Mayank Patel
Dec 28, 2021
5 min read
Last updated Mar 15, 2024
Technologies have acquired the world with their incredibly smart solutions. We cannot deny the fact, nowadays life is more secure, comfortable and fast because of technology. Also, if we would define this era as Technology-Driven, it will not be wrong.
In the same context, today we will discuss the most demanding technology that is Blockchain. We all are quite aware of the concept of Cryptocurrency or NFT. These concepts are built using blockchain technology.
Hence if you are looking to enhance your knowledge about what is blockchain technology, this content will be very helpful. Also, Linearloop is one of the leading blockchain development companies in India and USA and our services are dynamically performing across the world.
The way cryptocurrency is spread in the market, people are just going crazy. They are curious to know about the technology behind this amazing concept. So many of us are already aware, blockchain technology is behind all the concepts like bitcoin, NFT, etc.
Basically, blockchain is a distributed database and is shared between the node of the computer network. Also, it is a digital ledger that keeps a record of all the transactions.
If we talk about its works, each block of the chain contains information about the number of transactions corresponding to the participant’s ledger.
Further, the technology gains favor because it has made hacking impossible. Information is stored in the system but there is minimal or no possibility of cheating. Even leading corporates choose blockchain in order to maintain the highest possible security of their products.
This is the reason there is massive growth in blockchain developers in India because people have realized the potential of the technology.
If you are in the technical field, you must be knowing that the standard database stores all information in tabular form. In the case of blockchain, information is stored in chunks that we call blocks and once a block is filled, the information is passed to the next block and so on.
Each block has a certain storage capacity. Because of such functioning, the term Blockchain is given to the concept.
Essentially, blockchain is used to maintain a transparent ledger system. With the evolution of blockchain, information systems got the safest way to manage all the tractions going on in the digital space. Various use of blockchain technology includes:
Before knowing the working of blockchain, you must be aware of its architecture. The architectural approach will help you understand the functional flow in a better way.
The architecture of blockchain:
As we have stated above, the information is kept in a block. So, the first block of a blockchain is known as the “Genesis” block. Each block of the chain is connected to the next.
The data stored in the block is dependent upon the type of blockchain. You can understand it with a reference. A bitcoin block will store the information about the buyer, sender, and number of transferred bitcoins.
Let’s explore SHA256 – Hash
Hash can be understood as a fingerprint that is unique to each block. This acts as an identifier and is always kept unique same as a fingerprint. If any information in the block is changed, the hash will be updated immediately. Because of this concept, blockchain is highly secure.
A block of the blockchain contains 3 major elements:
Now coming back to the point how does blockchain work?
Technology keeps evolving and with time, upgraded versions are launched. In the same way, blockchain has some versions. And being a well-known blockchain developer in India we will let you know about the same.
Blockchain 1.0: Currency:
This was the first stage or first version of blockchain that is used for payments and currency. Bitcoins are a well-known example of this version.
Blockchain 2.0: Smart Contracts
Version 2.0 is launched with one key concept of Smart Contracts. They are small computer-based programs that execute automatically. Further, they check conditions like enforcement, verification, and facilitation.
Blockchain 3.0: DApps
This version is available with DApps and D represents the decentralized application. Also, DApps contain frontend blockchain example code UI written in any programming language that further enables the system to communicate with the backend.
It is the same as traditional applications.
| PROS | CONS | |
| 1 | Maintains High Quality of Data | It has the complex process of signature verification |
| 2 | The system is durable and secure | Blockchain has many integration concerns |
| 3 | The process is immutable and transparent | It holds uncertain regulations |
| 4 | It holds simple eco-system | The energy consumption here is large |
| 5 | Blockchain facilitates faster and secure transactions | There is no control for enterprises |
| 6 | You will get enhanced traceability | In the blockchain, there is a lack of in-house capabilities. |
Technology needs security because no one prefers to compromise the user’s privacy. Blockchain offers maximum possible security and removes all the scope of hacking or cheating. This is the biggest advantage of blockchain.
Further, let’s explore the benefits of blockchain technology in a defined manner:
Saves time for finance settlement: In the financial sector, funds settlement is the biggest challenge for always. But blockchain has the power to execute the process in a prominent way that saves lots of time as well as effort.
There are no lengthy verification processes and clearance etc. Here you will get a quicker trade settlement.
Reliable: Blockchain technology is reliable because it verifies and certifies the identity of the genuine participants. IT further eliminates the double records as a result of which transaction accelerates.
Scam prevention: The concept eliminates the scope of fraud by implementing the concept of Hash and blocks. With blockchain technology, the transfer of funds is always secure. Further, it maintains complete transparency of all the transactions.
Facilitate collaboration: Blockchain allows users to transact directly without any involvement of a third party. This is the biggest relief and plus point of the system.
Linearloop is an established custom software development company in usa and we have expert blockchain developers. We have executed many projects in the Indian and International markets.
If we say, we are a preferable blockchain developer company in India for all our clients, we will not be wrong.
So, if you are looking to know any further information regarding the blockchain development process or blockchain technology, feel free to connect. We are here to take your queries.
What is polygon development? How Does Polygon Work?
We are living in the era of Web 3.0 where technologies like AI, ML, and Blockchain have acquired the world. These technological inventions brought more realistic and accurate outcomes and gave space for futuristic planning.
In this blog, we will discuss one innovative concept that has contributed enough to develop secure applications and we call it Polygon development. Its previous name was Matic and after rebranding in the year 2021, the name became Polygon.
The technology is the most recent one and it is used to develop blockchain applications. Polygon is a scalable platform that provides a framework for connecting and developing Ethereum-compatible networks.
Linearloop is a well-known Polygon Blockchain Development Company in India & USA where we develop secure financial applications following thePolygon development process.
Also if you are searching for expert polygon developers in India & USA, get in touch now.
Cryptocurrency projects are highly in demand and when Polygon Matic came into existence all the crypto followers, organizations, and investors became happy because they know the advantages of the technology for blockchain applications.
In order to develop the multichain Ethereum ecosystem, the network brings scalable solutions. Moreover, Polygon delivers an advanced framework as compared to Ethereum. Furthermore, it offers sidechains & sovereign blockchains and developers can operate it with the infrastructure of Ethereum comfortably.
As a whole, we can say, the technology has added more benefits to Ethereum and makes the blockchain application development process more comfortable, secure, and innovative.
By the implementation of Polygon, developers get higher throughput, low cost of transactions along with better security features. Moreover, they find more suitable options during the development of Ethereum’s ecosystem.
We at Linearloop develop blockchain applications using polygon methodologies and if you are looking for reliable polygon Matic developers in India and USA,we are your genuine and trusted service partner.
We have already mentioned, Polygon is basically used for the development of blockchain applications. And it is an Ethereum-compatible blockchain network that resolves the issues related to scalability and usability.
One of the interesting facts, all three partners involved in the foundation of the Polygon, were associated with the Indian cryptocurrency community. And in order to resolve the scalability issues, the individuals started their research and reached the foundation of Polygon Matic.
The platform was quite unique for developers as well as users. Two main solutions were identified by the founders. The first one was “plasma networks” & the second one was “layer 2 scaling solutions”.
Furthermore, the Matic Network’s implementation plasma is the base for these solutions. Initially, it allowed others chains to perform their functions individually without any dependence but it depends on Ethereum till now as the root chain.
Linearloop is an experienced blockchain web development company in India & USA and we have catered to many blockchain projects in recent times.
Moreover, we are also working on the maintenance of many such projects. So if you are looking for polygon Matic developers, connect with us now.
As we have shared above, Polygon comes with Sidechain, so it functions similarly to other proof-of-stake-based blockchains. All the elements like token, local dapps, validator, client nodes, and structure are like other networks.
The factor that keeps it different is that exchanges are collected and settled on the Ethereum mainchain and developers are lucky that Polygon is launched with a layer-2 network that supports developing interoperable Etherium-compatible networks of blockchain.
The layer-2 scaling solutions signal off-chain solutions that include the elimination of components having evaluation power generated from the prime blockchain before the execution. Sidechain functions are the best example to understand the concept.
As a result of the above process, throughput is developed on the mainchain with the evaluation of proficiency through the network. Moreover, the concept gains lots of appreciation because it has played a very crucial role in order to receive cryptographic money in mass.
Further, the developers become capable of sending preset blockchain networks with a single snap only by the implementation of a modular system with custom networks. Moreover, developers get enough space to manage one or multiple blockchains without any kind of compatibility issues.
So guys, in this way Polygon works and makes an effective contribution to the development of blockchain applications. Also, being a blockchain app development company in India & USA, we recommend following the recent inventions of technologies so that you could match your steps with the technology.
Let’s explore some blockchain lingo in order to understand the concept.
One of the things that create confusion amongst blockchain developers which they call a dilemma while the community of cryptocurrency addresses it with the name “blockchain trilemma”.
The situation arises whenever there is a need to balance various elements such as scalability, security, and decentralization.
The issues related to Ethereum are very well known to all, especially the scaling factor of No. 2 crypto. The issue is majorly found at the time of completing transactions. You must be knowing, Ethereum revolves more around decentralization and security rather than scalability.
And when scalability is compromised, transactions become highly expensive and slow. To solve the problem, Polygon came into existence and offered quick transactions at a low cost as compared to Ethereum.
If we talk about the process of Ethereum and Polygon, it is like this. Ethereum is a layer 1 blockchain that offers space for the development and execution of dApps, NFTs (Non-Fungible Tokens) and smart contracts.
And the Layer 2 blockchain, which is Polygon, resolves the issues related to the scalability of Ethereum. Hence the developers get all solutions using a single framework without compromising the scalability of the application.
If you think the Layer 2 protocol copies functions from Ethereum, you are wrong. It only supports the process of transactions. With the implementation of Polygon, developers get fast transactions at a lower cost.
Ethereum offers 14 transactions per second while Polygon offers 7000 transactions per second.
Related Blogs : What Is Blockchain Technology? How Does It Work?
Polygon is one of the recent technologies used for blockchain applications. We have mentioned detailed information about the technology along with the way it works. You can avail of our blockchain development services in India at competitive prices.
Hence feel free to connect with us, if any doubt comes to mind. Keep checking the blog section and keep yourself updated with the latest technical updates. Enjoy reading!
Mayank Patel
Jan 27, 20235 min read
How Much Does Blockchain Development Cost in 2024?
As the concept of a decentralized universe, which is also called Web 3. O grows, and the demand for blockchain technology is rapidly increasing.
We are an established software development company and we know how technology has brought a revolution in this era by making transactions transparent.
Blockchain applications operate on a peer-to-peer network and they don’t use central servers. Furthermore, the technology does not demand central authority because it follows consensus among blockchain participants.
The attractive thing about blockchain technology is its execution on various platforms at once that include blockchain, web, and mobile applications.
The concept has gained popularity because it eliminated the need for a middleman and developed trust by making transactions transparent.
As a result, businesses are aggressively relying on blockchain for all their transactions because it ensures a robust platform along with maximum ROI.
Also, being an experienced blockchain web and app development company, we suggest businesses to follow the technology because the market size is getting increased day by day.
Furthermore, it is expected, by the year 2030, the global market share of this specific blockchain technology will reach $1431.54 billion. Because of this figure, now tech-giants are bound to make investments otherwise they will be left behind.
Apart from that, we all are quite aware of how the world of cryptocurrency and bitcoin is getting enhanced. The concept behind these domains is blockchain technology.
Moreover, the technology is not just limited to cryptocurrency, it plays an important role in cost-cutting, optimized resource utilization, data security, and many more.
As the market size for the technology is expanding, the blockchain app development cost is the most important thing to know. Multiple factors are there that contribute to the cost estimation of a blockchain application.
Moreover, if you are struggling for a team, connect with us and hire blockchain web & app developers in India and USA.
Our blog contains all the factors that ensure the cost of blockchain applications. So, now your search for “How much does blockchain cost” will be over because you are on the right platform.
Also Read: A Look at the Future of Fintech in Africa with the Rise of Decentralized Finance (DeFi)
The complexity varies from project to project. Sometimes requirements contain something very tricky and developers need more to achieve the goal. In such cases, cost increases because of more effort and time.
While some requirements are very straight and they will be delivered as per the committed time. In such cases, the cost is comparatively low. Hence complexity is the major cost-deciding factor.
If the requirement revolves around a payment module with existing cryptocurrencies and basic smart contract development, it will be developed within $1000 to $1200.
If a project contains requirements that include moderate decentralization, dApps along with existing cryptocurrencies, and architecture with centralized and decentralized elements, then the project will be a little complicated and its pricing may vary from $1500 to $2000.
If your requirement is demanding the concept of Web 3.O along with industry-specific blockchain apps then the pricing will fall somewhere around $3000 to $6000.
Please Note: The pricing will be confirmed only after getting the exact requirement. Moreover, it can be changed (increased or decreased) depending on the product’s demand.
In order to develop blockchain applications, people generally search for the leading software product development company in India. You will get lots of agencies from large scale to small scale.
It is quite obvious, large-scale companies charge more compared to small-scale companies. Moreover, large-scale software development companies are very selective and they only choose products as per their suitability.
Coming back to pricing, the agencies having team sizes of more than 2500 will build blockchain apps in the range of $450,000 to $1,500,000 while the agencies having 800+ resources will develop the same application within $40,000 – $300,000.
And the freelancers, and small companies with 10-50 people, will charge $2,000 to $ 25,000 depending upon the requirement.
Also Read: Custom Logistics Software Development: Develop Logistics Software
Production time is also an important parameter in order to decide the cost of the blockchain app 2024. More time means more effort, hence more cost. So, the time required for the app development decides the cost.
The pricing can be calculated either on an hourly or fixed basis depending on the days or hours needed for the project. Sometimes, blockchain applications take 6 months or even more to get launched so the budgeting is done accordingly.
We have stated above, while deciding the cost, we need to consider various factors and infrastructure is one of them. While developing a blockchain application, what resources are being used, is also considered.
Sometimes requirements demand lots of infrastructure such as third-party servers and apis. Considering the overall utilization of infrastructure the final price is decided. Moreover, the number of resources involved is also counted.
Blockchain applications are being developed across 25+ platforms where developers are not required to begin from scratch.
It also includes Ethereum, Hyperledger Fabric, BigChainDB, and Quorum. Being a reliable blockchain app development company, we advise you to check the platform used before sharing the final price.
Moreover, each platform has its own set of coding tools and blockchain programming languages. The stack has benefits and limitations. Hence considering the requirement, you should go for the right stack to make your development effective.
Ignoring the study of the platform may increase the effort during development. Hence to estimate the budget, the platform must be considered because it gives you actual orientation.
Also Read: Importance of Custom Software Development for Small Businesses
The price for the development of any application can never be straight and the same goes with blockchain applications. There are multiple factors involved and a few of them have been explained above. Moreover, if you are looking to hire blockchain developers, we can connect.
We are living in the era of automation and in order to take our businesses to the next level, technology should be followed. Get the best resources from Linearloop which is a leading software development company in India & USA and create your dynamic blockchain application.
Mayank Patel
Mar 13, 20234 min read
