Ever since its inception blockchain has gathered a good hype and the idea of Blockchain Technology is still considered foreign and intimidating by many. We all know the contributions of this technology and the industries it has impacted by its use.
And it’s no surprise that Blockchain has combined with the mobile app development industry in many transformative ways.
Did you know?
The global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025.
Blockchain is no more in its infancy, its potential has been raised high via standardization, sophisticated tools and techniques, and tech brainiacs. The reason why it has gained traction and has benefitted enormous industry spheres is it reduces intermediaries and secures data, maintaining complete transparency.
“Blockchain eliminates the involvement of mediators, provides extensible lucidity, and authenticates data, offering wide-ranging advantages.”
Thanks to the decentralized architecture that led distinct sectors to reap their best advantages and correct the shortcomings coming in the path of security and data privacy.
Blockchain Development ensures that information does not tamper from any end, and thus, keeps a transparent and immutable record of the digital data maintained by secure and robust backend algorithms.
Why Mobile App Developers Look upon Blockchain?
Besides gaining popularity from cryptocurrencies, Blockchain concreted its ground revamping individual work spheres where now it is seen as a database that can be used in almost all types of mobile applications.
Bolstered by the distributed ledger, that tracks transactions shared between different parties, it makes the system transparent and crystal clear that improves security within the mobile applications.
This avoids fraudulent transactions to be exercised within the system as no data manipulation can occur without apprising the parties/stakeholders involved.
“Security traits offered by Blockchain Technology will remain in vogue for years to come.”
As per the needs of the mobile applications, mobile app developers can leverage multiple app areas by integrating this technology. Keeping aside the story of digital transactions, blockchain has been made more accessible and flexible that can be applied to peer-to-peer transactions on mobile applications.
Practicing new methods through blockchain protocols, developers are allowed to keep unaltered and dedicated transaction records of any kind that gives them an upper hand in maintaining data privacy and authenticity.
The strong encryption that underlies the robust technology of Blockchain encourages its implementation in the mobile apps’ data security and makes it a preferred choice of a myriad of app programmers.
[Prefer Reading: “How to Use Blockchain in Developing Video Conferencing Apps like Zoom or Google Duo?”]
Blockchain’s Interference to Transform Mobile App Development Industry
Blockchain applications can dramatically alter existing business models by offering strategic instant solutions, keeping intact the reliability and security of the information that is worked upon.
Various time-consuming tasks can be automated via blockchain where the digital transactions in business processes are more accessible through the use of new methods and protocols.
Let’s see how blockchain helps to keep limitations at bay and leverages mobile application development:
#Provides Enhanced App Data Security
Yes, we have heard blockchain been linked with data privacy as it proves to secure user data with high-end encryption.
The biggest fear of users and the significant miss by the app programmers lies in the data loss/breach. Data security is the common intersection of concern and is one of the priorities that is looked upon in any type of mobile application.
Nevertheless, blockchain-powered mobile applications keep high on data authenticity supported by complex encrypted codes and algorithms which are impassable as every data saved is encoded with a hash key which is characterized by its previously developed key.
The process involves several chains of blocks (derived as blockchain) which becomes nearly impossible to break and breach. The timestamp attached to every transaction makes data manipulation and alteration non-viable.
[Prefer Reading: “Blockchain Empowering Mobile Security.”]
#Offers High Reliability & Transparency within Applications
Carrying reliable infrastructure, blockchain nodes work in sync while they’ve been operated from any corner of the world. The data modifications are updated likewise in all the devices linked whether present in different settings/locations making it a reliable and effective technique.
Furthermore, decentralization allows users to track information anytime anywhere that is stored in the public ledger, it directly promotes transparency, thus, lowering the probabilities of deceits or unprincipled transactions.
#Addresses In-App Purchase Drawbacks
With insecurities coming from making an in-app purchase, the blockchain model helps to reduce those with decentralization.
Primarily, users while making an in-app purchase face difficulties either with the mode of the payment (via credit card or others) or face the fear of sharing confidential information over the insecure payment gateway platforms.
Moreover, the share received by the app developers via the purchase is nearly 70-75% which is a demotivating factor for the app developers community.
But by applying the blockchain’s decentralized paradigm these issues can be caught and avoided which helps secure the sensitive user information and deploying app coins to make payments wherein the developer receives a justiciable amount of its invention. (nearly 80-85%)
[App coins will be earned via a reward system where users are rewarded for their continued usage and purchases]
#Improve App Advertising Model
Following the cost-per-installment model, app developers are obliged to work in accordance with it. This advertising campaign involves a number of middlemen who cut one-third of the payment segment that is actually deserved by the developer.
However, with the interference of blockchain, app coins will have a roleplay that will attract a cost-per-attention strategy where the intermediaries will be removed and will make it fair for developers to earn their chunk and additionally, support the in-app purchase model.
#Easy to Implement & Access Tools
Blockchain development might be time-consuming and effort-consuming, however, the implementation of the same is undemanding. Blockchain saves time on its integration within the mobile application and ensures cost-efficiency for programmers, enabling a feature-rich mobile app experience for the user.
Blockchain is completely open-sourced and its tools are easily accessible.
[Prefer Reading: “Blockchain: What it Holds for Businesses Today?”]
Final Considerations
The fore coming years will surely embrace blockchain-enabled applications that would mark their identity in different industries from finance to supply chain to healthcare, and many others, providing highly secure mobile options for these sectors.
It is also predicted that a blockchain-based app store may even replace Google’s Play Store and Apple’s App Store as the primary way to search, download, and purchase mobile apps.
We have a recommendation, especially for startups that in order to integrate blockchain technology into their mobile app development project, they must first learn more about blockchain and explore the abundance of useful resources on this technology.
We can help you Develop Blockchain-Powered Mobile Apps!
We help you harness the changing potential of blockchain technology to drive innovation, ensure constant growth and sustainable results by embracing blockchain technology in your business processes.
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