Blockchain is one of the faster-growing technologies in the world. Technologies such as AR, VR, voice recognition, IoT, robotics, AI, and Blockchain are currently the most buzzing terms in the tech industry. From this tech stuff, we have passes the age of ordinary technology.
Also, the Blockchain might seem new in the list, but it is no longer an infant, instead, is more like a toddler. However, blockchain has its standardisations, higher-quality tools, and communities which can help it grow at a faster rate. For example, the implementations of blockchain technology in fields like currency exchange, voting, banking, insurance, contract management, etc. have seen excellent results over the years. The primary features which make the blockchain technology a unique and appealing technology are reduced intermediaries, transparency of information and security of data, etc.
Though blockchain is a buzzy term in the tech industry, do you think it finds itself a path in application development as well? The answer is, yes, because it offers characteristics like security and transparency to the app. In the following sections of the article, let’s cover all of them.
All of the mentioned applications of blockchain below are proof of concepts as of today, but significant research is being done by the blockchain technologists to bring all of this to reality
How can we say that Blockchain technology and app development is the right match?
Blockchain is not a minuscule technology. It is widely used by tech leaders as well. For example, Microsoft has announced the launch of a unique blockchain service called ‘Coco’ for companies that can process over 1,600 transactions per second. Facebook is working on blockchain to develop its own cryptocurrency, Libra. Meridio is a company that enables an investor to create and invest in shares of individual properties on the blockchain. Lastly, Ujo Music is a music software that provides a way to share ownership and rights around music transparently using blockchain technology.
From all the above development and expansion of the blockchain technology, we can surely prognosticate that blockchain is going to open up many new opportunities for mobile app development.
Blockchain for App development: But, why?
Well, why not. Blockchain behaves like as a ledger data structure, which many would already know about it as it’s discussed in the context of Bitcoin transactions. However, there are many more uses of blockchain other acting as a backbone for Bitcoin. Blockchain technology’s data structure has features that other structures do not have. It allows digital data and information to be distributed around the network but does not let anyone copy it.
So, app development using blockchain makes an app decentralised, where there is no single authority responsible for the storage, management and organisation of data. If an app is developed using this technology, everything will be stored in blocks and are then distributed on to a ledger. This will allow the app to be transparent and cannot be altered in any way. Also, it operates autonomously. However, as there is no single owner to this, changes can be made only by the consensus of all the peers.
Three significant benefits of blockchain-based mobile applications
Secure transactions for online business
Blockchain is known for its security. An app developed using blockchain technology provides users to make extremely secure transactions with no third parties involved. According to some developers, blockchain technology can be beneficial to apps such as Telegram. Because nowadays, many small businesses are communicating with their users through these kinds of mobile/web application.
Protects User Information
Most of the existing mobile applications in the market have control over the user information of its users. For example, social media apps such as Instagram and Facebook have complete access to the sensitive information of their users. And we would have heard a lot about this sensitive information being hacked from these platforms. But by embedding blockchain technology into their application, it gets quite extremely difficult for hackers to steal this information.
Facilitates direct communication
Mobile applications such as Uber and Airbnb can make use of blockchain technology to facilitate direct interaction among participants. This will save a significant amount of time because there will be no requirement to store an enormous amount of personal data. Also, the identity of all the stakeholders can be verified easily without revealing any financial information. This, in turn, improves the company’s quality of service.
Different blockchain-based mobile application ideas that can transform the future technology
Stock Market Apps – The most mainstream idea is, to create an app for exchanging cryptocurrencies that can make things simpler for traders and miners. With the implementation of blockchain into it, these types of apps provide total control over your digital assets and also offer a facility for secure payments and transactions.
Electronic Wallet Apps – Electronic wallets can be designed for storing digital assets, which allows one to spend on transactions involving the blockchain technology.
Digital Asset Tracker Apps – Digital asset tracker apps can be developed for tracking rates, market dynamics, and cryptocurrency portfolios of an investor.
Smart Contacting Apps – The implementation of smart contracts into apps can benefit businesses greatly. Well, this is one of the components of blockchain that can be used in mobile apps for powering automation.
The blockchain technology is booming in the many sectors of the technological industry. In the article, we saw how big players are implementing the blockchain technology in their companies, and also how it can be implemented for a developing of apps. From this, we can predict that, in the coming years, in many different industries, blockchain will be considered as a decisive part of countless mobile apps.