GET IN TOUCH

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST

qr-img

Scan the QR Code to add me on WeChat

Find me on WeChat

To give you the best possible experience, this site uses cookies. Using this site means you agree to our use of cookies. More information is available in the INN4SCIENCE LLC Privacy Policy. Learn More

I AGREE

Blockchain

Blockchain API Providers: How to Choose the Best One

An application programming interface (or API) is a series of methods that can be applied to services, objects, or a network of services and objects. Usually, APIs work both ways, providing a way of controlling a said object or service, and getting feedback data.

What is a Blockchain API?

what is a blockchain api

An API for blockchain is no difference. Developers are using it to build solutions which interact with any decentralized ledger or cryptocurrency platform including Bitcoin, and to gather information. Blockchain APIs are useful in controlling wallets, reviewing and analyzing transaction notes, and getting all network state changes in real time.

We can divide them into two major directions: those working with cryptocurrencies and those offering the other appliances of blockchain.

In their turn, cryptocurrency-related APIs have three main branches the applications can benefit from:

  1. Crypto Wallet API, which allows apps to access and control funds in wallets: send them and wait for the incoming transactions, without any need of maintaining an own node and wallet, and without the need of handling sensitive keys.
  2. Block Explorer API, which enables applications to analyze transaction data, whether they are funds or data transactions, and to access vital statistics of the blockchain.
  3. Crypto Exchange API, which is a powerful analytics and actionable instrument used in financial and trading applications. This type is advantageous for crypto banks and loans, crypto market research software and trading bots. Practically all fintech applications benefit from using it.

The other APIs, not related to cryptocurrency, mostly work with sensitive and encrypted data storage, which is handy for applications requiring dependable data storing, version control and sourcing, and blockchain’s immutability contributes hugely to this need.

As you can see, there are many applications for the APIs in blockchain development, which is why a well-chosen API provider is always a right hand in any blockchain-related project.

How Does it Work?

Business applications gain from using distributed ledger APIs to send and receive funds, search, analyze, store and read data and funds transactions, and much more, preserving safety measures common for the distributed ledger.

As a rule, distributed ledger APIs are built as web apps or endpoints directly connected with a cryptocurrency wallet, blockchain or piece of software having access to all required information. Essentially, the Crypto Wallet APIs are interfaces for a wallet or another application connected to the blockchain, which offers fast and secure integration into any app.

Are You Looking for Blockchain Experts?

“Take a Look the Offer of Our Сryptocurrency Wallet Development Company.

Are You Looking for Blockchain Experts?

“Take a Look the Offer of Our Сryptocurrency Wallet Development Company.

With an API, getting information from blockchain is fairly easy: once your application is connected, you only need to call one corresponding method and get the response back in seconds. If you keep the direct connection within the software, you would need to run a node on a server, take care of your wallet keys security, pay electricity and maintenance bills, build low-level blockchain access software with thousands of lines of potentially faulty code.

Due to somewhat limited instructions for the decentralized ledger, coders now don’t necessarily use complex programs to integrate blockchain in their products, maintain wallets, or download terabytes of raw blockchain info. Instead, they can easily use a blockchain API provider that will keep it all up and running for them 24/7, at a very low cost.

The best API providers offer their services (i.e. APIs) on the very high level and coder-friendly way, which helps junior programmers, or those who still lack much hands-on experience, to create blockchain-connected programs really with ease and time-efficiency.

How to Grow Your Business with Blockchain APIs?

blockchain api

Firstly, the distributed ledger API will allow receiving cryptocurrencies as a payment method for goods or services, which can broaden your target audience. Thanks to it, building a web store that accepts Bitcoin will be even easier than with the fiat money, as one doesn’t require complex connections with bank accounts.

The blockchain’s collaborative nature ensures acceptance by everyone, once a change in it is confirmed by the network. Knowing how to use blockchain API correctly will make double data records or double requests absolutely impossible. For the geographically spread businesses, it implies the fact that status and data transactions over the blockchain are the best viable solution, as any info about the company’s operations will be up to date, anywhere, anytime.

From the customer side, the use of API for blockchain in conjunction with the distributed ledger KYC services excludes any urge to enter information from your customers should you require it. They can provide everything you will need in a click, and your service is shipped instantly. The lack of registration, verification and filling the forms definitely will enhance the business attractiveness and further infuse its growth.

Top 5 Blockchain API Providers

  1. Coinbase
  2. Coinbase blockchain API

    Being one of the biggest cryptocurrency exchanges, the US-based Coinbase definitely has the expertise on how to use blockchain API. Using the Coinbase solution helps you easily integrate payment methods in five different cryptocurrencies, and maintain the control over your money flows with some of the best security measures on the market.

    The customers value Coinbase for their usability, safety and customer orientation, so working with this API provider will maintain your users’ confidence and won’t summon any uncertainty in the safety of their transaction.

    Want to make a secure cryptocurrency exchange?

    “Read Also: How to Make a Bitcoin Exchange

    Want to make a secure cryptocurrency exchange?

    “Read Also: How to Make a Bitcoin Exchange

  3. Factom
  4. Factom data storage

    Detached from the cryptocurrency payments, Factom opens up a completely another side of what is a blockchain API, concentrating solely on data storage and transacting. This service provides a solution created for work with data and files and supports lots of functions beyond data write and read, such as version control, change tracking, document dependencies, and a lot more functions regarding trust, data integrity, compliance, and data audit.

    Factom provides its service as a basic REST API, so virtually any web developer will be able to easily build applications having these functions, but also to incorporate API of the distributed ledger into existing code.

  5. Bitcore
  6. Bitcore bitcoin wallet

    Bitcore is founded by Bitpay, a US-based Bitcoin payment service provider, and also focuses on managing a bitcoin wallet by software from one endpoint. It is considered the best blockchain API for the products running all operations on their end and doesn’t require any 3rd-party connections. Bitcore is built using JavaScript, so it is easy to integrate into any new or existing product, regardless of if it is a mobile, web or desktop application.

    Want to create own application?

    “Read Also: How to Create a Bitcoin Wallet App

    Want to create own application?

    “Read Also: How to Create a Bitcoin Wallet App

    Bitcore runs its own node so that all services with a single API connection are cleared within one application. It means up to 500 transactions per second, although requiring up to 48 hours to settle. Currently, for BTC, it enters the list of the fastest transaction-oriented distributed ledger API providers.

  7. Colu
  8. Colu secure blockchain API

    Colu allows managing the monetary assets in a safe and secure way. Using Colu, developers can integrate encrypted and dependable asset management into any software, which can include asset transaction and exchange timestamp protection, encrypted multi-asset storages and BIP44 hierarchic private keys generation.

    BIP44 implementation makes Colu a highly secure blockchain API provider, as the service provides segmentation of assets between multiple multi-key wallets, which also pays a great deal in anonymization and increased security of the wallets.

  9. Blockchain API

Blockchain stable Bitcoin API

Launched by the community of 25,000 strong developers from the biggest Bitcoin block explorers worldwide, blockchain.info, the Blockchain.com API is the most used, supported and stable Bitcoin API. Straightforward access to lots of nodes, fast and stable work, the quickest network update feeds — it gives an answer to what is Blockchain API.

The API by Blockchain.com is built utilizing HTML API with JSON-formatted responses, so it is easily implemented into any modern app in a matter of minutes.

How to Choose the Best API Providers?

what is best api to use blockchain

In the beginning, you should outline the functionality you expect from your integration. If you require funds transfer or wallet control capability, you may want to look at Coinbase or Colu. If you require data storage functionality, Factom or Gem is your choice. If you need both, a modular system, such as Neurowave or ChromaWay would be the best solution for you.

The approaches of how to use blockchain API differ, which may affect your choice. The developers may have good skills in some technologies, tools, development patterns, and they may choose an API based on their comfort and taste. Using a familiar approach will contribute to the overall quality and will lower development cost of your blockchain-enabled application.

Top blockchain APIs also differentiate by their bandwidth. Naturally, the fastest APIs can cost more or may have heavier requirements to your hardware, and although their capability of hundreds of transactions per second sounds attracting, chances are you won’t need it and your product will be perfectly fast choosing a free, but less powerful options.

How to Integrate Blockchain API Into Your Product?

Integrating an API into new or already launched products is not a hard task but requires a detailed plan outlined beforehand. In a nutshell, there is a set of steps you can follow:

  1. Choose the blockchain’s type for the integration, based on the needs you have. Doing that, consider its speed, block sizes, the information’s amount, as well as the ability to support all upcoming operations for the product. You can select either off the shelf solutions with a big developer base, like Ethereum, NEO or EOSIO, or go through a private blockchain development process and get your perfect blockchain built meeting your exact specifications.
  2. Based on the product’s tasks and the chosen ledger, select an API provider. A free and basic wallet API may be sufficient for a simple online service, and fast, powerful and paid blockchain API may be needed for data transactions, dependable information storing and data versioning functions for your product.
  3. Once you have your API provider selected, it is the time for your development team to actually code the integration.
  4. Test everything. Testing is a key success to any programming. The blockchain’s integration doesn’t differ any bit. For testing the blockchain capabilities, use testnets and test nodes, which will operate like a usual blockchain, but with limited speed, and for free.

Conclusion

While the technology of the distributed is penetrating all possible sectors, it is hard to imagine a business that wouldn’t benefit from it. However, it is highly important to make the transition to the blockchain implementation correctly. Should you wish to integrate cryptocurrency as a payment method to your store, or need a reliable API connection to pull particular information from the distributed database, we are here to help.

Drop us a request so that Inn4Science experts find a solution to your needs already today.

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


was this article helpful?

1 votes. Average 5.00 of 5

Add Comment

Leave a Reply

1 COMMENT

  • Sander Visser

    I’d definitely check https://hybrix.io as well. It offers a RESTful API that allows you to develop on 26+ blockchains with just one language. Besides retrieving data from the blockchains, you can use the library to sign transactions client-side.

    What I really like is that it’s open source and plug & play and allows for parallel development with one language. You could run data through multiple chains simultaneous, stabilizing risk of using less stable blockchains.

    Last week, an article on Hackernoon went in-depth how to develop with hybrix: https://hackernoon.com/how-we-built-a-multi-blockchain-explorer-in-3-weeks-3aadeeea9ca

    Full disclosure (if it doesn’t already show): I work for this amazing non-profit 🙂

    We’d love to hear your feedback as well!