Developers have barely scratched the surface when it comes to the potential of blockchain — here’s how to ramp up progress.
Blockchain development has come a long way since the introduction of Bitcoin, the leading cryptocurrency and the first successful application of blockchain technology. The introduction of smart contracts by the Ethereum blockchain gave birth to potential use cases for blockchain both within and beyond the finance world.
Thanks to the fast, immutable and decentralized nature of blockchain, independent developers and industry giants from all sectors flocked to understand the dynamics of this new technology by creating myriad decentralized applications (DApps). Over the years, blockchain-based apps and services have paved the way for disruption in many sectors, with examples like instant cross-border payments, digital identity, play-to-earn games, nonfungible tokens (NFTs) and even supply chain management systems.
The developer ecosystem saw an uptick with the introduction of new and different blockchains, irrespective of crypto market conditions at any given time. A recent report by Electric Capital revealed that full-time Web3 developers at GitHub increased by over 15% between December 2021 and December 2022, coinciding with arguably the worst crypto meltdowns of the past year.
Despite all the progress, the developer ecosystem has barely scratched the surface of the disruption potential of blockchain technology. With its open-source availability, absolute transparency and ever-growing list of different networks, blockchain could potentially disrupt the world, starting with the most traditional industries that rely on manual processes, such as identity authorization and supply chain management.
Friction between vision and execution
Envisioning a better world with blockchain-based solutions brings joy to board meetings at any company headquarters. However, taking that top-level decision to the development floor is far trickier than coming up with a new use case for blockchain. There is still an undeniable friction between the conceptual phase of a new DApp that could disrupt an industry and starting to write the codes for it.
Building an app or a service on blockchain simply means the product needs to read or write from the actual blockchain network. Like all other networks, blockchain requires server hosting to be operational. Even after finding a reliable cloud provider for blockchain hosting, the development team still needs to keep the blockchain in sync.
After the initial synchronization with the network, each new hard fork — a significant upgrade to the blockchain — would require the developers to upgrade their client app to a newer version. Moreover, since each new block adds new data to the blockchain, DApp developers need to ensure that the hardware meets the storage requirements in self-hosted deployments.
All in all, the traditional way of blockchain development can easily turn into a costly endeavor, racking up to six figures annually. Spending so much time and resources on building a tech stack and sourcing infrastructure is less than ideal for Web3 project teams, who need minimum friction between the idea and actual development of DApps instead.
Web3 needs its “WordPress moment”
Web3 developers need a solution that encapsulates the backend of blockchain technology the same way services like WordPress simplify building content platforms. QuickNode, a leading end-to-end blockchain development platform, aims to help Web3 developers by making it easy for projects to boot up instantly, start building and scale effortlessly.
Dmitry Shklovsky, QuickNode’s co-founder and co-CEO, said:
“On the highest level, blockchain technology has the potential to evolve most of our daily processes and how we fundamentally transact with institutions and each other. From DeFi to supply-chain solutions to digital identity and keeping records on a public ledger, the use cases for blockchain are limitless — and we’ve only just begun to scratch the surface.”
Shklovsky highlighted that many people in the Web3 space consider crypto wallets as their passport to the internet, and the use cases will only get more diverse as blockchain development becomes simpler: “Looking ahead, we see passports, licenses, car keys, voter registration, art collection, loans, deeds, educational certifications and membership cards all in the same place — seamlessly accessible, interoperable and secured by cryptography.”
As a blockchain infrastructure provider, QuickNode allows Web3 builders fast and scalable access to 1 blockchains networks, including Ethereum, Bitcoin, Polygon and Solana. The low latency, reliability, security, 24/7 support and scalability across all major blockchains has helped QuickNode to become the go-to blockchain provider for industry giants such as Adobe, Twitter, Coinbase, OpenSea, Chainlink and Nansen.
Looking at any traditional sector through the lens of blockchain shows tremendous potential for positive disruption. The broken ad-revenue-sharing model of the internet needs more transparency, the same way ethical and reliable sourcing of products is needed in retail.
The answer lies in blockchain, and QuickNode aims to support the growing community of Web3 developers by simplifying execution and enabling further adoption with interoperability and scalability. “We’ve only seen a fraction of blockchain technology use cases,” the team reiterated, adding: “The future is bright, and QuickNode will always support Web3 developers building for the present and the decades to come.”