In the world of software, there are few competitors that are not looking to take their software game to the next level. While some companies may be successful in launching new software offerings, others struggle to find a new audience. This is because software is often viewed as a black box — meaning it can’t be solved with old techniques or technologies. In other words, it’s difficult to ‘put right’ without actually replacing the entire system. Not only that, but once you start considering the massive amounts of data involved, there’s also no guarantee that your software application will remain ‘in use’ for very much beyond its expected term. So what does one do? How about adding another layer of value? That’s right — software application development has something else in common with blockchain and tokenization . Both of these technologies involve creating digital certificates — which are essentially contracts between parties whereby the parties agree on how and when payments from different parties will be made. These contracts can then be activated or invalidated at any time by the appropriate parties (typically vendors). That being said, these two technologies have so far achieved very little in terms of actual use cases. What if we told you they were already becoming successful examples of how blockchain and tokenization can be combined in a modern app development ecosystem? Let’s see…
What’s a Software Application?
In a nutshell, a software application is any software application that manages data, interacts with external systems, or both. For example, an ecommerce software application might manage the purchase of products, accept payments, and track the purchases made. A blockchain-based application could store and manage entire events like a trade or purchase agreement. A health app could monitor and manage a person’s overall health by serving them nutritional information and news updates. And so on.
Blockchain and Tokenization
Blockchain (formerly known as Ethereum) is a decentralized, distributed, and public digital ledger that can be used to record transactions. It’s essentially a ledger that’s been created and maintained by all of the world’s financial institutions. The ledger contains all the information needed to record any kind of transaction between two parties — like an ecommerce site’s supply and demand data, a customer’s orders, or a health record’s information.
How to Create a Blockchain Application
This is the most common way to create a blockchain application. You build a website or a blockchain-based app using the blockchain-based architecture. Using this process, you can create a decentralized, private, and transparent platform where all data is stored, unlike any existing centralized systems. You could also think of it as an open-source software, with the source code available to everyone. You could also use the blockchain-based architecture as a data storage system, adding extra features or flexibility to make it as scalable as possible.
Ethereum: The Future of blockchain (and what it can do)
In a nutshell, the Ethereum distributed ledger is a public blockchain that’s used to record virtually everything. If you build an app that uses the Ethereum ledger, then anyone with access to the internet can view, edit, and delete the content as they see fit. Mining the Ethereum blockchain is actually relatively easy — you can essentially just connect your computer to the internet and type in the address associated with your account. This will prompt you to search for the ‘geth’ command in your own language and then enter ‘theg’ as your command. Once you have the command, you can start mining the blockchain. You can sign transactions with one of a select few cryptocurrencies, like Bitcoin or Ether. Simply sending a transaction would require you to include the associated cryptocurrency in the message. You can hold and trade financial assets like stocks and bonds on the blockchain — which can be a great option for businesses that needs to protect their investments.
Conclusion
The professional software application developer is the king of the hill in the software industry. They’re responsible for building and designing applications that run on computers and provide value to their customers through automated processes. Among all the modern software development efforts, few are as reliant on the blockchain as are Apple and Google. Topping that list is probably would-be app developer Theocharis Patissi. A long-time member of the iOS development team at Google, Patissi has been working on a few mobile apps for Apple and Google. If you’re interested in applying for a job in the industry or are just starting out as a developer, consider looking at where your competitors are and try to build an application that mixes modern features with the right game plan for how to best incorporate them in your own app.