A blockchain is basically a product of unchangeable data governed by a decentralized structure,i.e. data isn’t controlled by a single entity.
With the fast acceptance and impact of new technologies such as IoT, AI, AR, VR, Robotics- many of us still misunderstand the concept of Blockchain. Especially regarding the mobile app development in companies like GoodCore (See: www.goodcore.co.uk/services/mobile-app-development ) through out the world.
Let me question you, what do you mean by Blockchain? Cryptocurrency, cryptocurrency, Etherum … all that? Yet it is worth researching the blockchain has a scope beyond reach.
Let’s take a look about what Blockchain is and why it unexpectedly became a buzzword
Understanding the concept of Blockchain
A blockchain is basically a product of unchangeable data governed by a decentralized structure,i.e. data isn’t controlled by a single entity. The decentralization of data ensures data security at all stages, and each data block is bound to each other by cryptographic principles.
“As per Statista reports, the blockchain market is expected to climb a revenue growth rate of over 23.3 billion US dollars in size by the year 2023"
What Blockchain can do for the Mobile App Development Industry?
The main segments of the industry are now leveraging Blockchain, from healthcare, automotive, to finance; why should the mobile device development market fall behind?
If you’re into the mobile app development industry, you would be having an idea about how important it is to stay updated with the latest technology trends to stay ahead of the competition.
Mobile app development is still in its early stage with the adoption of blockchain, and industry influencers are hesitant about this idea. But blockchain technology can lend a helping hand by offering numerous hidden benefits like improved efficiency, productivity, performance, and even uplift the user experience.
Blockchain technology would allow developers to create streamlined eCommerce apps that enable buyers and suppliers to trade online without any intermediate intervention or to pay third party fees.
Now let's See Some Benefits of Blockchain Technology in App Development
Not only this, but there’s also a lot more blockchain can do for the mobile app development industry. Let’s dive deeper and learn the top benefits:
Benefit 1: Blockchain Offers Security
The initial benefit of the revolutionary blockchain technology is that it makes the applications safer. The technology can use the most advanced cryptography. This technology concept is somehow designed in such a way that it can offer the highest level of safety with the strengthened encryption.
Here We offer a brief introduction to how blockchain technology works.
The technology provides a standard series sequence or other interconnected block string. Each block has the data and timestamp for another block of transactions. The data is stored and encoded in a cryptographic hash, which alters every impossible block. Now, for the previous block, every neighborhood has a cryptographic route.
Benefit 2: Blockchain Increases Reliability
In addition to improving data protection, technology can greatly enhance the efficiency of a mobile application. It is mainly because the blockchain’s structure itself is robust and reliable blockchain architecture renders the network complete against any failure or crash. Blockchain also has several blocks that own the data in more than one place, making blockchain more secure.
The distributed design of the blockchain servers and other related hardware prevents any attempt at any unauthorized modification of data. Millions are routinely available, due to numerous data centers at different locations, just a little notification. All of these features make the blockchain method effective for a mobile app development solution for the enterprise.
Benefit 3: Blockchain Increases Transparency
Security enhances transparency. Blockchain technology tracks each transfer of funds in such a way that users can only track them whenever they want. The technology excluded the possibility of any fraudulent transaction or fabricated information. The blockchain makes the application and the entire system tamper-proof and resilient to any fraudulent activity.
The blockchain technology can also help entrepreneurs gain trust from the consumer. The users can safely transact through such applications and remain assured of the protection of their valuable data. Also, the concept is scalable to manage multiple users at once.
The use of blockchain technology is not limited to any market. With chief attributes such as secure data storage and transaction, Blockchain technology can be of benefit to any business field. Healthcare, logistics, and real estate can emerge as the most important benefits of the future creation of blockchain apps.
Benefit 4: Block Chainset you free from Passwords
No matter how powerful a password you’re setting for your computers, there’s still some concern that it could get leaked. Blockchain technology helps us get rid of this fear. For Blockchain, the password to verify any transaction or system is hardly needed. The two parties included in deals usually make the payments through an SSL certificate. In addition to this, the blockchain network reviews everything while making it visible and accessible to all, therefore eliminating the possibilities of being fake.
Benefit 5: Blockchain Promote Simplicity
Another major advantage of blockchain technology is its simplicity. The blockchain has a very upper hand over the relative models performing identical tasks when it comes to simplicity.
If the technology is sophisticated, it needs more effort, time, and money to integrate, maintain, and modify. In simple words, complex techniques contribute to increasing app development and maintenance-related costs. The blockchain will help companies rid themselves of higher costs by offering them a feature-rich mobile app
Benefit 6: Identity protection
Security is an essential requirement of blockchain technology. It is almost impossible for any hacker to shut down the entire system because the data is not in a server, but it is in every block. Blockchain offers secret key encryption with cryptography on the user’s work. The functioning of the blockchain ensures that no one can misuse any data.
Benefit 7: Safeguard digital information that is needed by many users
Encryption is a blockchain technology with far-reaching complexity. It is so complex that it makes it impossible for anyone to fool any decryption key. It lends itself to any system that needs to be presented to different users but at the same time requires verification of the information that is organized.
In the legal and financial spheres, for example, multiple signatures on a single document or agreement are common. Through blockchain, this information can be accessed and edited simultaneously by different parties to communicate with each other. All you need to do is verify the blockchain and configure it.
Benefit 8: Keep blockchain apps up to date
Blockchain technology is evolving at an alarming pace. The process by which this day is growing, we can expect it to bring more and more updates soon. The result will be a complete enterprise mobile app designed to meet the needs of the future, and finally, you can improve customer service with such an up-to-date mobile app.
The technology behind the blockchain is also available as an open-source technology. Blockchain app developers can easily share and use the promotion to make the application more powerful and secure. In a way, blockchain technology can help develop mobile app solutions while creating application time and cost.
Benefit 9: Blockchain is developing regularly
There are other techniques to compare the rate at which blockchain technology is advancing. Therefore, choosing a blockchain is the best decision. Because in the future, this technology will have a lot of software updates and more advanced services for your mobile application. The processes and tools used to design blockchain technology are readily available, and users can access them. Technology allows its users to make suggestions that can lead to the future success of the organization. With all the emerging technologies, it’s best to keep yourself updated as we move into another digital world.
Benefit 10: Blockchain incorporates a sophisticated digital laser system
This is a straightforward way to understand how blockchain development works when you think about it. Blockchain is simply a digital ledger powered by some extensive corporate network, supporting all parsing and data transmission. When some information is changed, the change is transmitted to the rest of the machines in the same machine and at the same time to adjust the value.
There is also a planned approach to this type of mobile technology. As it stands, most systems are not just mobile networks, as are server-side and client systems. The mobile app and phone act as clients and separate the central server data upon request. Mobile networks are tense with many channels trying to receive data wirelessly. This may cause some information to be lost. With the advent of more advanced storage and data streaming, blockchain technology can be improved.
Because blockchain technology has grown significantly in recent years, it has explored the needs of the market itself. We can expect many of its innovations and applications to be installed for free over the next several years as mobile app developers make it part of the global app development process.
You can hire dedicated mobile app developers who have the benefits of integrating the art of blockchain. We can see blockchain technology based on many opportunities and possibilities, especially when we combine it with emerging technologies like AR, VR, IoT and AI. Therefore, it is always important to complete your blockchain application with some valuable feedback from analysts with performance errors, memory deficits, storage, latency issues and regular crashes.
Content Source: https://medium.com/@fugenxmobileappdevelopment/how-blockchain-technology-is-beneficial-for-mobile-app-development-26752051e820