Software development industry is being influenced by a large number of external factors. Blockchain can be considered as a perfect example of such a factor. Blockchain technology has become extremely popular among people in the world because of Cryptocurrencies. In fact, Blockchain can be considered as the technology that you can find behind the Cryptocurrencies such as Dash and Bitcoin. The applications of Blockchain range across a variety of industries, which include logistics, banking, public administration, and healthcare.
Through Blockchain technology, there is a possibility to move data incrementally across peer to peer networks. All the transactions that take place within the network are kept within transparent ledgers. Hence, it has the ability to reshape the software development industry. Below mentioned are some perfect examples of methods, which the Blockchain technology can use in order to reshape the software development industry.
Defining new standards of software development
Blockchain technology is in a position to define new standards for software development. The trusted software companies that exist out there in the world have already started defining these new standards. With the help of Blockchain technology, it is possible to define smart contracts. On these smart contracts, there is a possibility to store and run code within Blockchain. A large number of projects have already been started in order to experiment how this can be used to replace the traditional storage, processing, and computing needs.
It is also important to keep in mind that the standards defined by Blockchain technology are fluid. Hence, there is a possibility for new standards to come out on a daily basis and replace the existing standards. However, the underlying protocols and standards will remain unchanged. This fluidity has given life to a large number of possibilities as well. These possibilities can never be experienced with the help of traditional programming methods. Hence, it will become a norm within software development industry in the near future.
Reshaping the file storage protocols
File storage methods followed by people in today’s world will be changed by Blockchain technology. The Interplanetary File System can be considered as a perfect example of such an initiative. It has the ability to saddle communication and file storage system. In other words, the traditional HTTP file communication protocol will be taken to a whole new dimension with this technology. As you already know, HTTP has the ability to download one file from one machine at any given time. But Interplanetary File System has the ability to download multiple files from multiple machines, which are stored in a decentralized manner.
Just like Interplanetary File System, Filecoin project is also changing the way how people store their files and access them. This methodology will locate the spare storage slots that can be found in data centers. Then people will be provided with the ability to bid for the spare storage space. Since they are spare storage space, people will be able to get access to them at a lower price tag. Hence, people will get the chance to store their files without spending a lot of money.
Empowering small business owners
Blockchain technology has got the ability to empower small-scale business owners through enterprise software development as well. When the small-scale business owners are selling a product to customers, they will come across the need to seek the assistance of a third party middleman. Otherwise, they will find it as a difficult task to obtain trust and reliability needed to complete the transaction. Usually, the financial transactions are being done via the payment processors such as PayPal.
On the other hand, people who are looking for freelance services tend to seek the assistance of reliable freelancing platforms such as Upwork. This has put a lot of pressure on the freelance software developers. They have to go through a series of struggles in order to gain the trust that is needed to offer their products to the people in need.
With Blockchain technology, all small-scale business owners will be provided with the opportunity to eliminate the need to have a middleman to complete the transactions. That’s because the Blockchain technology has the ability to introduce self-executing smart contracts to them. With these smart contracts, payments between the business owners or freelancers and customers can be streamlined. Hence, they will not come across the need to have a middleman to proceed with the transactions.
Multi-functional and transparent databases
Last but not least, it is important to keep in mind that the Blockchain technology has introduced multi-functional and transparent databases, which can contribute towards the betterment of the software development industry. Due to the availability of multi-functional and transparent databases, the data records would be accessible for all people. On the other hand, it delivers enhanced protection to data against unauthorized access. All the databases will be developed upon peer to peer technology. It can be considered as one of the most secure and robust platforms available out there to try. It has also got the ability to eliminate the need to have a middleman.
Some of the leading industries have already started exploring the possibilities that they have in order to integrate Blockchain technology directly into the existing core systems. For example, Aviation Division of AE is looking forward to integrating Blockchain technology into the databases located in aviation. With that, they will be able to experience all the benefits that come along with the Blockchain technology as well. Hence, Blockchain technology would definitely reshape the software development initiatives in future.