In the era of technological innovations and modernization, it is hard for business sectors to stay immune from changing environments. Blockchain is one of those breakthrough technologies that has brought disruption in the primary industrial sectors like finance & banking, insurance, supply chain, cybersecurity, healthcare, education, and media.
With increasing popularity and impact on the business world, the global market of blockchain technology is expected to grow at an astronomical CAGR of 84% by the end of 2032. No wonder it would become a mainstay in various industry verticals.
It also appears that blockchain technology is making its mark in the mobile app development world gradually. All thanks to its decentralized nature! Software and mobile app developers are taking advantage of this game-changing technology to build robust and secure mobile applications. Also, demand for blockchain app development company has been on the rise after the potential of this technology, and its impact on mobile app development was unearthed.
Blockchain helps mobile app creators overcome the shortcomings and challenges that usually arise in the development process. This blog post will bring to light the importance of blockchain technology in building mobile apps and its capability to revolutionize the technology world.
So, let’s dive in!
Table of Contents:
What Is Blockchain Technology?
Blockchain Technology is a digitally decentralized and distributed public ledger system that facilitates the transparent sharing of data, information, and transactions in a peer-to-peer network. The transactions recorded are immutable and traceable. This means it is impossible to tamper with the data or transactions in a blockchain network. In simple words, no one can change, duplicate, delete, or hack the information in the system powered by blockchain technology.
How Blockchain Works?
Information shared by users in the system gets stored as a block sequentially, one after the other forming a chain. Hence, the name – Blockchain. All the data are then distributed over the network in the form of immutable nodes that can interact with each user.
Users or parties involved in the network can access the information. However, the decentralized architecture ensures that no single entity or middleman has complete authority or control over the data shared in the system.
Moreover, the shared information is strongly protected from any kind of modification, implying that any deletion or alteration in the system by any user is easily detectable and traceable. This is the reason blockchain is known as an immutable ledger system.
How Does Blockchain Impact Mobile App Development?
The potential of blockchain to influence the growth of major industries is immense. This has made mobile app development companies think about how to utilize the power of blockchain in creating applications.
The first industry to take advantage of this cutting-edge technology is the crypto industry. In fact, with the introduction of Bitcoin, blockchain technology came to people’s attention. The craze of bitcoin was primarily due to the decentralized, secured, and distributed nature of bitcoin transactions. Since then, it has been disrupting industries all over the world.
Benefits of Blockchain Technology in Mobile App Development
Coming to mobile apps, let us now see the benefits of blockchain app development and how this technology is benefiting app developers by helping them create more secure and scalable applications.
Thanks to the decentralized nature of the blockchain system! All the transactions are recorded in the public ledger, which is easily accessible and traceable by everyone involved in the chain.
Each individual has full access to the real-time data, and any manipulation on any single block will never go unnoticed by the members of the network. Thus, the transparent nature of blockchain technology reduces the chances of fraudulent transactions or information tampering.
Blockchain-powered apps convert your existing business model into cost-effective solutions. By eliminating the need for a third party or middleman to monitor transactions, it lowers the cost of transactions. Thus, no intermediary fees, which is usually bank fee, are required in a blockchain system,
Payments processed through blockchain-based systems help reduce transaction costs from both ends – businesses and users. Also, process automation reduces the time to manual work and helps businesses increase their efficiency.
Absence of a central entity
The third benefit of blockchain technology that makes it suitable for business owners to build apps is the decentralization of transactions. In the blockchain, there is no single point of control or a presence of a middleman who is in charge of monitoring and controlling the transactions.
With a decentralized peer-to-peer network, payments are more secure and reliable. The absence of a centralized authority reduces the chances of data manipulation and makes the transactions completely transparent. Every member of the network can access and trace their transactions.
Increases data security
The data security of mobile users is one of their primary concerns, and blockchain technology solves this problem. Data breaches, system hacks, and malware attacks are some of the common reasons why people hesitate to use apps, especially for payment purposes.
However, with blockchain-based apps, the fear of privacy invasion will no longer exist because their encryption technique makes it impossible to hack user information or tamper with data. Mobile applications become more secure with enhanced data protection and reduced risks of unauthorized activities.
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Better App Infrastructure
Blockchain offers a completely secure and distributed DNS (Domain Name System) which implies that every member of the network has complete control over their records or data stored, and communication is end-to-end encrypted. Nothing can be modified without the permission of the users. Data is accessible only through a private key.
Blockchain uses a Keyless Security Infrastructure (KSI) which facilitates storing information or data in a cryptographic hash. This infrastructure makes manipulation of data or records impossible and ensures complete protection of the app infrastructure.
Easy to implement
Implementing blockchain technology in mobile is quite simple and easy to implement. Although the blockchain is a complex technology, the time and effort required to integrate it into an app are less. Furthermore, the development and maintenance cost also is low compared to any other technology.
The process of implementation of blockchain solutions like crypto wallets, tokenization, and cryptocurrency exchange apps is straightforward and hence has the potential to lower the cost spent on app development.
Apps become safer
Mobile apps are used by users for multiple purposes but users always worry about the safety of using such apps. With blockchain, the safety concern gets solved because it provides strong security to their users and also boosts the credibility and competency of the apps.
Through blockchain, app developers can build apps that are secure and free from bugs, errors, crashes, or any kind of attacks.
In a blockchain network, users must register with their information and create a digital identity. This identity, thereafter, can be used by them for verification purposes in paramount sectors like banks, insurance, government, etc.
Because of the cryptographic hash feature, the digital identity created by users is protected from threats or tampering.
No more Traditional Passwords
Validating users’ accounts through credentials and passwords is quite troublesome because it is common for users to forget their passwords. However, with blockchain technology, the common problem of forgetting and resetting passwords ends. Blockchain system allows users to validate their accounts without requiring passwords.
The authentication process in Blockchain-based apps is created using an irrefutable, highly secure, and incorruptible verification system. With the help of a private key and digital signature, a user can enjoy a seamless sign-on experience.
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Is Blockchain the Future of Mobile Apps?
It won’t be wrong to say that blockchain technology is bringing digital transformation in the mobile world and other industries, as well. Blockchain makes the custom app development process efficient and effortless in both platforms – both Android and iOS app development. With its distinct features and remarkable benefits, it has occupied the topmost position in the list of mobile app development technologies at present.
Also, for cross-platform app development, app developers rely heavily on this leading-edge technology because of its scalable, transparent, and secure features.
Besides, blockchain technology is preferred by developers for building payment apps where clients demand electronic transactions and strong protection of user privacy. The unbreakable encryption facility combined with robust architecture makes blockchain an excellent choice of technology for mobile app developers.
The rising popularity of Blockchain popularity in the tech world is proof of the fact that it will disrupt all the leading industries in the years to come. It is considered one of the greatest innovations in technology space to date.
As for mobile apps, blockchain has brought a wave of change in the sector with its outstanding benefits and impeccable functionalities. From facilitating secure and safe transactions to enhancing scalability in applications, blockchain has it all! Given the unmatched efficiency that blockchain provides to app developers, we can conclude that the future of this technology in the industry is bright. Whether you need an iOS or Android app development solution powered by blockchain, our app developers can guide and help you out. Connect with our sales team to schedule a free consultation and discuss your project requirements in detail.