Blockchain Technology and Low-Code Platforms, a Perfect Match

By
Álvaro Llobet and Yasmine Benjelloun
June 16, 2022

The world of technology is ever-changing and being proactive will help you stay on top of the latest trends.

Low-code/no-code technologies have changed software development and accelerated the pace of digital transformation, addressing and resolving one of the most common problems in the information technology sector: the availability of experienced developers and engineers.

These platforms are increasing in popularity because they allow anyone to build an application, not just programmers or developers with technical expertise, streamlining the lengthy process formerly connected with traditional coding. As those platforms and tools are readily available, low code/no-code platforms are helping companies to improve their business processes and become more agile and efficient in their digital transformation journey.

What Is a Low Code/No-Code Platform

You may be asking, "What is low-code/no-code?"

                                                                                                                          Source: giphy

Low code/no code is a programming style and software development process that requires minimal or no coding skills to create application logic; allowing users to create, manage, and deploy software applications by dragging and dropping program components instead of writing new lines of code.

Previously, many business users struggled to meet their needs with traditional software development, as this method can be expensive and time-consuming.

Low code/no-code technology provides a solution for business users who cannot write their programs but still need them to be written (like building apps or websites).

No code/Low code on the rise

A recent Forrester report explains the low-code market is all set to reach an annual growth rate of 40%, with spending forecasted to hit $21.2 billion in 2022.

One of the most prominent reasons for the rise of the low-code model is faster deliverability and greater innovation. In a rapidly evolving world, where digital innovation plays a critical role in business growth, speed and innovation can be complete game-changers for businesses.

Businesses should stay on top of emerging trends to survive. It is also essential to prevent them from falling behind the competition in:

·  Digital transformation

·  Automation

·  Data security

Low-code/no-code development platforms help companies achieve all three goals. They make it easy for anyone—not just developers or programmers—to follow through with their business objectives and capitalise on new opportunities while avoiding unnecessary risks.

Another study made by Gartner forecasted that the worldwide low-code development technologies market would grow by 23% in this year alone. “Low-code application platforms (LCAP) are expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8billion in 2021”.

 

Enterprises shifting towards LowCode-No Code - what are the Benefits?

Low code/no-code platforms (or LCNC)enable business users with limited coding skills to configure their applications, thereby creating value within the organisation. The core benefits are:

·  Reduced time spent on application configuration

·  Faster time-to-market for new applications

·  Reduced staffing costs due to less need for developers

·  Improved user adoption due to greater accessibility of the application interface

·  Higher quality due to the use of standardised components

·  Increased flexibility in use due to changing technologies within the enterprise

·  Better performance compared to traditional systems

·  Helps bridge the gap between IT and business teams, allowing them to solve real issues that impact the company.

It's easy for anyone to use low-code/no-code without a technical background. The technology allows non-technical staff like marketers or salespeople to create the custom tools they need more easily. It also allows developers to quickly prototype an idea before writing the whole thing in traditional lines of computer programming language.

Some applications built on no-code platforms don't have as much flexibility in design as those built on low-code/proprietary platforms (e.g., an online store designed on Shopify will look different from Wix).

But if your business doesn't need any heavy customisation or complex integrations, using a no-code platform cannot be less effective than using a proprietary or open-source framework. It can save you time and money that you would otherwise spend on hiring developers or training employees on how to develop apps in the first place.

Industries Using No-code Apps to Their Advantage

No-code is impacting speed and efficiency in the processes throughout several industries. Here are some examples:

  • Logistics: The transportation industry is going through a digital transformation thanks to the rapid adoption of no-code apps. The functionalities of the no-code apps that businesses are already using include inventory management, barcode scanning of goods,     and delivery notifications.
  • Insurance and Finance: the sector is adopting no-code apps due to the low cost of app creation, deployment, and maintenance along with secure and bi-directional handling of data.
  • Retail: inventory management is one of the main tasks that businesses need to take care of. No-code apps are improving the inventory management process by eliminating the time of sorting, counting, and reporting.
  • Manufacturing: there are already multiple custom-made apps based on order management, quality assurance, ERP or Excel data, and invoice creation to help manufacturing businesses handle multiple business operations.
  • HR Administration: There are multiple processes, including employee onboarding and performance reviews, that can be optimised with user-friendly and easily created apps.

Blockchain Technology

Picture from ShubhamDhage. Source: Unsplash

 

What is Blockchain and What are the Barriers of Entry

Blockchain, or distributed ledger technology (DLT), is a decentralised database that stores transactions in blocks, with each one of those blocks having a unique identifier.

Data on the blockchain platform can only be updated when there is a consensus between participants in the system; once recorded, you cannot alter the data in any block retroactively without altering all subsequent blocks, which needs an agreement by the network majority.

Blockchain technology provides several benefits over traditional transactional systems:

·  Blockchain is decentralised and requires no central authority for transaction verification, removing the need for a middleman.

·  Blockchain is immutable, i.e., once you input data into the blockchain, it cannot be tampered with or changed

·  Transactions can be traced and are transparent across peers participating in the network.

Blockchain is the backbone of cryptocurrencies such as Bitcoin; but with increased interest and development, the technology has seen wider adoption beyond the financial world, with numerous applications such as voting, and supply-chain management (e.g., tracking goods from production to sale), and authentication of digital assets. It can also help streamline multiple parties' processes, such as buying insurance policies or transferring deeds. The technology has been proving to be a key tool for organisations looking to increase traceability and transparency in complex supply and value chains; as well as promote trust and collaboration.

However, blockchain isn't without its challenges. Several barriers to entry have led to limited adoption: cost (both time and money), technical expertise, and integration with other systems.

The main challenge comes from its complexity: designing new applications that leverage this technology requires deep domain knowledge in multiple disciplines such as cryptography, game theory, computer science, and distributed computing.

In addition, today's blockchain projects are not only challenging to design from a technical perspective; they also require careful planning of business processes to ensure they will convey that information accurately and effectively. It means that even simple changes can need significant efforts from multiple teams over a long period.

But how do you mitigate these problems? Here is where Low Code/No Code Technology comes into play.

Blockchain and Low-Code: The Perfect Marriage

Blockchain and low-code are natural allies with an almost symbiotic relationship: no-code technology can be used to create new tools in just about every industry, and blockchain is no exception.

Low-code development platforms redefine how applications are built and deployed, offering speed and agility that is impossible with traditional approaches. On the other hand, blockchain has emerged as a key technology for creating transparency and trust in digital interactions.

While blockchain technology and low-code platforms are beneficial in their own rights, the combination of the two creates a powerful tool for businesses of all kinds.

By harnessing the power of blockchain and implementing the technology throughout their processes, enterprises can reduce the cost, time, effort, and risk by building blockchain applications using a low-code platform.

A low-code blockchain platform is an excellent solution for any company looking to adopt blockchain technology. These no-code blockchain platforms allow companies to build and manage their blockchain-based applications without any coding knowledge. They bridge the gap between companies looking to dive into the blockchain world and those who are not sure they have the resources or skills to do so.

Some of the benefits Low-code platforms offer to blockchain applications include:

Flexibility

Low code platforms allow users to modify an application once built with ease. It can be beneficial in blockchain for enterprises since the technology is continuously being developed and explored.

Scalability

Low-code platforms enable developers to add new nodes as needed. It is crucial because blockchain technology allows users to operate "nodes" on a blockchain network. A node is just another computer that acts as a verifier for blockchain transactions and records. By allowing users to add new nodes as needed, low-code platforms allow for increased scalability.

Security

Low-code platforms offer additional security by protecting sensitive data from being corrupted or propagated without authorisation. Many of these low-code platforms have built-in security features that make them an ideal solution for building blockchain applications.

Speed to market

Low code enables to expedite the development of blockchain applications – with less burden of heavy investments in capital, time, and talent. As with any application development initiative, earlier business value realisation is always better than later.

Finboot’s MARCO platform: Easy to Use Blockchain

Blockchain technology changes how we do business and manage transactions. However, many people are hesitant to use it because they feel like it's too difficult to understand and implement.

But that should not be the case! By using a low code/no-code blockchain platform, companies can design websites and applications so that users won't have to know as much about working with the technology. That is why we believe LCNC platforms are the future of blockchain, as lowering barriers to entry for new users is essential to utilising this revolutionary technology to its full potential.

Finboot's Marco Solution is the perfect example of what a low-code, blockchain platform can bring to the table. It brings all kinds of ledgers together from different sources and platforms; and allows for the development of no-code applications to enhance transparency, traceability, and compliance, among others.

With MARCO, you can access the benefits of the technology without having to deal with its complexities: simplifying your organisation’s digital transformation by enabling the development and deployment of digital products with minimum effort and resources

This is just one of many ways low-code/no-code technology can help make blockchain easier to use.

Contact us today to learn how Marco can bring value to you and your company!

 

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