Development of Blockchain For Banks and Financial Institutions

Stabila Blockchain Development Company

Blockchain Development

Development of Blockchain is the process of creating shared, unchangeable, distributed ledger technology (DLT) that securely records transactions and tracks assets—whether those are physical assets, like money or real estate, or nonphysical assets, like copyrights—within a network.

It’s valuable for a variety of industries because of how quickly, accurately, and securely it enables the sharing of information. Whether you’re tracking orders, accounts, payments, production, or other data, a blockchain network offers transparent delivery and storage for permissioned network members.

Development of Blockchain can result in many benefits, but before taking advantage of its potential value, you need to understand blockchain.

Development of Blockchain with Stabila

We have extensive Blockchain experience.

Stabila is a public blockchain with millions of users and a development company with over 8 years of experience. Our blockchain developers have the expertise to implement the right solution for you. We work with banks and financial institutions.

We are on top of the latest blockchain technology.

Our team has worked with a vast range of blockchain technologies, including Ethereum, Hyperledger, and IBM. We're always striving to be at the cutting edge of the latest blockchain innovation, and we proactively recommend the best solutions to our clients.

Our design team specializes in intuitive UX and UI. You can be sure that we’ll leave you with a blockchain product that’s user friendly and highly appealing.


Development of Blockchain DApps and Development of Blockchain Smart Contracts

From Whitepaper to Blockchain integration and beyond – Stabila can provide both full product development and team augmentation DeFi and 2-Layer applications. We provide advisory and technical development for banks and financial institutions.

Public and Private Blockchain

We can set up a POS blockchain network for your business and create secure decentralized databases to help store data, manage supply chains, handle transactions, or any other business needs that blockchain can solve without jeopardizing privacy.

Decentralized and Centralized Exchange and noncustodial Wallet Development

We develop complex cryptocurrency exchange platforms, equipped with advanced KYC and AML solutions, with support for dozens of cryptocurrencies and payment methods. Stabila can also set up secure wallets that support MultiSig or wallets integrated with hardware that allows users to store their coins conveniently.

Workshops and R&D

Based upon the current challenge we can facilitate a full workshop, R&D or scoping session. From evaluating the business model, providing reviews on (technical) White Papers, creating a product flow or creating an in-depth backlog and estimate.

Blockchain App Development Steps


STEP 1:

DECIDE WHETHER YOU NEED BLOCKCHAIN OR NOT

Before you dive headfirst into the development of blockchain, try first to understand whether your business will benefit from it or not. We’ve prepared a list of questions to help you make the right choice.

1. DO YOU NEED TO STORE DATA?
If your business doesn’t need a database to store data, blockchain will be no good to you. In this case, you need to view the distributed ledger as a database on steroids. If you build an app or software that needs to store and process massive data, blockchain will be of good use to you. Its implementation will allow you to have a single ledger that all network participants will access.

2. DO YOU NEED AN AUDITABLE HISTORY?
Paper-based documents are great, but not for frequent changes and fast updating. If you need to keep track of the data and the history of all the changes, blockchain will help you build a transparent system with traceable recordings.

3. DOES YOUR BUSINESS REQUIRE FAST TRANSACTIONS?
If your business needs milliseconds-fast transactions, it might be better to stick to traditional systems. However, if security is more important than speed, blockchain will benefit your business by providing secure transactions between all network participants.

4. DO YOU NEED A CENTRAL AUTHORITY TO CONTROL THE DATA?
Having a third party that oversees all transactions might be required for some businesses. At the same time, central authorities create a lot of security risks. When all the data is validated by several network participants with an agreed-upon consensus algorithm, you don’t need to rely upon a third party. Thus, it reduces transaction fees and guarantees impeccable security.

5. DO YOU NEED A TRUSTLESS ENVIRONMENT?
Trust is often violated, creating many issues for business. Blockchain is a trustless environment where parties can work without worrying about other particles sticking to the protocol and previously agreed-upon rules. The system is transparent, and nothing goes unnoticed.

Your business will probably benefit from blockchain implementation if you answer all the questions with a strict ‘Yes’. Now let’s find out how to build a blockchain app for different industries and gain the advantage.

STEP 2:

UNDERSTAND THE BENEFITS OF BLOCKCHAIN IMPLEMENTATION


You’re probably asking yourself how to build a blockchain app and turn it into your business advantage.

SECURITY
Probably the most promising advantage of blockchain apps is the security they provide. Traditional applications are prone to various vulnerabilities: they can be hacked, and information can be stolen. Third-party interference is impossible with blockchain solutions. There is a copy of all chains on the devices of all network members, and no change remains unnoticed. To get control over a blockchain, hackers would need to hack at least 50% of all computers connected to the blockchain.

TRANSPARENCY
The main benefit of development of blockchain DApp is transparency within your applications. Information about all transactions is available to all the participants. Storing data in a blockchain makes it more secure, accurate, and transparent, as all the parties need to accept an update in the blockchain. There is no changing an existing record without changing the subsequent ones.

TRACEABILITY
Blockchain has a huge potential in the supply chain industry. Tracking products and their origin are rather difficult. The same goes for protection from counterfeit. With blockchain, you get a complete trail of the product, tracking its origin and each step of its journey. Thus, you know who manufactured the product, who delivered it, and that it’s not a fraud.

Implementing blockchain in the industry will help move information from paper to distributed ledger, allowing all the members to easily access the information stored there.

COST-EFFICIENCY
Cost-efficiency is probably one of the main factors you need to consider when exploring how to create a blockchain app. By improving business processes and removing intermediaries and third parties from the workflow of establishing trust, blockchain streamlines operations, reducing the costs needed for keeping track of information.

SPEED
Blockchain allows executing transactions fast by simplifying and automating processes. There is no need for third-party intermediaries to verify the authenticity of transactions, which speeds up the whole process. You only have one ledger that contains all the information about all transactions.

PRIVACY
Even if we are talking about an open blockchain, it provides high privacy to all the participants. Despite being a shared ledger, information about all transactions stays anonymous, ensuring the privacy of all network members.

INTEGRITY
As mentioned, there is no changing data in the blockchain without changing the subsequent blocks. Thus, blockchain ensures data integrity and its protection from authorized changes. The whole history of updates is available to all network participants.

While learning how to build a blockchain app and add value to your business, you also need to know whether you need to use it at all or not.

STEP 3:

IDENTIFY THE INDUSTRY FOR DAPP DEVELOPMENT


According to the State of the DApps, there are over 3,545 active decentralized applications. Let's see the main use:

1. BANKING & FINANCIAL SERVICES
Every month, around 400 new blockchain DApps appear in the finance industry. Blockchain promises to bring transparency, simplicity, and efficiency to financial transactions.

The technology can be used for all key services provided by banks, such as payments, clearance, and settlement systems. One day, blockchain promises to put crime and fraud to rest in the financial industry. The benefits of implementing a decentralized ledger include;

  • Real-time and multi-party tracking and management of bank guarantee
  • Faster and more accurate automated reporting that draws information from immutable records
  • Faster transfer of funds between financial institutions with accelerated settlement

Numerous companies in the finance industry are already using blockchain in their daily operations. Examples include Credit Suisse, which uses blockchain to settle US stock trades. JPMorgan Chase uses decentralized technology to facilitate transactions between institutional accounts. Ripple and R3 are among the most popular blockchains used in this industry.

2. INSURANCE
Blockchain doesn’t bring anything new to the insurance industry. Instead, insurance companies are adding blockchain to their existing solutions with the goal of improving operational efficiency, driving down costs, increasing speed to market, and providing a better customer experience.

Immutability and version control properties of blockchain allow using the technology for cross-border partnerships and transactions. In the insurance industry, blockchain can be used for various purposes such as fraud detection, reinsurance, on-demand insurance, micro insurance, and so on.

3. HEALTHCARE
One of the biggest challenges in the healthcare industry is the use of various systems that process and store data and the lack of connection across these platforms. Such systems store and manage sensitive, personal, and personally identifiable information, which is under a huge risk of hacking. Thus, building a single system that would share data across all institutions is risky, if not dangerous.

That’s where blockchain application development can step in to solve the problem. Healthcare institutions can share data with other network participants without compromising security and data integrity thanks to blockchain.

4. REAL ESTATE
Buying and selling property is associated with some risks: lack of transparency, a huge amount of paperwork, fraud, errors in public records. Blockchain erases the need for paper-based records. Real estate companies can use blockchain to record, track and transfer land titles and ensure that all documents are accurate and up to date.

Blockchain in real estate also speeds up and secures all transactions.

5. RETAIL
When customers buy something, they rely on the seller’s trust or a marketplace that is offering the product. However, trust is not always justified. There are still counterfeit products that land on the shop shelves and unsuspicious customers that buy them.

Blockchain can be used to decentralize the trust and move it from marketplaces and other ecommerce websites. Instead, decentralized technology offers to create a direct connection between buyers and sellers.

Another possible implementation of blockchain in retails is the protection of counterfeit and authentication of luxury goods. Thus, customers can be assured that they buy genuine products with no risks of counterfeiting.

6. SUPPLY CHAIN
Blockchain technology has already found its way into supply chain management. The technology can be used to trace all the steps of a supply chain and provide complete transparency, even if multiple supply chain partners are involved.

7. COPYRIGHT & INTELLECTUAL PROPERTY
Copyright infringement is one of the most pressing problems in the modern world. While all the traditional methods fail to provide one hundred percent protection, blockchain is predicted to change the landscape. Blockchain-based IP protection systems can be used to solve licensing issues and enable direct business relationships between creators and their fans.

The decentralized technology is already being actively used in different industries for intellectual rights protection. We can already see numerous startups in the arts and music industry.

8. INTERNET OF THINGS (IOT)
The Internet of Things is another industry that is benefitting from blockchain implementation. Samsung and IBM are already working on their concept called ADEPT. A decentralized network will allow IoT devices to communicate with each other directly without the need for a central controlling unit. Thus, software updates, bug fixing, and energy usage monitoring will be performed automatically and go unnoticed by users.

9. GAMING
The gaming industry has successfully turned from leisure to a serious sport. There are gaming tournaments, high cash prizes and even a black market.

Blockchain can solve a number of legacy problems in the gaming industry.

For example, users can own their digital characters with all the assets and skills, and blockchain will protect them from theft.

10. INTERNET IDENTITY AND DNS
Even though the digital world develops in jumps and leaps, we haven’t yet entered the time when every person would have a single internet identity. You use your personal information to register in different applications and solutions, entrusting them with its storage. Authentication with Google and Facebook provides an additional layer of protection. But not all services use it, so it can only get you so far.

Blockchain-enabled identity would allow users to get credentials and use them to prove their identity to other organizations. The decentralized storage of information doubles the wins for both users and organizations. Blockchain enhances personal privacy and speeds up the verification process.

STEP 4: COME UP WITH AN APP IDEA
Before deciding how to build a blockchain app from a technical point of view, you first need to understand what problem it will solve.


Blockchain Developers

One of the most lucrative career paths right now is becoming a blockchain developer. With the demand for blockchain developers only continuing to grow, now is the time to get involved.

As a blockchain developer, you're also in the unique position to get a head start on many opportunities, for example, investing in early stage crypto projects.

What do blockchain developers need to know?

Some of the skills you need to know as a blockchain developer include programming languages like JavaScript, Python, and Solidity and knowledge of some key concepts like blockchains, consensus mechanisms, hashing functions, gas, and more.

If you have the knack for learning new technologies and are a developer at heart, there's no shortage of opportunities to succeed professionally. But you’re going to need some skills and need to understand some key concepts in blockchain development to get you the rest of the way.


Succesful Development of Blockchain & Dapps by Blockchain Development Firm

Whether you want to build solutions for secure peer-to-peer payments and immediate micro transactions, or develop self-executing smart contracts, we will put our knowledge and blockchain technology skills into action. As an experienced blockchain development company, Stabila helps both startups and enterprises take advantage of the decentralized network built on blockchain.

Development of Blockchain

A blockchain is a decentralized digital ledger that saves transactions on thousands of computers around the globe. These are registered in a way that inhibits their subsequent modification. Blockchain technology increases the security and speeds up the exchange of information in a way that is cost-effective and more transparent. It also dispenses with third parties whose main role was to provide a trust and certification element in transactions (such as notaries and banks).

The high importance of blockchain has attracted the attention of organizations in different sectors, with banking sector being the most active at this stage. Blockchain has resulted in the development of thousands of new job positions and new startups ranging from mobile payment solutions to health care applications.

Whether you need a prototype or a production-ready platform, our engineering team’s deep experience in cryptocurrency, data science, and serverless computing can help you leverage the benefits of blockchain. We suggest Stabila as a potential blockchain for your project.

Blockchain Application Development

The blockchain is an ingenious invention promising to make the digital world more secure and decentralized. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.

In very near future, we are going to see blockchain being used in daily transactions of all kinds, be it a banking transaction, or a purchase made on e-commerce websites or even a tinder swipe.

Every person in the technology world understands or has at least heard of blockchain. But a minuscule number of developers actually know how to develop a blockchain token or application, or where to start from. Let us take a slightly detailed look at the development process of a blockchain application.

Blockchain Development

Development of blockchain is the process of creating shared, unchangeable, distributed ledger technology (DLT) that securely records transactions and tracks assets—whether those are physical assets, like money or real estate, or nonphysical assets, like copyrights—within a network.

It’s valuable for a variety of industries because of how quickly, accurately, and securely it enables the sharing of information. Whether you’re tracking orders, accounts, payments, production, or other data, a blockchain network offers transparent delivery and storage for permissioned network members.

Blockchain development can result in many benefits, but before taking advantage of its potential value, you need to understand blockchain.

Public and Private Blockchain

We can set up a Blockchain network for your business and create secure decentralized databases to help store data, manage supply chains, handle transactions, or any other business needs that Blockchain can solve without jeopardizing privacy.

Decentralized and Centralized Exchange and noncustodial Wallet Development

We develop complex cryptocurrency exchange platforms, equipped with advanced KYC and AML solutions, with support for dozens of cryptocurrencies and payment methods. Stabila can also set up secure wallets that support MultiSig or wallets integrated with hardware that allows users to store their coins conveniently.


The Blockchain FAQ

What does the blockchain do?

A blockchain is a distributed, cryptographically-secure database structure that allows network participants to establish a trusted and immutable record of transactional data without the need for intermediaries. A blockchain can execute a variety of functions beyond transaction settlement, such as smart contracts. Smart contracts are digital agreements that are embedded in code and that can have limitless formats and conditions. Blockchains have proven themselves as superior solutions for securely coordinating data, but they are capable of much more, including tokenization, incentive design, attack-resistance, and reducing counterparty risk.

Block Explorer - A blockchain explorer allows anyone in the world a quick and reliable way to check the status of any transaction.

What is a blockchain wallet? - A blockchain wallet contains the public key for others to transfer cryptocurrency to your address and the private key so you can securely access your own digital assets. A blockchain wallet usually accompanies node hosting and stores cryptocurrencies on your computer. Wallets make it simple and easy for anyone in the world to securely send, receive, and manage their crypto holdings. Wallets provide infrastructure to empower users to be their own bank.

What is a blockchain system? - A blockchain system refers to all the aspects and features that go into a particular blockchain, everything from the consensus algorithm to the state machine to cryptographic functions.

What is a block in a blockchain? - The “block” in a blockchain refers to a block of transactions that has been broadcast to the network. The “chain” refers to a string of these blocks. When a new block of transactions is validated by the network, it is attached to the end of an existing chain. This chain of blocks is an ever-growing ledger of transactions that the network has validated.

What is block time? - Depending upon how a particular blockchain protocol was developed, the time that it takes for a block to be added to the canonical chain can vary widely. A blockchain is a linear construct in that every new block occurs at a later time than the one that preceded it and cannot be undone. A blockchain’s linearity serves as an ideal form of validation. According to stabilascan.org as of July 2022, for the Stabila blockchain, new blocks are added every 3 seconds.

Key features of Blockchain?

  • Decentralized - No central authority to monitor, instead, all your activities will be stored in a public distributed ledger
  • Enhanced Security - All the Information on the Blockchain is hashed cryptographically that is the network will hide the input data through the mathematical puzzles.
  • Distributed Ledger - Every information about the transaction and participants are distributed to every node in the blockchain network.
  • Consensus Algorithm - This Consensus Algorithm is responsible for verifying the transaction, balance, and signature.

What Is a Blockchain Payment Gateway - A blockchain payment gateway is a payment processor for digital currencies, similar to the payment processors, gateways, and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments and recieve fiat currency immediately in exchange.

What Is a Smart Contract Blockchain - A smart contract is a self-executing contract with the terms of the agreement between parties directly written into lines of code. The code and the agreements contained therein exist on a smart contratct blockchain or a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.

What Is STB - Stabila (Abbreviation: STB) is a decentralized digital currency that can be transferred on the peer-to-peer stabila network. Stabila transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The currency began use in 2021, when its POS smart contract blockchain implementation was released as open-source software.

Author: William Blake

William Blake, is a Fortune 500 consultant, the Founder of Moneta Solutions LLC., a major supporter of the finance decentralization, a nonprofit leader, and a financial scientist who has been leading the POS Technology since 2016.

William Blake

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