Blockchain is the new security guard of the digital financial transaction. It has taken security to a whole new level in the world of IT and finance. Implementing Blockchain technology to your mobile app, you can transact without compromising your financial safety. Although currently there is a limited use of this technology in mobile app development, it has huge potential in other sectors as well.
Blockchain is the new buzzword in the world of financial technology and a safety tonic for mobile app development companies . The technology is gradually gaining popularity, but a decent number of people are still clueless when this term is used in any conversation.
We will help you understand the concept of Blockchain and also how to use it.
What Is Blockchain?
In laymen terms, Blockchain is a list of records stored and secured using cryptography.
These records are known as blocks. Each block contains a cryptographic hash of the previous block and information regarding the transaction,that is, the payer and beneficiary details, amount, and the encrypted keys.
Blockchain is based on the concept of digitalization and decentralization of the cryptocurrency. Cryptocurrency is gaining popularity owing to its security feature,as it is digitally coded and hence is difficult to counterfeit.
Although the data is easily accessible, the safety and security of data is not compromised. Even a slight change or modification in the data draws attention of the consumers, making Blockchain one of the safest financial technologies.
Blockchain App Development and Security
Blockchain has become synonymous with “security” in the digital world. With information technology penetrating in each and every field and the world shrinking in the hands of customers, security of data is the biggest challenge.
Blockchain ensures an added level of security to the transaction, thus making the technologya necessity for android app development companies.
How Does Blockchain Work?
To embed this technology in our mobile app, first we need to know how Blockchain works.
- Blockchains are a set of closely knit transactions, signed and authenticated by both the parties,that is, the payer and the receiver.
- Each block has two hashes—one for tamper protection and anotherfor safeguarding the transaction data. Both these hashes ensure that none of the parties involved can tamper the data without drawing the attention of the other.
Elements of Blockchain
To have a better understanding about Blockchain and how it is implemented by android app developers, here is a list of key features it is based on:
- Mining: Extracting data from the transaction and forming blocks is known as “mining.”With every new transaction, new data is added to the block.
- Hash: Hash is the feature that encrypts the data in a unique output. Each hash comprises of a previous block hash and has reference for the next hash. One can easily check the authentication of the transaction or block by verifying the hash.
- Decentralization: Blockchain has removed the need of middlemen for making any modification in our records. All the details of the transaction are readily available to the involved parties. Each activity is managed by the users, empowering them to update any detail themselves.
- Public Ledger: Blockchain is a public ledger where all the information regarding the digital transaction is available to all the users involved. To make this public ledger tamper proof, all the users have access to the information in real time. To secure this ledger within your mobile app, Blockchainuses metadata for communication, which makes it impossible to collect the entire data at any given point, thus making it unfeasible to hack.
- Keyless Security Infrastructure: This helps to spot any manipulation in the original hash in real time by running a hash tag verification algorithm.
Advantages of Blockchain
Following advantages of Blockchain make it imperative for your business to embrace this technology:
- Security from Fraudsters: With the help of cryptography, users can view and manage their transaction data at one place using their private keys.Its reliable system makes it impossible to alter any data.
- Data Transparency: Blockchain operates on the concept of transparency of data; that is, all the parties involved have an access to the transaction data, thus making information breach unfeasible for anyone.
- Infrastructure Protection: Blockchain enables the app owners to store the transactions on a decentralized secure platform. This in turn ensures that the data cannot be modified even by the government without the party’s consent.
- Goodbye to Passwords: Blockchain has made passwords irrelevant. Passwords, as we all know, are prone to frequent hacks. The decentralized feature creates consent among the concerned parties for the validation of Blockchain SSL certificates, which precludes any requirement of password protection between parties.
Blockchain has a huge potential beyond digital money. Here is a list of uses of Blockchain that are bringing about significant development across the globe.
- BitPesa, a blockchain-based app, is helping countries like Africa to upgrade their business transactions. It supports payments to around 85 countries, thus enabling them to trade across their country and grow their market.
- Storj permits the user to store the data online in the cloud. The user can access this data whenever required. Storj’s faster speed and better security is gradually earning fame.
- The biggest setback with cryptocurrencies is their limited use. OpenBazaar is the first marketplace that accepts cryptocurrency. It is a hybrid of Ebay and Etsy. You can also rent an apartment or purchase any item through OpenBazaar.
- Chronicled is a startup that is based on Blockchain solution that deals in contracts and legal documents. It creates a unique digital identity for physical and digital documents through automation and digital signatures. Each time any document is edited, signed, marked, or updated by any user, the identity can be easily tracked. It also ensures better control and management and protection from fraudulent activities.
Because of these varied advantages, this newly curated concept of Blockchain is swiftly and gradually gaining popularity with custom android app developers.
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