Similar to the initial days of the Internet, the potential of the world wide web was highly underestimated as very few people knew about the concept that well. The impact was finally recognized when the internet became the only tool for connecting people worldwide. The concept of blockchain technology relates in a similar way with that of the internet. While blockchain is in its initial stages today, its impact, in the long run, holds a lot of potential.
In fact, people have started taking an interest in the adoption of this technology through the medium of different web and mobile applications. With a huge number of around 4.6 billion mobile users worldwide, mobile applications are the need of the day. The emergence of blockchain technology has changed the future perception of many industries by creating its influence on the web and mobile apps.
What Differentiates Blockchain?
In today’s era, the number of technologies is growing day by day. All these emerging technologies hold different features that can be utilized for the betterment of executing different processes in one way or the other. One such new technology is Blockchain and while it is still in its initial stages of adoption, its potential is expected to be huge. But what makes blockchain so different? Let’s find out.
One of the most successful applications of blockchain technology is cryptocurrencies (Example- Bitcoin). However, the scope of the technology is not limited. Blockchain is basically a ledger in the form of a data structure that stores digital information in the form of blocks in it.
The unique aspect that makes this data structure worthy is its property of being distributed. It allows decentralization which makes the blockchain accessible by all the members of the network and does not let the power in the hands of one single authority. The blocks used to store data are traceable, transparent and immutable. As the control of the blockchain is distributed, any modification that occurs in the chain is authorized via consensus of all the stakeholders.
Due to these and many other features of blockchain technology, companies are working towards exploring use cases in different fields for adoption. New applications are being tested and deployed on blockchain to ensure a more secure future.
Blockchain in Mobile App Development
The world of mobile applications is also looking for different ways of blockchain adoption. By integrating blockchain with mobile app development, the process can be improvised and thus, increasing the efficiency and productivity in various sectors. Blockchain Development of India is growing at a rapid scale due to these innovative features that the technology offers.
With blockchain technology, app developers can create secure applications for business sectors such as e-commerce. These applications can allow the buyers and sellers to trade goods and products in terms of the platforms cryptocurrency tokens without having to worry about extra fee and taxes.
In the current scenario, these businesses are covered by third-party middlemen that impose a high fee in return of services. Blockchain-based applications can empower the end-customer and vendors equally without the requirement of any regulatory authority. The identity of the customers can be stored safely and can be shared only if the customer wants to. If you’re looking forward to developing blockchain based mobile applications, you can hire a blockchain development team to fulfill your needs.
With blockchain technology applied correctly, the world of mobile applications has a brighter future.
Implications of Blockchain on Mobile Applications
Money Transfer Worldwide
Many mobile applications that run on a business model of selling and purchasing require a method to send and receive payments from customers and vendors. Though the concept of international transfers in such cases is not alien, the process that is used till date isn’t very smooth. International money transfer requires more time and thus, makes the overall process slow. Blockchain applications can change this scenario and allow transactions to be completed in a matter of seconds with the proof of security and trust.
Smart Contracts Applications
The concept of smart contracts has evolved from blockchain and they are considered as one of the top applications of blockchain technology. Reason being the independent nature of smart contracts and the ability to not rely on any third parties to execute transactions.
For example, if you enter in an agreement with any other party via a smart contract, the terms and conditions of a contract are frozen for both the parties and either of the parties cannot change it in any possible way. Smart contract mobile applications can ensure the integrity of a transaction in different businesses like healthcare, finance, businesses, etc.
Blockchain applications possess the ability to provide transparency. Insurance companies can have mobile apps based on blockchain that’ll help them to process the claims in an efficient manner. As blockchain allows secure storage of records on it, the risks of fraudulent claims are highly reduced.
Even if a record needs to be checked from the initial stages of its execution, it can be traced back to their original date and time of creation to check for any anomalies in the process. With insurance applications based on blockchain technology, users can trust the insurance providers better and the industry can gain more credibility.
As blockchain technology does not work on a decentralized model for providing authority, the financial transactions executed through blockchain based mobile apps based are highly secure in nature. Banks and financial service providers can utilize the benefits of blockchain and achieve higher security and transparency for their end-users.
Moreover, the time taken to execute a regular transaction is way more than that of a blockchain transaction. Finance mobile apps based on blockchain technology will reduce the chances of fraud and increase the efficiency of the money transfer.
Blockchain technology is still in its infancy and therefore, blockchain development companies are still experimenting with different applications. The scope of blockchain in mobile app development is huge and it’ll impact many industries through a wide variety of blockchain development solutions in the future.