Blockchain is an eminent digital ledger that can help you to maintain and record all the transaction processes related to cryptocurrencies. Each block of this technology has got a cryptographic hash from the previous block, a transaction data, and a timestamp that helps in the transaction process.
The popularity of Blockchain is quite understandable with as many statistical data giving the confirmation. IDC gave the prediction in 2018, people spend a whopping 2.1 billion on Blockchain. By the year 2021, the experts predict that the Blockchain market will touch $9.7 billion and this technology will experience a growth of 42.8% every year.
Currently, this technology has encouraged many users to make the transaction via mobile applications. Blockchain keeps the information of the end-to end users protected. The transaction process in Blockchain is significantly faster.
As a business owner, if you are clueless about this technology, then you should hire a mobile app development company. They will let you know about the key roles, ticks, and steps of implementing Blockchain in your next app.
Some prevalent types of Blockchain that are based on Mobile Apps are:-
1. Cryptocurrencies: A mobile app can be used to make the process of exchanges much easier. It is beneficial for both miners as well as traders. Alike, an application such as stock exchange, the Cryptocurrency mobile applications will authorize you to have full control over your digital assets. The Cryptocurrency, powered by Blockchain can help you with transactions and payments.
2. Electronic wallet mobile: These types of apps can store all your digital assets. It can also allow one to spend on transactions that involve Blockchain technology.
3. Digital asset tracker: This app will help you to have updated information regarding the current rates, market dynamics, Cryptocurrency rates, and portfolio.
4. Retail mobile apps: Retail applications will allow customers to pay through Cryptocurrency or Bitcoin.
5. Predetermined triggers: Self-executable protocols/ smart contracts will automatically respond to the predetermined triggers.
Advantages of using Blockchain!!
By now, you must be wondering how this technology has impacted the application process for development. Let us read further, to find out:-
The main advantage of using the revolutionary technology of Blockchain is it makes the application safe. This technology uses advanced cryptography.
This concept is designed, in a manner that can help you attain a higher level of security with the help of the most powerful encryption.
Blockchain can significantly enhance the reliability of mobile applications. The main reason is that the structure of Blockchain is robust and reliable. The construction of this technology makes it more flexible against any collapse or crash.
Another important advantage of using Blockchain is its simplicity. The simplicity of this technology makes it much easier to develop.
The Blockchain records each and every transaction in a manner that allows the user to track the activity whenever they feel like. This technology eliminates all the possibilities of fabricated information as well as fraudulent transactions. Thus, it makes an entire app resilient and tamper-proof for any kind of strange or fraud activity.
5. Replacing the traditional passwords
Now, when other technologies depend upon the systems, based on passwords to validate the account of the user. In Blockchain, you do not have to provide any such credentials for validation.
An experienced Blockchain app developer can validate the end-to-end users, transactions, and devices with the help of this innovative technology. They do not have to seek for specific credentials.
Note:- Since, authentication systems that are based on Blockchain are built on immutable, irrefutable, highly-secured, incorruptible identification of the verification system that solely depends upon digital signatures on cryptography of public figures. The private key (master password) will unlock all the assets digitally for all those parties who are involved in it.
6. No intermediary fees
The processes of this technology are based on peer-to-peer interactions. Since there is no middleman or third-party involved, there are no intermediary fees.
Wrapping it up!!
To conclude, given an unmatched efficiency, security, and transparency that this technology provides. We can definitely mark it as the future of the mobile app industry. Blockchain will surely open a new world of opportunities for you as well as your end-users. To achieve better, you must hire proficient mobile app developers. They will provide you with reliable solutions on how to make the best use of this technology.
Brian Comel is a mobile app developer with Sparx IT Solutions- a leading and established mobile app development company. He has immense experience in resolving all the complexity related to mobile applications. In his free time, the writer loves to write about the latest technologies . He has helped many start-ups to build unique mobile applications.