How is Blockchain Technology Going to Impact Mobile App Development
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Blockchain technology is such a technology that makes parity for a distributed digital ledger for recording transactions in a decentralized database. It is a ground-breaking innovation.
Blockchain has made its grip on the whole world. It has become a familiar name for the masses now; even if someone has not heard about blockchain, then it is likely that the person must have heard about Bitcoin.
Bitcoin is the technology that provides a decentralized digital transaction platform built on the blockchain.
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But the most advanced benefit of having Blockchain technology is for the mobile operations these days.
The mobile economy is unstoppable, and it is expected that the value will reach approx — $ 6.3 trillion by the year 2021.
However, there are many intricacies associated with mobile technology that can be solved with the help of blockchain technology.
This technology is revolutionizing the mobile operations drastically, and it has powerfully impacted many other industries as well.
Cyber-attacks cannot do anything against the blockchain technology that is why it is safe and secured to use.
Blockchain transactions will be more scaled, secured, streamlined, and that, too, without the indulgence of lengthy procedures.
Though most of the people are enticed to associate blockchain with cryptocurrency, the innovation has enhanced itself so widely that it has contributed towards the industries such as insurance, banking, real estate, finance, health care, etc.
The blockchain technology plays a pivotal role in safely and securely tracking the real-time transactions. Sooner or later, this is such a system that almost every industry wants to adopt.
Now the question arises that whether the blockchain technology has the potential to influence the mobile app development? And, how the app developers can reap the benefits of blockchain technology in the coming time?
Following are the pointers that show how blockchain technology is going to impact the mobile app development:
Ways Blockchain Impact Mobile App Development
Blockchain will re-solve App approvals and make them transparent
In-app purchases involve a cumbersome process. Though a huge population is using the android phone today, yet the problem of making in-app purchases is still there as the payment methods are not available with them. For example – credit cards.
No matter if the users have credit cards; nevertheless, the chances of fraud transactions are high. The developer only gets around ¾ of the payment in the end.
However, the problem of making in-app approvals would be solved by using the decentralized model of blockchain as it eliminates the credit card process.
Blockchain will enhance the smart contract system
The blocks are capable of recording timestamp, values, and ownership, so they can be used as the basis of smart contract systems. The chances of fraud or data manipulation are equal to null due to its peer-to-peer architecture.
Blockchain technology supports the concept of smart contracts between customers and businesses. Smart contracts will highly become cost-effective as well as secure in comparison with the current procedures.
Digital wallets for cryptocurrency transactions
The popularity of digital wallet apps has boosted recently due to cryptocurrency. The payment technology market transaction value has improved from $3 billion in 2017 to $6 billion in 2019.
Consequently, the app developers could expect a great enhancement in demand for cryptocurrency-based digital wallets in the next few months.
They will fully depend on the blockchain technology to make sure that the transactions are done safely and securely.
Security and scalability
The data in blockchain technology is encoded as a cryptographic hash. This cryptographic hash uses a series of interconnected blocks; these series help in securing and provides safety to the transaction data.
Every data in a blockchain is recorded in a way that the users can track it. The data which is stored can be verified, secured, and tracked at once.
Further, you can add more information as the blockchain technology expands because now the system enjoys complete autonomy and a healthy balance system.
Blockchain will make ways for remote areas
Many areas in the world are not yet developed. People in such under-developed areas may or may not have android phones, but many people still don’t have access to bank accounts or any other personal credit system.
Blockchain has the potential to make it easier for such people in remote areas who have access to the internet would be able to establish their online mobile wallet. In those wallets, the tokens or coins will be stored until the users will need them.
The system will bring zeal in more people to adopt the system that includes loans procurement, eCommerce transactions, receive or transfer money to family or friends, that too without bearing any transaction cost by banks or financial institutions.
Blockchain will boost the advertisements
The advertising slot will be revamped entirely under the blockchain technology. Developers have to invest money for every installment advertisement campaign. This is done to reach the maximum people.
This process involves too many middlemen who all get their share from the proceeds of sale; resultantly, the developer gets a very less amount.
However, by using blockchain technology, this cost per installment will be converted into cost per attention strategy, which will reward users with app coins for the amount of time they will spend while using the app.
Call for blockchain solutions
The call for blockchain solutions in mobile app development is enhancing since 2017. Now many companies that are indulged in mobile app development are dedicated to building blockchain apps.
However, the call for the electronic ledger is far from cryptocurrency. Such demands are the reasons why the latest technology is revolving around blockchain.
Blockchain will boost reward models
It will become feasible for the users to earn more and more tokens as many companies are heading towards adopting the blockchain technology for their reward programs.
Also, it is possible that those tokens could be used for other services as well.
For example- the tokens earned from the airline travel for a specific mileage total could be used to buy coffee at a coffee cafe.
Mobile app development will evolve with the cryptocurrency, and they will be able to interact with users from various devices.
Further, the technology has the capability to boost the business and create a modern system of payment which will make the apps more secure for the customers.
Conclusion
Blockchain has the capability to take over the online mobile payments that are in place today, which involves cumbersome, slow, frightening processes and are overpriced due to the security issues. Because of these reasons, companies are now revolving around blockchain services.
The technology will serve the app developers as a long-term tool which will be capable of taking their applications to the next advanced and better level.
The apps based on blockchain technology are capable of driving innovation for corporate processes. It provides timely, efficient, transparent, and enhanced security to its users.
Though everything is cool about blockchain technology, yet it requires the expertise and skills to have it integrated into the business applications.
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Co-Authored With
Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz Technologies, A Mobile App Development Company. His 8+ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.
