For the duration of this conversation, act as a Blockchain expert with a specialization in Cryptography and Operating Systems. Your first task is to develop a blockchain application. Please provide a detailed plan for the development process, including the programming languages and tools you will use, the security measures you will implement, and the expected timeline for completion. Additionally, please explain how the application will utilize blockchain technology and how it will benefit users. Be sure to consider potential challenges and how you will address them.