You may be wondering what the benefits of Ruby on Rails in blockchain are. Or what the best examples of Ruby on Rails implementation on the blockchain are. Well, you’ve come to the right place.
According to Deloitte's 2021 Global Blockchain Survey, 81% of executives in the financial services industry (FSI) believe blockchain technology is at the core of cryptocurrencies like Bitcoin is “broadly scalable” and has attained widespread adoption.
Blockchain technology mainly functions as a decentralised ledger that eliminates the need for intermediaries to facilitate safe and transparent transactions. From bitcoin to supply chain management, it has been used for a variety of purposes, and its prospective applications are constantly being developed.
It’s safe to say that blockchain technology is changing modern business. Besides, one of the most exciting developments in blockchain technology is the use of web frameworks like Ruby on Rails (RoR).
For more than 15 years, Ruby on Rails has been an open-source web application framework. Some of the world's most popular websites and web applications were built with it, such as GitHub, Shopify, and Twitter.
Ruby on Rails is a widely used open-source web application framework. Developers use it wisely to create dynamic, database-driven websites and applications. Ruby on Rails has recently gained popularity as a platform for developing Distributed Applications (DApps), private blockchain networks, and smart contracts.
Further, here are the benefits of Ruby on Rails for the blockchain and the examples of RoR by doing so.
Benefits of using Ruby on Rails in Blockchain
Ruby on Rails provides developers with an easy way to create and use complex interactive websites and applications quickly. For blockchain projects, Ruby on Rails offers some benefits that could make it the go-to choice for many development teams, here are the benefits you may get:
1. Faster development
Using Ruby On Rails (Web3) platform makes it easy to build robust decentralised applications in blockchain, allowing developers to work with Ethereum smart contracts without having to learn Solidity or another specialised programming language.
This means that developers can get a quick start without spending a lot of time learning another language from scratch. Additionally, Ruby on Rails provides a solid foundation for building custom user interfaces, it cuts down on the time needed for front-end development as well.
2. Flexible architecture
Ruby on Rails and blockchain offer the ability to create robust platforms that are resistant to attack or disruption due to their distributed nature. Developers can use this capability to develop applications that are secure and have high availability, allowing users to access their data from anywhere at any time.
With Ruby on Rails integrated into the blockchain’s architecture, cost-effectiveness is also improved by reducing transaction costs associated with traditional payment systems. Furthermore, using smart contracts helps reduce processing fees and makes transactions faster and easier than ever before.
Overall, the combination of Ruby on Rails and blockchain technology creates a robust and flexible solution for application development.
3. Increased security
Ruby on Rails can also be used to build private blockchain networks for businesses or organisations. These networks can be used to streamline internal processes, reduce costs, and improve security.
A user's data or applications can only be accessed by those with permission thanks to various layers of encryption used in Ruby on Rails' approach to blockchain security. The system also uses innovative hashing methods to ensure that only validated transactions are made on the network.
Additionally, using smart contracts ensures that everyone involved in a transaction meets the rules established for data sharing or executing financial transactions. For users in various industries that depend on this technology to carry out their everyday activities without worrying about malicious attacks or leaks, all these elements work together to produce an incredibly safe environment.
4. Open-source library
Ruby on Rails is an excellent choice for blockchain development because of its strong community support. The framework has a large and active community of developers who are constantly contributing new libraries and tools to improve its functionality.
The integration between Ruby on Rails and web3 provides developers with an easy way to build apps through an established framework that has been used for years by developers. It also allows them to use ruby code for all aspects of their dApp programming, allowing for rapid iteration and innovation.
With the Ethereum blockchain being one of the most popular blockchains available today, this integration makes it even easier for developers to leverage its power in creating new projects or improving existing ones.
4 Examples of RoR implementations in Blockchain
Here are some examples of Ruby on Rails implementations in Blockchain:
1. Peatio
Peatio is an open-source cryptocurrency exchange platform built with RoR. It supports a variety of cryptocurrencies and offers features such as trading, deposits, withdrawals, and KYC/AML verification. The Peatio software functionality includes accounting, buying and selling, and interaction between blockchains.
2. Chain
Chain is a blockchain technology platform that provides tools for building and arranging blockchain applications. It offers a range of APIs and SDKs that developers can use to create blockchain-based applications. The chain products include below:
- Sequence: It is an immutable, fully customisable ledger that balances all of your business transactions.
- NFT chaining: It is a full white-glove service that is fully customisable to meet the needs of any NFT project, no matter how large or small.
- Enterprise Chain: It has collaborated with industry leaders to bring blockchain networks to market, from prototypes to production systems.
3. Blockstack
Blockstack is a decentralised computing platform that allows users to create decentralised applications. The platform is built using RoR and provides a range of tools for building blockchain-based applications.
A Blockstack user receives digital keys to create their identity on the Blockstack network, using the decentralised security provided by blockchain technology. User data can be stored locally or connected to storage hosting providers, giving the user complete control.
4. Gem
Gem is a blockchain development platform that provides tools for building and deploying blockchain-based applications. The platform is built using RoR and offers a range of APIs and SDKs that developers can use to create blockchain-based applications.
Further, Gem products include below:
- Onramp: Users can purchase cryptocurrency from your app using fiat payment methods or by transferring funds from their exchange accounts. All in a lovely embeddable widget.
- API: The most comprehensive API for connecting to and transacting with cryptocurrency exchanges. More than 2,000 cryptocurrencies are supported by 20+ exchanges.
Wrapping Up
Ruby on Rails is a robust framework that works well for blockchain development. It is the best option for developers wishing to create blockchain-based applications due to its adaptability, rapid development, and strong community support.
Building DApps, private blockchain networks, and smart contracts are all possible with Ruby on Rails, allowing you to profit from blockchain technology. Ruby on Rails will surely be crucial in determining the future of this innovative technology as the blockchain develops and new use cases are found.
Do you want to develop an application for your business? Building a blockchain app using Ruby on Rails with our experts at VirtualSpirit can be a great way to help your business succeed. Let's discuss it!
