Blockchain Implementation Guide
FAQs
Blockchain can be useful for businesses and individuals who prioritize transparency, security, sovereignty, and decentralization. Utilizing blockchain technology can involve using cryptocurrencies, smart contracts, decentralized applications, and so much more. Some scenarios where blockchain can improve established industries are in supply chain management, identity management, banking, and voting systems.
As mentioned above, Bitcoin blockchain is open-source code that individuals run on their own hardware. This keeps the blockchain alive, as long as an individual wants to use and run it, it will live. The first successful application of a blockchain was for decentralized currency (Bitcoin). Messages can also be inscribed on the Bitcoin blockchain. Some applications use Layer-2 systems with the Bitcoin blockchain to allow faster transaction time. There is ongoing research to allow for more use cases with the Bitcoin blockchain.
Yes, it is possible to build your own blockchain, but it is much easier to use a pre-built blockchain open source like Bitcoin, Ethereum, Cardano, etc. for cryptocurrency, and Quorum, IOTA, and the IBM Blockchain Platform for non-cryptocurrency. This way, you do not have to deal with implementing the core engine. To build a blockchain from scratch, you will need an advanced technological skill set and infrastructure.
Blockchain does not use anything but its own open-source code that acts as its software. There are different blockchains that each have different limitations and benefits to using them, with the code slightly tweaked to achieve different results. Some examples are Ethereum, with its capability to create decentralized apps, smart contracts, and altcoins, whereas the Bitcoin infrastructure was mainly built to provide a decentralized ledger that allows for a permissionless way to exchange money. Other blockchains are also being developed for various use cases such as real estate or voting systems. Overall, the different and unique features of each blockchain have the biggest say in which software and code is used to actually support its purpose.
The most stable and most used blockchain language is called Solidity, which interacts with Ethereum and other EVM compatible blockchains. But you are able to use a variety of other languages — such as Java, C++, Python, and Ruby — to create an off-chain system that can trigger a smart contract and create action on-chain. Allowing for greater code compatibility is one of the challenges in blockchain.
As of March 2023, the biggest blockchain company is Binance. Binance is a cryptocurrency exchange platform that was founded in 2017. In 2021 alone, they facilitated over $9.5 trillion worth of transactions.