Blockchain Implementation in 2024: Roadmap, Costs, Skills (2024)

Blockchain Implementation: Summary

Blockchain implementation is aimed to help companies leverage innovative solutions that introduce blockchain-based data storage and processing. Blockchain technology promotes data immutability and integrity and offers safe and effective workflow automation.

Blockchain software ensures full transparency, top-flight security, and fast processing of data and transactions. ScienceSoft's real-life project examples highlight the diverse applications of blockchain technology, illustrating its potential to transform various industries.

Key steps to implement blockchain technology:

1. Conduct a feasibility study.
2. Create a business case.
3. Conceptualize the blockchain.
4. Scope the project.
5. Develop a Proof of Concept (optional).
6. Design the blockchain solution.
7. Select the tech stack.
8. Develop and deploy the solution.
9. Integrate it with existing systems.
10. Provide after-launch support.
11. Continuously evolve the solution.

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 implementationand other factors.Use our free calculator to estimate costfor your case.

Average payback period: 12–18 months for a custom blockchain.

ScienceSoft can cover the end-to-end implementation of all required blockchain components – from infrastructureto consensusto business logic to user-facing apps. We ensure prompt rollout and excellent quality of blockchain solutionsdue to the proven tech skills and multi-industry expertise of our blockchain teams.

Innovative Blockchain Solutions for Various Use Cases

Visit ScienceSoft's dedicated pages to learn about the capabilities, benefits, and costs of niche blockchain-enabled solutions:

Blockchain networks

Secure and scalable permission-based or permissionless decentralized ecosystems with minimized downtime.

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.

Blockchain's Major Architectural Components

Here at ScienceSoft, we rely on a flexible multi-layered blockchain architecture and help our clients implement any components required for the seamless functioning of their blockchain solutions.

Approaches to Blockchain Network Implementation

A blockchain network is the backboneof any blockchain solution. There are two main approaches to launchinga blockchain network, each having its benefits and limitations. The choice of a particular approach depends on each company’s specificneeds and requirements for the blockchain projectimplementation cost and timelines.

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.

How to Implement Blockchain Technology

The duration and approach to the blockchain solution design and implementation depend on the specifics and scale of operations the solution should cover. Below are described typical steps we at ScienceSoft take to implement a blockchain.

Consider Professional Services for Blockchain Implementation

Having 35years of experience in software design and development, ScienceSoft can provide:

• Since 2020 in enterprise blockchain development and cryptotech.
• 550+ seasonedsoftware developers, 50% of whomare seniors or leads with 9–20 years of experience.
• Experience withEthereum, Hyperledger Fabric, Graphene, and other leading blockchain frameworks.
• Excellence in Solidity development proven by ScienceSoft’s presence on the Top 10% European Solidity (Ethereum) Developers list by Aciety for the second consecutive year.
• 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.
• ScienceSoft is a 3-year champion in The Americas’ Fastest-Growing Companies Rating by the Financial Times.

Benefits of Blockchain Implementation with ScienceSoft

Costof Blockchain Implementation

Below, our consultants list major 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).