By now, you must have heard the term Blockchain. Yes, this technology is getting popularity throughout the world. From banking and healthcare to education and mobile app development every industry can be transformed with the help of this distributed technology. In the following write-up, I am going to discuss the impact of Blockchain on app development organizations. But, before that, let’s have a quick overview on Blockchain.
After the invention of the Internet, Blockchain has become another incredible innovation. Do you know why? It can bring transparency throughout all the processes, giving us a better world to live. This technology manages a distributed ledger, in order to record or store the transactions happening in a network. Calling Blockchain a groundbreaking invention would not be wrong.
This is because it is not possible to edit the transactions, once recorded in it. All the blocks in the Blockchain are connected to one another with the cryptographic link.
Not only this, every participant can see all the transactions happening in a Blockchain effortlessly. It is a peer-to-peer network, which does not any middlemen to execute any process. Most of the time we relate Blockchain to cryptocurrency, which is just a tip on the iceberg. Blockchain can be used to revolutionize different industries. Yes, as mentioned earlier, this technology can have a huge impact on numerous industries, such as insurance, real estate, insurance, etc.
Key Benefits of Blockchain
- Identity Protection
With the integration of decentralized database principal to identify authentication process, Blockchain can offer us a digital ID. This identity can be generated to act as a digital watermark for each online transaction. Numerous organizations, such as Netki, Atencoin, and Civic have implemented Blockchain technology to identify management, as well as authentication resolutions for cross-industry apps.
- Password Alternative
Blockchain can change our lives in such a manner that we could not even imagine. Yes, this technology can even help in the process of users’ and devices’ authentication. You do not have to involve in password protection procedures. With Blockchain, you can create the agreements through SSL certificates. As the network is decentralized, the involve parties can see and validate these transactions. Blockchain can enhance the trust factor and make the authentication process effortless.
- No Need for Extra Infrastructure
By collecting DNS entries on Blockchain technology, mobile app owners can effortlessly store their data on a decentralized platform in a secure manner. All the domain records are under the regulation of participants. This means no one can modify the additional entries. Moreover, there is no need for infrastructure if we implement Blockchain.
Blockchain in Mobile App Development Sector
1. Digital Identity: As a matter of fact, every participant of the Blockchain has a specific identity. This is possible by registering the personal information on the network of public or private Blockchain. The identity based on Blockchain is reliable, as well as strong. You can simply use it for personal identification in government organizations, hospitals, banks, etc. This ultimately brings another opportunity for app developers. They can build digital ID management applications for numerous industries, including insurance, education, banks, and many more.
2. Digital Wallets: The latest cryptocurrency advancement has brought major popularity for the digital wallet applications. Recently, as per a survey, it is revealed that the demand for digital wallets has been raised from 9.2 million to 17.5 million. Therefore, it would not be wrong to say that in the upcoming time mobile app developers can without any doubt anticipate a tremendous increase in cryptocurrency-based digital wallets. In addition, for developing these apps in a safe manner, it is important to use a technology that ensures the safety of the wallet. This is here, Blockchain plays an important role.
3. Smart Contract Systems: In Blockchain, the blocks have the potential to record timestamp, ownership, and values. These blocks can be used on the basis of smart contracts systems too. There is no possibility of data manipulation in the network of Blockchain due to its peer-to-peer architecture. Businesses, as well as customers, can easily trust each other by implementing smart contracts in their business deals. When mobile applications will be designed for facilitating the authentication of transactions between the parties, the concept of smart contracts will certainly play a major role. It is going to provide a cost-effective and secure way to achieve the desired results and developing secure applications.
The Bottom Line
With the evolution of disruptive technologies, numerous things have been changed around us. Among all, Blockchain has become a major topic of discussions. Several entrepreneurs wanted to know the way of implementing it within their organization and mobile app development companies are not the exception. The apps based on Blockchain can drive more transparency, efficiency, and enhance security. However, being a new technology, it needs a little time. In case, you are thinking to develop an app using Blockchain, then you can contact any mobile app development company.
Category: Mobile App DevelopersCompany about: Fluper Ltd. is an authentic, certified and top rated mobile application design and development company with engineers expertising in native application development, customized applications provisioning end-end 360degree mobile app solutions. We have specilized in Android, iOS, iPad, Tablets and Wearable App Development Services. We have been working in the IT Mobile App Domain and Verticals since 2013 providing following services: #Enterprise Applications: Business, Banking, Finance, Human Reso ...