The Impact of Blockchain Technology on Mobile Apps
Originally used to facilitate Bitcoin transactions, blockchain technology is increasingly playing a key role in optimizing a wide range of markets, business sectors and processes across industries.
By revolutionizing finance, healthcare, education and many other industries, it’s no wonder that the global blockchain technology market is estimated to reach $20billion in revenue by 2024.
For mobile app and software developers, the technology’s decentralized architecture offers unmatched data security and integrity, both crucial aspects of any e-commerce success story.
In this article, we’ll examine the benefits of blockchain technology and how it is reshaping mobile app development and empowering businesses and clients with smart IT solutions.
What is Blockchain Technology?
At its most basic, you can think of blockchain technology as a decentralized database. It is a distributed system of recording information that cannot be hacked, changed or tampered with.
Blockchain technology removes the need for a central supervising authority, or server, as it is essentially a digital ledger of transactions distributed across a network of computer systems.
Before a new block of data is added to the chain, all the independent network nodes participate equally in a verification process that ultimately guarantees the data’s integrity and security.
The technology basically imposes transparency, as every single transaction or data interaction is automatically visible to everyone on the blockchain network and attached with a timestamp.
Wondering how this technology can help developers make better mobile apps? Let’s proceed with a showcase of the key benefits of blockchain technology for mobile app development.
As mentioned above, blockchain technology is, by default, a decentralized IT infrastructure. The fact that transactions can be performed securely and without any need for middlemen or supervisors, means that blockchain-powered business processes are simply faster and cheaper.
For example, being able to send money across national borders is nothing new and has been going on since the first banks were established a few centuries ago. However, it has always been a relatively slow and expensive process. Blockchain-enabled transactions are cheap and instant.
By eliminating bureaucracy, providing real-time ledger systems and drastically reducing third-party processing fees, apps powered by blockchain can facilitate efficient money transfers. According to a ComputerWorld article, blockchain can save the largest banks $8-12billion a year.
Incorporating blockchain into your mobile app development not only creates a secure environment for the end-user, but also lowers operational and admin costs, establishes a higher profit margin for your business and essentially powers quick and cheap global data transactions.
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As we perform more and more everyday tasks by using mobile devices such as tablets and smartphones, digital security within mobile apps is a primary concern for developers. Unfortunately, data breaches are still common around the world and expensive to deal with.
Developing apps with blockchain technology improves cybersecurity and data privacy. Using impassable data encryption methods in order to send and receive digital information, blockchain technology enables digital security levels that were simply not possible until recently.
As malicious data manipulation is practically impossible within a blockchain environment, it’s important to note that the technology’s decentralized architecture also reduces, or completely eliminates security risks and vulnerabilities commonly associated with non-trusted third-parties.
For example, citizen utility apps developed by governments, could potentially store sensitive data like birth certificates and social insurance numbers onto a decentralized blockchain ledger, as an effective way to drastically reduce identity theft claims and other types of digital fraud.
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Transparent interactions are just as important for democracy as they are for business practices. At the moment, blockchain is simply the most efficient technology if you need to develop a mobile application that requires increased transparency and enhanced user-control over data.
Within a blockchain system, it’s very easy for all network participants to see exactly what data was changed, by whom and when. That’s why blockchain’s default transparency increases the speed and agility of app development itself, ultimately resulting in more efficient mobile apps.
Another important benefit for developers is that a blockchain-powered mobile app can be easily scaled to for more end-users, guaranteeing a secure, transparent and more efficient digital environment, even when the application needs to be upgraded with additional features.
With a unique ability to establish transparent processes and fairness, blockchain technology is ideal for saving businesses time and money, as well as for solving common transparency problems in industries like healthcare, finance, logistics and supply chain management.
Data access is key to any business growth. Blockchain technology enables app developers to take advantage of the ledger format spread across network nodes, in order to establish efficient and accountable data availability for end-users. Data is not only easy to access but also secure.
Ever worried about losing data? Consider how the technology’s decentralized nature basically ensures that data can never be lost entirely because all data entries are automatically and identically distributed across the whole blockchain network of participants or application users.
The cryptocurrency world relies heavily on fast critical data access, such as price changes and exchange rates. This is why mobile and blockchain-based cryptocurrency exchange apps offer the most convenient and efficient platforms if you are buying and selling cryptocurrencies.
Regardless of its origins within the world of finance, blockchain’s wonders are not limited to fin-tech applications. For example, healthcare providers can use blockchain apps to offer patients complete control over their private medical records and ultimately better medical care.
App developers can use blockchain technology to not only offer low-cost, reliable and intelligent IT solutions for companies and clients, but to also improve overall business efficiency and productivity through easy automation of time-consuming and expensive manual processes.
Real estate, music licensing, financial institutions, logistics and many other industries can benefit from blockchain-powered mobile apps because they are ideal for business environments and markets with constantly evolving needs and demanding clients who require 24/7 operation.
Banking apps, for example, are commonly developed in order to perform business operations, handle transactions and optimize customer experience. Traditionally, handling transactions is a slow process because of the multiple verification and security steps that are usually required.
Developing a blockchain-based mobile application for banking services can basically streamline and automate a wide range of verification processes, and offer better, faster and safer customer service, while at the same time reducing or eliminating administrative time and costs. You can contact our Vietnam offshore development center for any IT project.