Blockchain technology has taken the IT world by storm. It has the potential to change the digital world completely, including the way businesses operate and make transactions. Initially, it was used to handle cryptocurrencies such as Bitcoin. Today, numerous business applications across domains use Blockchain as their central component.
However, Blockchain is still at an evolving stage, and its adoption is slow in most industries. Toward this, a programming language like Java can help to create robust applications that make the Blockchain adoption easier and beneficial.
Why Blockchain is Popular
Blockchain is highly secure. In Blockchain, various blocks store the data in cryptographic form. All these blocks are sequentially connected. That means you need to alter the details of the old blocks before changing a single record in a particular block. As a result, it becomes impossible to forge it. That is the reason why Blockchain can provide a high-level of security for making business transactions.
Major Fortune 500 companies, including Google, Microsoft, IBM, Walmart, Amazon, and Disney, are actively involved in the analysis and implementation of Blockchain technology today.
Top Advantages of Blockchain
- Transparency- In Blockchain, all the network participants share the same documentation, and everyone must agree to make any update in that record.
- Security- The information is stored in a network of different computers instead of a single server. Thus, the transaction records are decentralized, and hackers cannot compromise them.
- Traceability- To complete a cryptography process, the current data ledger needs to be dependent on all the previous completed blocks. Therefore, it is easy to find the origin of accounting and every point of its journey.
- Speed & Efficiency- Blockchain helps automate and streamline record-keeping processes, which results in faster and efficient transactions.
- Cost Reduction- Blockchain does not need third-party mediation. You do not have to necessarily trade with known partners, as you rely on data alone. Moreover, everyone has shared documentation, which eliminates the need for reviewing a large amount of data and helps save costs.
Why Java is the Right Option for Blockchain Technology
Java follows an object-oriented approach. The primary reasons to choose Java as a programming language for Blockchain are its high scalability and portability. Today, companies providing Java application development services assist organizations of all sizes in adopting Blockchain straightforwardly and beneficially.
Let us look at other top reasons to choose Java for Blockchain application development.
- Popularity: Java is a widely-used programming language by developers across the world. Today, over three billion devices are based on Java. A vast community of active Java developers provides support to build quick, efficient Java-based solutions. Therefore, Java can be a top choice to integrate into Blockchain development.
- Plugin Architecture: A well-defined interface and documentation help to make a clear roadmap to develop parallel components of an application. The simplicity and extensibility of plugin architecture help businesses to get a flexible and extensible Blockchain solution.
- Best Frameworks: Some Java frameworks assist the developers to build faster, efficient Blockchain applications for SMBs to large enterprises. The below tools are widely used in Blockchain solutions.
- HyperLedger Fabric: This framework is popular because of its capability to handle complex business transactions across industries. Therefore, it is one of the most popular solutions to assist enterprises to adopt Blockchain for advanced and secure business operations.
- Web3j: This lightweight Java library consists of a large volume of documentation. It helps Java developers to provide integration layer to the Java applications for Blockchain. The versatile CLI and plugins of Web3j help for faster Blockchain development. Moreover, it gives complete type-safe access to Blockchain applications.
- Cost-Effective Development: Java uses JIT (Just-In-Time) compiler and modern GC (Garbage Collector), which makes it faster than most of the programming environments. Java helps build large, distributed, high-performance applications in a quick time. As a result, businesses get faster and cost-effective development services.
- Performance: Even the most popular Blockchain product, i.e., Bitcoin, has the limited capability to handle the transactions in a decentralized database. Its peak performance counts at 20 to 25 transactions per second, which goes down to 5 transactions per second occasionally. Java, along with other scalable products or services, drives technological advancements in Blockchain. With synchronized efforts and cutting-edge tools, Java helps create Blockchain solutions that can handle thousands of transactions per second.
- Portability: A Java program is portable across computational devices. It does not rely on system-specific architecture. Users can access, interact, and receive information from Java applications using any device that connected to the internet, including desktop, tablet, mobile phones, and more. Users do not need to develop various versions of the same application for different browsers or OS. Therefore, the troubleshooting and application configuration is easy in Java,
- Easy Maintenance: Java is a statically typed programming language. Though it might require a more codebase up-front, it makes application maintenance easy and with minimum efforts. As the Blockchain applications can be large and complicated, using Java is a good option. It saves a significant amount of time and money in the long run.
Blockchain has become a business buzzword today. Various industries, including agriculture, e-commerce, banking, education, healthcare, and more, are looking to apply Blockchain in their business model. And, Java programming can be the right approach for enterprises to foster widespread adoption of this revolutionizing technology and further leverage its benefits. Toward this, an experienced company providing Java software development services can build a scalable Blockchain solution to help make a potential growth of a business.