In this modern technological world, mobile app development industries are trying to implement new trends in their business to remain ahead of the competition and meet the industry standards. And when businesses discuss blockchain technology, individuals feel it is only connected to cryptocurrencies and is limited only to the finance industry.
Well, you might be wrong because blockchain apps are not bound to Bitcoin, Litecoin, etc, rather it has a broader approach and even plays a significant role in mobile app development services as well. Want to know how? Let’s comprehend! But prior to going that, you should be aware of what exactly blockchain technology.
Blockchain Technology
Blockchain technology enables enterprises to carry out instant transactions over a decentralized architecture, which implies there is no involvement of the middleman. Transactions did over the blockchain are secure and encryption techniques are implemented to guarantee that the customer data isn’t compromised at any cost.
As per the reports, the blockchain market is expected to climb a revenue growth rate of over $23.3 bn dollars by the year 2023.
Since you got a clear idea about blockchain technology, let’s move further and understand how blockchain technology is impacting the mobile app development industry. Continue reading.
Role of Blockchain in Mobile App Development
Every blockchain app has impressed the world with its decentralized digital transaction platform and the mobile app development sector is no different. Without a doubt, the app development industry has gone through wide growth in recent time, still, there are a few things that blockchain can assist the industry with. Cyber attacks can be avoided if you rely on blockchain technology and this is the key reason to utilize blockchain.
Blockchain-powered transactions will be safer, smoothed out, scaled, and are proving their potential in all major industries including banking, retail, healthcare, insurance, and the mobile app development industry as well.
Benefits of Blockchain Technology in App Development
- Blockchain offers security
- increases reliability
- Blockchain augments transparency
- set you free from passwords
- Blockchain promotes simplicity
- Identity protection
- Safeguard digital information that is needed by many users
- Blockchain is developing continuously
- High return on ROI
Presently, many projects are being developed connected to the potential apps of this technology. These applications include:
- Supply chain management
- Smart contracts
- Certification documents
- Voting systems
- Project management
- Tokenization of assets
- Customer relationship management
- Financial services
- Dispute resolution
Now let’s know about the few areas where blockchain technology demonstrates its true potential in the mobile app development sector.
Overcoming App Approvals
In-app purchases have been a tiring process and the majority of the smartphone users go through payment issues during the in-app purchases issues and don’t get the desired payment method. The chances of fraud transactions get higher in the case of credit cards. By implementing the decentralized model of the blockchain app development, the issue of making in-app approvals is solved by simply removing the credit card process.
Data Protection
Impenetrable security is what you can expect while you depend on blockchain applications. Blockchain app development allows developers to add multiple protection layers to the data and enables them to assign private keys to the customers. Any third person can not decrypt the data without the decryption key and control the data by any means.
Moreover, blockchain even saves a copy of the whole information, which eventually eliminates the risk of data losses in the future. It even assists with defending your data from malicious attacks and hacker attempts.
Secure Payments
With the high-level decentralized structure of blockchain, blockchain apps guarantee safe, quicker, and reliable contactless mobile payments. A myriad number of app developers are utilizing peer-to-peer mobile payments for their applications as they come up with a more safe and budget-friendly approach to set up and maintain in the future as well. It even diminishes the chance of downtimes or an outage since there are fewer chances that the node would crash. In addition, advanced security guarantees that customers can easily rely on blockchain-powered mobile apps.
Saying Goodbye to Passwords
With the assistance of blockchain technology, developers can easily validate users, devices. And transactions without the need for using a particular password. Blockchain-powered authentication systems are built up over a profoundly secure identity verification system that uses the digital signature. Thus, a master password is used to unlock the digital assets for the involved parties. It further makes the transaction process easy for smartphone users.
Wrapping up
With the unmatched efficiency, transparency, and high security with its decentralized architecture. Blockchain technology has an extraordinary future in the coming years. Blockchain is now extremely popular among individuals. Its admiration began with an augment in bitcoin app development. Besides, right now, as per Google, its standing is now settling down. Blockchain is unchanging. This brings a lot of opportunities. Therefore, if your business has still not implemented blockchain. It’s an ideal time that you look for a reliable blockchain app development company.