2020 was the year of challenges because of the global pandemic and lockdown. Many industries struggled to provide services to the customers but there was one industry whose services were not really affected. It is a mobile app development company. In fact, this Covid-19 outbreak proved to be a boon for these IT companies as everyone is moving online by developing their own mobile app.
However, a business providing mobile app development services needs to stand out in the crowd as the current market situation is highly competitive. There are new trends being launched every day in the field of technologies. A mobile app development company will only continue to survive if it is able to adapt to the latest emerging technologies.
One of the most trending innovations that have created a buzz in the sector of mobile app development services is Blockchain technology. Most of the population is not really familiar with the concept of Blockchain app development. It is certainly not a new trend, it came into existence a few years back only. Those who have heard about this trend associate it with projects like crypto wallets, ethereum, and cryptocurrencies such as Bitcoin, Litecoin, etc. But, blockchain app development is not just limited to cryptocurrencies. Many big industries e.g. currency exchange, share market, banking, voting, contract management, hedge funds, real estate, healthcare, etc. all have benefited from this blockchain app development.
What is Blockchain?
In layman’s terms, Blockchain is a chain of blocks that stores digital information or data. Each block in a blockchain has the capacity to store 1 MB of data. Blockchain can also be referred to as the digital version of the ledger system which is used in the banking system. This technology was introduced by Satoshi Nakamoto, a pseudonymous person or group of people, who also created the famous bitcoin.
Blockchain app development is a strategy used by app developers to develop mobile applications that are free from data leaks, security threats, and frauds. It has many advantages like peer-to-peer payment architecture, keyless security infrastructure, a decentralized system, and a digital ledger system. Let’s take a look at the list of the key benefits that are responsible for transforming the world of mobile app development services.
Data Protection & Privacy
A mobile app development company is able to create a copy of the database model across the network with the help of blockchain technology. This helps in avoiding the risk involved in losing the data. Also, this technology is integrated with highly secure and advanced cryptography. With robust encryption, it not only provides the highest level of protection from security threats or fraudulent activities but also makes it impossible to manipulate user’s transaction-specific data.
Blockchain app development allows users to keep a record of all the processes related to funding transactions whenever it is required. This technology provides transparency in order to safeguard the system from unauthorized transactions with the help of its amazing security features. Blockchain stores all the data in public view which is visible to every individual that can be viewed anytime in real-time.
Secure Mobile Payments
Blockchain technology ensures faster, secure, and reliable contactless mobile payments because of its advanced and decentralized peer-to-peer network. Most of the app developers are executing the control of peer-to-peer mobile payments for their mobile applications because their establishment and maintenance are affordable and secure at the same time.
No Requirement of Passwords
Unlike other mobile applications which require a password and login-id, users don’t need any kind of password in a blockchain app. People face a lot of problems with using passwords. They tend to forget it, anybody can hack their password, or setting up a new password is a long process! A mobile app development services provider company is able to eradicate this traditional password concept with blockchain. This technology uses digital signatures in order to unlock the digital assets of users since it is developed on cryptographic codes like a hash.
As peer-to-peer transactions are processed with the help of this technology, there is no involvement of any third party or middlemen. There is no requirement to pay any kind of fees to intermediaries in order to ensure the transaction’s guarantees. The eradication of these mediators cuts down the transactional costs for the business as well as the users.
As a cost-per-installment strategy is used, a lot of middlemen participate in the advertising process. As blockchain technology successfully eliminates mediators, it aims at using the cost-per-attention approach by giving the entire profit to the developers. Here, the users are rewarded with app coins against the time they spend using the applications. These coins can further be utilized to make in-app purchases.
Blockchain technology will facilitate the users in the under-developed areas of the world where many people don’t have smartphones or access to online transactions. With blockchain, it will be possible for people even in the remotest areas to do transactions including coins and tokens.
Performance & Efficiency
Since this technology doesn’t involve any middlemen to complete a transaction, it leads to faster and efficient transaction settlements. As per the recent study, it is said that transactions based on blockchain apps are 10 times more swift than traditional bank transactions. Detection of data across mutually validated data blocks helps users to transact faster. It enhances overall app performance and efficiency. Also, blockchain-based transactions can be done 24X7.
As per the above-mentioned benefits, it clearly states that executing blockchain technology will provide many advantages to businesses. It will not only increase the security of the app but will also keep cyber hackers & fraudsters out of the scene. With its extraordinary features like enhanced transparency, efficiency, security, and performance, it will take app development to the next level. Blockchain is the future of digital transactions.
In order to maximize profits & overall growth, blockchain technology is a wonderful opportunity for any business to incorporate a decentralized ledger system. It builds trust among the members involved in the network. This technology is also helpful for app developers. It creates new possibilities for them as they are able to increase the productivity of applications because of accountability, security, and performance.
I am Anita Shah, project coordinator at XongoLab, a leading mobile app development company. As a hobby, I like to write and share blogs & articles related to the latest technology.