, and help to verify tokens, tokenized assets, secure digital items, and in-game history, thereby making it possible for players to freely trade, buy, or sell assets.
6. Creation of custom NFT marketplaces by designing and developing services that enable digital assets to be minted to NFTs and auctioned or sold to other people in NFT marketplaces which can also be created or developed by using OpenSea SDK. It’s unnecessary to use a smart contract if OpenSea SDK is available.
7. Development of cryptocurrency applications tailored to specific needs, including cryptocurrency coin development, crypto wallet development, Bitcoin software development, ERC20 token development, trading apps and cryptocurrency exchange development, and integrations that enable exchanges between fiat currencies and cryptocurrencies.
8. Development of DeFis (decentralized finances) and DEXs (decentralized exchanges) helps to create peer-to-peer platforms where cryptocurrency traders can control their funds and make transactions without using a custodian or intermediary. The transactions are executed with the aid of smart contracts which are coded self-executing agreements. Today’s decentralized finance (DeFi) space is very attractive because of the innovations that have solved liquidity-related problems and greatly contributed to its growth.
9. Development of crypto contracts for game assets, collections assets, tokenizing of arts, including formulation of token contracts and integration with very feasible platforms like OpenSea.
10. Creation of banking, bank-related, and FinTech software and decentralized FinTech applications that allow uninterrupted cross-border payments, make faster payment, enable proper data management, and cut down transaction costs in ways that attract and improve user adoption.
11. Improvement of digital identity and for KYC (know-your-customer) purposes: services help in the field of identity management and enable users to register on a network, choose how to identify themselves, and choose whom they wish to share their identity with; in addition, it enables organizations and individuals to fulfil KYC (know-your-customer) requirements to achieve great goals, while maintaining customer privacy.