Blockchain Implementation
A Comprehensive Guide
ScienceSoft applies 34 years of experience in IT and proven expertise in blockchain development to help companies from 30+ industries design and implement reliable blockchain solutions.
Blockchain Implementation: Summary
Blockchain implementation aims to help companies leverage the blockchain-based solutions that introduce decentralized data storage and processing, guarantee data immutability and integrity, and offer effective workflow automation. Blockchain software ensures full transparency, topflight security, and fast processing of data and transactions.
Key project steps: A feasibility study, business case creation, blockchain conceptualization, project scoping, PoC development (optionally), blockchain solution design, tech stack selection, development, deployment, integration, after-launch support and evolution.
Team: a project manager, a business analyst, a blockchain architect, a blockchain developer, a UX/UI designer, a front-end developer, a back-end developer, a DevOps engineer, a QA engineer.
Timelines: 4–12+ months, depending on the solution complexity.
Cost: Depending on the chosen approach to blockchain network implementation and other cost factors.
Average payback period: 12–18 months for a custom blockchain.
ScienceSoft can cover the end-to-end implementation of all required blockchain components – from the blockchain network to decentralized applications (dApps), user-facing apps, and business logic, e.g., smart contracts. We ensure prompt rollout and high quality of the blockchain solution due to the proven tech skills and multi-industry expertise of our team.
Blockchain-based transaction platforms
Peer-to-peer platforms with no single point of failure for transparent, fast, and safe multi-party transactions.
Blockchain-based assets
Programmable crypto assets built on blockchain that may represent a digital form of money, tradeable assets, utilities, governance rights, and more.
Approaches to Blockchain Network Implementation
A blockchain network is the core of any blockchain solution. There are two main approaches to implementing a blockchain network, each having its benefits and limitations. The choice of a particular approach depends on a company’s specific business needs and requirements to the implementation time and budget.
Building a custom blockchain from scratch
Best for: Blockchain startups and fintech companies that want to come up with a unique product or service.
A blockchain network is designed and developed from scratch. Other architecture components are then built on it to get a required blockchain solution.
Benefits: The ability to implement a blockchain solution fully tailored to your business needs.
Cautions: Custom design and development requires much time and high investments.
Forking an existing blockchain protocol and creating a new blockchain
Best for: Companies that want to implement blockchain for corporate use.
A blockchain network is designed based on the open-source code of a well-established blockchain protocol (e.g., Ethereum, Hyperledger Fabric). The code is modified according to your requirements to introduce a new blockchain network with different features and rules to operate independently and host your blockchain apps.
Benefits: Significantly reduced cost of blockchain development and x1.5-2 faster blockchain launch, compared to a custom approach.
Cautions: The risk of choosing an inappropriate blockchain protocol to fork.
NB! Suppose you’re looking to implement a standalone decentralized application or a crypto asset rather than a fully-functional blockchain. In this case you may consider developing and deploying them on an open-source blockchain platform (e.g., Ethereum, Tezos, EOS). This option enables a fast and cost-effective launch of the required app or asset. However, the underlying blockchain architecture, consensus mechanism, and recordkeeping rules cannot be customized to your needs.
Although general and use-case-specific benefits of blockchain look persuasive, blockchain viability requires assessment for each business situation. ScienceSoft’s consultants help analyze the economic feasibility of blockchain implementation. We work in close collaboration with project stakeholders to get an in-depth understanding of the company’s blockchain needs and introduce a list of tangible benefits that the blockchain technology can bring. We also conduct a thorough analysis to present a high-level implementation costs breakdown and ROI calculations.
ScienceSoft
To create a reliable framework for planning and managing your blockchain initiative, we do the following:
- Elicit and document functional and non-functional requirements for the blockchain solution.
- Identify and resolve conflicting requirements.
- Analyze potential risks, including related to regulatory compliance (e.g., with AML/CFT and KYC, SEC, FINRA, GDPR, ISO 27001/27002, HIPAA, etc.).
ScienceSoft
This stage involves decision-making on:
- A proper blockchain network type (private, public, or hybrid).
- A best-fitting consensus mechanism (e.g., Proof-of-Stake, Proof-of-Authority, Byzantine Fault Tolerance).
- An optimal approach to implementing a blockchain network (building a blockchain from scratch or forking an existing blockchain protocol).
If your company opts for the forking approach, ScienceSoft can conduct a comparative analysis of the market-available blockchain protocols to help you choose the one that meets your blockchain needs best and requires the least modification efforts.
During this stage, ScienceSoft defines:
- Objectives, milestones, and KPIs for the project.
- Project deliverables.
- Project duration, schedule, and a time-framed budget.
- Project-associated risks and the ways to mitigate them.
ScienceSoft
Optionally.
We recommend opting for a PoC and/or blockchain prototypes in case you need to check the viability of an innovative blockchain solution in real life or test the blockchain potential to meet your specific business and technical expectations.
- Feature road-mapping
- Preparing a detailed feature list for the blockchain solution, including cybersecurity features.
- Feature prioritization based on the cost-benefit analysis.
- Architecture design. Designing secure, scalable, high-performing architecture for the blockchain solution components and their interactions.
- Integrations planning
- Suggesting cross-chain interoperability patterns for the blockchain solution.
- Preparing an integration plan with external systems (e.g., accounting software, an ecommerce portal, a SCM solution, etc.).
- UX and UI design
- Designing UX for user applications (web, mobile, desktop) that will enable communication with the blockchain.
- Designing UI of the apps and introducing UI mock-ups.
ScienceSoft
At this stage, ScienceSoft assists in:
- Defining techs and tools required for the blockchain solution implementation.
- Comparing different techs and tools in the context of documented business requirements.
- Selecting the optimal techs and tools.
When forming a tech stack for blockchain implementation, we at ScienceSoft always consider our clients’ priorities (minimized cost/time/risks of the solution implementation, etc.). To optimize project time and costs, we rely on ready-made components (smart contract building blocks, prebuilt UI components, open-source APIs, OOTB deployment scripts, etc.) where possible.
The development of a blockchain-based solution with ScienceSoft usually has the following stages:
- Depending on the chosen approach to blockchain implementation:
- Developing a blockchain network from scratch.
- Modifying the code of an existing blockchain protocol (e.g., Ethereum, EOSIO, Solana, Polygon, Bitcoin) to build a new blockchain network.
- Smart contracts development to introduce business process automation.
- Developing on-chain and off-chain oracles to enable data exchange between smart contracts and external data sources.
- Developing user-facing applications (web, mobile, desktop) to interact with the blockchain solution.
- Developing the back end of the blockchain solution, including APIs and cross-chain interoperability protocols, to enable data aggregation, processing, and storage.
- QA activities in parallel with development.
ScienceSoft
Blockchain solution deployment
ScienceSoft’s team configures CI/CD pipelines to automate the blockchain solution testing in the test environment, setting up the solution’s infrastructure, backup and recovery procedures, and deployment of the ready-to-use solution to the production environment.
An enterprise blockchain should be first deployed to one of the target user groups or facilities for a pilot run. This way you’ll be able to handle possible issues and change requests before rolling out the solution enterprise-wide and avoid costly adjustments.
Integration with other systems (if required)
At this stage, ScienceSoft’s team implements and tests integrations with the required systems, including those built on other blockchains, to enhance the solution’s value for end users.
ScienceSoft
Optionally.
ScienceSoft offers a range of services to ensure the smooth operation of the blockchain solution in the long run. Particularly, our team can monitor the blockchain performance, handles operational issues, and modifies or adds functionality according to a client’s evolving needs.
Although blockchain provides advanced data security, it can be susceptible to certain types of cyberthreats, such as routing attacks, phishing attacks, and code exploitation. I recommend our customers to implement additional cybersecurity mechanisms (e.g., intelligent fraud detection algorithms, authorization controls for APIs) to ensure the protection of the blockchain solution and the data it stores, and perform regular network vulnerability scanning.
Blockchain consulting
- Analyzing your business needs and eliciting requirements for a blockchain solution.
- Proof of Concept development (optional).
- Introducing an optimal feature set, architecture design and a tech stack for the required blockchain solution.
- Suggesting the optimal integrations with external systems.
- Blockchain security consulting.
- Delivering a roadmap for a blockchain solution implementation, including a risk mitigation plan.
End-to-end blockchain implementation
- Analyzing your blockchain needs.
- Blockchain conceptualization.
- Blockchain solution development.
- Developing APIs and cross-chain interoperability protocols.
- Integrating the solution with required systems (optional).
- Quality assurance of a blockchain solution.
- Drawing up user training materials or conducting user training (optional).
- Support and evolution of a blockchain solution (if required).
- 450+ software developers on board.
- Experience with leading blockchain frameworks: Ethereum, Hyperledger Fabric, Graphene, and more.
- Since 2003 in cybersecurity to ensure world-class protection of blockchain solutions.
- Software development expertise in 30+ industries, including retail, manufacturing, healthcare, telecoms, BFSI.
- Quality-first approach based on a mature ISO 9001-certified quality management system.
- ISO 27001-certified security management based on comprehensive policies and processes, advanced security technology, and skilled professionals.
- Listed among the Americas’ Fastest-Growing Companies 2022 by Financial Times.
Our Happy Customers
Project Manager
Plans the blockchain implementation project (goals, timeline, budget), prioritizes the scope of work and monitors its execution, coordinates the project team’s work, communicates with stakeholders and reports to them.
Business Analyst
Elicits and documents functional and non-functional requirements for the blockchain solution, defines technical limitations, features, and integrations with other systems.
Blockchain Architect
Designs the architecture of the blockchain solution with integration points for its components and required systems, including those built on other blockchains.
Blockchain Developer
Delivers the code of the blockchain, including smart contracts code, integrates the solution components with each other and with other systems, and fixes code issues found by the QA team.
UX/UI Designer
Designs the user experience and user interface of user-facing applications.
Front-end Developer
Delivers UI of user-facing apps and fixes code issues found by the QA team.
Back-end Developer
Delivers the code of the back end of user-facing apps and fixes code issues found by the QA team.
DevOps Engineer
Containerizes blockchain components, configures CI/CD pipelines for streamlined testing and facilitated deployment.
Quality Assurance Engineer
Designs and implements a test strategy, a test plan, and test cases to validate the quality and security of the blockchain solution.
Benefits of Blockchain Implementation with ScienceSoft
|
|
Fast development
|
|
|
Optimized costs
|
|
|
Flexible pricing options
|
Blockchain Implementation: Success Stories by ScienceSoft
Implementation of Blockchain-Based Supply Chain Software
ScienceSoft designed and implemented a private blockchain network to trace goods and verify their authenticity at each stage of the supply chain. The team also developed smart contracts to automate supply chain processes, and introduced different web apps for manufacturers, distributors, and stores to interact with the blockchain network.
Team Augmentation for Front-End Development of a Mobile Bitcoin Wallet
ScienceSoft augmented the Customer’s crypto wallet development team with the front-end talents who modified the existing JavaScript code of a cross-platform cryptocurrency wallet to make it work properly and speed up the crypto wallet app’s launch.
Crypto Wallet Integration with NEAR Protocol for CoolBitX
ScienceSoft designed and implemented an SDK to integrate the hardware crypto wallet with NEAR Protocol and enable the support for the NEAR coin. To ensure risk-free NEAR integration and facilitate future evolution of the crypto wallet, the team also delivered a detailed introduction document and testing documentation.
Crypto Wallet Implementation Advisory for a EU Fintech Startup
ScienceSoft designed an architecture and a feature set for the crypto wallet product, introduced a go-to tech stack for its development, and suggested optimal integration patterns with required systems. The team also prepared a detailed roadmap for a crypto wallet implementation, including a risk mitigation plan and cost and time estimates.
ScienceSoft’s Tech Stack for Blockchain Implementation
To deliver reliable blockchain solutions, ScienceSoft relies on a range of mature technologies, including:
Front-end programming languages
Languages
JavaScript frameworks
Smart contract programming languages
Blockchain frameworks and networks
Use: to speed up blockchain development while ensuring high application quality.
Blockchain cloud services
Use: to easily build, host, and manage the blockchain environment.
DevOps
Use: to streamline testing, deployment, and updates of a blockchain solution (Containerization); to automate blockchain-based software deployment and configuration (IT automation).
Containerization
IT automation
Cost Factors of Blockchain Implementation
Based on ScienceSoft's experience in blockchain projects, we have defined important factors that affect the cost and duration of blockchain implementation:
- The chosen approach to blockchain implementation (development from scratch or forking).
- A blockchain network type – private, consortium, or hybrid.
- The required consensus mechanism (e.g., PoS, PoA, Byzantine Fault Tolerance).
- (in case of forking) The chosen blockchain protocol to fork, which defines a blockchain transaction cost.
- The number and complexity of a solution’s functional modules.
- The number and complexity of web and/or mobile applications for various user groups to interact with the blockchain.
- The number and complexity of potential integrations with relevant software, which influences integration API development.
- Blockchain solution performance, scalability, cross-chain interoperability, and security requirements.
- The required deliverable (a PoC, an MVP, a full-scale solution).
About ScienceSoft
ScienceSoft is an international IT consulting and software development company headquartered in McKinney, Texas. We provide consultancy and development services to help our customers implement blockchain for improved traceability, security and faster processing of data and transactions. In our blockchain projects, we employ robust quality management and data security management systems backed up by ISO 9001 and ISO 27001 certificates.