Published on November 24th, 2021 | by Bibhuranjan0
Blockchain Technology is Revolution In Mobile App Development
After the first blockchain was introduced through bitcoin, the technology made great progress in penetrating business processes across all industry niches. Today, it is no longer just the hype that defines this revolutionary technology. For many industries, the use of blockchain has become a way to stay ahead of the competitive curve.
Blockchain also made great strides in mobile app development. From redefining app security to transforming mobile ads and in-app purchases, from managing authentication to helping with smooth app approval, Blockchain is effectively being introduced for developing mobile app. We will explain how Blockchain is revolutionizing app development.
What is Blockchain?
Blockchain is a decentralized digital ledger that stores data across distributed data blocks. A piece of data is replicated and stored across a multitude of data blocks that take part in creating a consensus for allowing access. Thus while the data remains open to access, the consensus-based authentication automatically protects it from data breaching efforts.
On top of that, Blockchain only allows “write-only” protocol and doesn’t allow deleting or tampering data. This makes Blockchain data completely tamper-proof. As of now, Blockchain is regarded to be the most incorruptible database technology ever.
Blockchain & Mobile App Development
Leading companies across all industries have already started leveraging Blockchain technology. It is being utilized in industries such as finance, healthcare, automotive, manufacturing, and supply chain. In the mobile app development world also Blockchain has already made a significant presence.
Whether a company opts for app development from scratch or chooses to build an app by incorporating cutting-edge technologies through third-party APIs, it can always introduce Blockchain. An app project can build a Blockchain-based feature from the ground up or just by using any of the leading Blockchain APIs.
While the Blockchain revolution is continuing, it is important to take a look at the key facets and avenues of this revolution. Let us have a quick look at some of the ways Blockchain is revolutionizing mobile app development.
Creating A secure environment
The biggest draw for Blockchain is app security. By introducing blockchain technology in apps it becomes extremely easier and convenient to track all transactions and prevent all tampering and fraudulent efforts.
The database technology doesn’t allow overwriting any record and provides consensus-based access. These security features of Blockchain literally make data tampering efforts impossible to penetrate.
Blockchain to streamline in-app purchases
It is common for app users to face issues corresponding to in-app purchases. Because of the uneasiness about certain payment methods such as credit cards, many users stay away from in-app purchases.
This is where Blockchain offers a very streamlined and smooth payment solution to make purchases easier. The disintegrated blockchain database allows paying through digital coins that involve no risks of frauds, security concerns, and transaction fees.
Blockchain for mobile money transfer
It was all started from Bitcoin, the first cryptocurrency that facilitated money transfer by using a decentralized database technology called Blockchain. Since Blockchain technology was incorporated into a number of wallets to facilitate smooth and easy money transfer.
The benefits of Blockchain-based money transfer is huge. Blockchain allows remove obstructions resulting in a slow process and helps in real-time money transfer without involving the third-party fees. Already the technology has been proved to be immensely effective in saving billions of dollars for banks and financial institutions.
Give everyone freedom from Passwords
Irrespective of measures like two-step verification and alphanumeric passwords for stronger account protection, there are still concerns about compromising user information and app security.
By using the most sophisticated bots the hackers can try millions of password combinations in seconds and they are often able to break through this security layer.
This is where the tamper-proof Blockchain database and it’s transparent, as well as consensus-based verification strategy, proves to be the most secure way to protect user identity and credentials.
Smart contracts are another major Blockchain-based technology that helps multiple parties to come to a mutual agreement. Fixing accountability for all parties involved in an agreement while doing away with middlemen or intermediaries is the biggest advantage of Blockchain powered smart contracts. This ultimately helps businesses save a huge amount of resources and money while ensuring compliance for all parties involved in the contract.
In various industries and sectors, such Blockchain-based smart contracts are increasingly getting popular. Some of the major industries and sectors that are being most benefited by the Blockchain-based smart contracts include government, healthcare, and real estate. In the future, business agreements and contracts are likely to find Blockchain-based smart contracts as an indomitable technology carrying huge benefits.
Blockchain for advanced advertising model
Ads in apps is another crucial area that can be totally optimized through a blockchain model. All the cost-per-installment ad campaigns that developers now rely upon involving a lot of mediators in the middle who take away a considerable portion of the ad revenue.
With Blockchain the so-called cost-per-installment model can be totally replaced by the cost-per-attention model. According to this approach, the users are instantly rewarded with app coins as soon as they spend money on the app. By eliminating the role of middlemen developers get better revenue and users make a better deal.
Automating app approval through Blockchain
Both Google Play and Apple App Store have a cumbersome and time-consuming approval process involving several meticulous considerations. The approval process of both stores is completely non-transparent and is often arbitrary in nature. In several cases, the developers have strong objections to the unfair rejection of apps.
With the blockchain-based approval process, apps can be approved by using a transparent system covering the multitude of approval parameters in a well-orchestrated and disclosed manner. This will ensure faster approval and fewer chances of dissatisfaction on the part of developers.
Blockchain into IoT apps
Since the connected reality comprising Internet of Things (IoT) devices and apps have already taken over the market, the concerns over data safety and security are also increasing exponentially. The increased number of connected devices and gateways increases more chances for hackers to steal data. This is another area where Blockchain can play an important role in securing data.
Blockchain-powered IoT ensures higher data security preventing data theft and data breaches thanks to increased transparency and tamper-proof nature of the data. Already there are too many companies that are using blockchain for their Internet of Things (IoT) devices resulting in safer and smarter data transfer.
Tracing goods in real-time
Mobile apps in many business environments are actively used for tracing items and goods through the use of barcodes, QR code, and geolocation data. Blockchain technology can further empower the traceability and tracking features of mobile apps. The traceability of goods results in more efficiency of the supply chain and helps boost the performance of many businesses across the niches.
By allowing access to the entire history of the products and items right from their source of origin to all the stages in the supply chain, Blockchain allows conveniently tracing goods and items in real-time. In industries like supply chain and logistics and manufacturing, traceability of goods is a key concern and their Blockchain technology can be highly effective.
Blockchain to prevent identity theft
Blockchain technology has also emerged as a key technology to reduce security concerns corresponding to user identity. As per the experts who work on the instances of identity theft, in the market, there are hundreds of millions of victims of frauds on user identity and manipulation of user identity in the past several years. Hacking of personal files and forgery of documents mainly result in instances of identity theft in general.
This is where Blockchain technology can play a pivotal role. It can help safe-keeping the personal documents and data such as social security, birth certificates, birth dates, and other crucial information right within a decentralized database and thus can prevent manipulation and theft of identity on a large scale. Blockchain because of its completely tamper-proof and incorruptible database technology completely does away with data security concerns and makes identity theft literally impossible.
All the reasons that give blockchain technology such revolutionary power and potential for the mobile app development industry can be traced back to the core concerns of mobile app projects such as security, transparency, accessibility, and user experience. Blockchain proves to be the most efficient technology to address all these concerns. As of now, it is the most secure technology to give protection against all sorts of cyber-attacks and hacking attempts. Blockchain as with many other industries has also transformed mobile app development and will continue to do so.