With the rapid adoption and influence of emerging technologies like IoT, AI, AR, VR, Robotics- the concept of Blockchain is still mistaken by many of us. Especially when it comes to app development.
Let me ask you, what does Blockchain mean to you? Cryptocurrency, Bitcoin, Ethereum…that’s all? But blockchain has a far beyond reach that is worth studying.
Let’s have a glance what is Blockchain and why it has become a buzzword suddenly.
Understanding the concept of Blockchain
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value” – Don & Alex Tapscott, authors Blockchain Revolution.
A blockchain is simply a series of immutable data managed over a decentralized structure, i.e. data isn’t controlled by a single entity. The decentralization of data ensures data security at all stages, and each data block is bound to each other by cryptographic principles.
As per Statista reports, the blockchain market is expected to climb a revenue growth rate over 23.3 billion US dollars in size by the year 2023.
Worldwide spending on blockchain technology will reach 11.7 billion by 2022.
What Blockchain can do for mobile app development industry?
Blockchain is now being leveraged by the major industry segments, from healthcare, automotive, to finance; why would mobile app development sector lag behind?
If you’re into mobile app development industry, you would be having an idea about how important it is to stay updated with the latest technology trends to stay ahead of the competition.
Mobile app development is still in its early stage with the adoption of blockchain, and industry influencers are hesitant about this idea. But blockchain technology can lend a helping hand by offering numerous hidden benefits like improved efficiency, productivity, performance, and even uplift the user experience.
Blockchain technology will enable developers to build seamless eCommerce apps that allow buyers and suppliers to trade online without the involvement of any intermediate or pay any fees to the third party.
Benefits of Blockchain
Not only this, there’s a lot more blockchain can do for the mobile app development industry. Let’s dive deeper and learn the top benefits:
Building a secure ecosystem: Blockchain is not only going to offer safe and secure transactions but even ensures transparency. All transactions are recorded on blocks that make easy information tracking on the user’s end. Once the data is stored on the blocks, it can’t be altered in the future as it is safeguarded by cryptographic hash.
The blockchain architecture comes equipped with encryption techniques that ensure data security by encrypting the data into a non-human readable form. And in case a third person tries to view or hack the data, he’ll need an authentication key to decrypt the data. It means a random person can’t view the data at any cost.
Transparency backed by a complex ledger system: The specialty of blockchain technology is that only authorized users have access to view or modify data, so you can be carefree that whenever you view your data next time, it’s safe and unaltered. The digital ledger of blockchain records every single activity so that users can be aware of the fraudulent attacks.
This will reduce the chance of spam and data threats over your confidential data. In order to deliver secure and transparent solutions to the customers, major industries are welcoming blockchain technology into their app development lifecycles to develop apps on which users can rely at all times.
Better Reliability Parameters: Blockchain has a strong and dynamic structure that can help the system to prevent possible crashes. This is the prime reason why mobile app development can rely on blockchain technology. The entire app data is stored on blocks that are interconnected through the blockchain network and even safeguards the system from any kind of data tampering. And being an open-source platform, blockchain provides a budget-friendly and easy to develop approach.
Digital Wallets for Cryptocurrency Transactions: The popularity of cryptocurrency has led to the growth and adoption of digital wallet apps, and this has become a good opportunity for the mobile app development sector to benefit out of it. In fact, the number of digital wallet apps has risen from 9.2 million to 17.5 million this year. So, with the growing demand in the digital wallet apps, mobile app development companies can benefit from blockchain technology to ensure that the transactions carried out securely.
Digital Identity: Every node on the blockchain has a unique identity, and this functionality can be used by customers to create a digital identity by registering their info over a blockchain network. And this blockchain-enabled digital identity can be used for identity verification in the government sector, banks, education sector, and a lot more.
Smart Contract System: The blocks record timestamp, ownership, and values; this can be used as the basis of smart contract systems. Due to its peer-to-peer architecture, it directly eliminates the scope of data manipulation. As there will be no involvement of third-party tools during the smart contract, you can easily carry out safe and secure transactions in real-time.
How Secure is Blockchain?
Data stored over blockchain is cryptographically secured which is just impossible to expose and update. Every user of the network has a public and a private key. And it’s the public key which is displayed to the network, while private key remains hidden on the user’s end and isn’t disclosed to anyone. The combination of both private and public key builds a unique digital signature that keeps the customers accountable.
The strong encryption and digital signatures are enough to justify the security level of blockchain architecture. It’s for sure that blockchain has a bright future ahead, and if the mobile app development gets into it, they can grab a benefit out of it. As blockchain technology matures, the app development sector will flourish alongside. Blockchain and mobile app development industry have a long way to go, so it’s high time that you invest in blockchain and stay ahead of your competitors.
Liza Kosh is known for her tremendous contribution as a senior writer who loves to share her views on topics covering upcoming technology and the market trends. She is currently associated with a Blockchain Application Development Company based in the USA as a content strategist.