A few segments of the industry have already started leveraging blockchain technology for different verticals including healthcare, automotive, and finance. Mobile app development is still in its initial stages with the adoption of blockchain technology. Although blockchain development offers a plethora of advantages including improved efficiency, user experience, performance, and productivity, many influencers are still hesitant about its adoption.
Blockchain allows the application developers to create highly secure and improved versions of eCommerce applications that enable the customers and suppliers to trade without any intermediate middlemen. This eliminates the third-party fees as well. In this blog, we’ve compiled 10 ways by which Blockchain is streamlining mobile app development.
Blockchain-based applications aim at offering secure online transactions. Blockchain technology enables app users to get rid of the long wait of ensuring secure transactions. The biggest advantage of this technology is its ability to eliminate the need for middlemen and even the bank staff for seamless and secure online transactions. It saves both man-hours and cuts down the costs of the users.
Any B2B or B2C company that deals with online transactions can leverage this technology and implement the feature it offers.
The initial benefit of this revolutionary blockchain technology is the enhanced level of application security it offers. The most advanced use of this technology is Cryptography. This consent is somehow designed in a way that it can offer the highest level of security with strengthened encryption.
Apart from that, Blockchain also offers interconnected block strings. Each block has the timestamp and data for another block of transactions. The data is stored and encrypted in a cryptographic hash which alters every impossible block. Every neighborhood of the previous block follows a cryptographic route.
Apart from improving data protection, Blockchain technology can greatly improve the efficiency of a mobile application. Due to the structure of blockchain, the entire architecture is robust and reliable. This architecture renders the network complete against any crash or failure. Blockchain has several blocks that own the data in more than one place, improving the security of the blockchain.
The distributed ledger design of Blockchain servers and other related hardware prevents any attempt at any unauthorized modification of the data. Millions of servers are routinely available due to the several data centers at different locations. All these features make blockchain more effective as a mobile app development solution for enterprises.
Blockchain tracks each transaction of funds in a way that only the users can track them whenever they want. This technology makes the mobile application and the entire system tamper-proof and resilient to any fraudulent activity.
It can also help the entrepreneurs gain the trust of the consumers. The user data including their sensitive information is safe. Additionally, the concept is scalable to manage multiple users at once.
With unique attributes including secure data storage, seamless transactions, decentralization, and more, this technology can benefit any business in any industry. Healthcare, logistics, real-estate, prop-tech, ed-tech, and more verticals can reap the benefits of the futuristic blockchain-powered mobile applications.
Developing a blockchain-based mobile application is difficult but it is quite easy to implement. Blockchain eliminates the issues of developing mobile-based blockchain applications. It saves time and ensures cost-efficiency for mobile developers, enabling you to offer a feature-rich mobile application to your customers.
Being an open-source platform, Blockchain offers the required tools and processes to developers. Apart from that, developers can also suggest the changes that streamline the implementation.
Blockchain is capable of storing the data permanently. This data cannot be modified and can be easily retrieved anytime anywhere. Mobile applications developed with blockchain can significantly benefit financial institutions and logistics companies.
Several mobile app users lack the ability to make in-app purchases. Users are required to make payments through credit cards or other payment methods which are unavailable to them. When it comes to making payments through credit cards, there is a high risk of sensitive data getting compromised. Not to mention the big wall of fees including gateway fees, card processing fees, bank transfer fees, and app store fees.
Blockchain makes in-app purchases much easier for the users as the in-app coins can be used for the payment process. With the current process, developers receive only a very small portion of the amount paid for the application. But with the decentralized model, users can use in-app coins to make payments and developers can have more than 70% share. This is a win-win situation.
When it comes to a blockchain architecture, the password to verify any transaction or a system is hardly needed. The two parties involved usually make the payments through an SSL certificate. Furthermore, the blockchain network reviews everything while making it visible and accessible to all. This eliminates the possibility of being fake and cuts down any fraudulent activities.
In the present scenario, developers invest in the cost-per installment ad campaigns so they can reach more audiences and have more sales. But the middlemen take part of the proceeds from the sales generated. This reduces the amount gained by the developers.
Blockchain has a strong presence in all areas of business including marketing and advertising. It is used to combat fraud and helps build brand recognition. It also addresses customers’ needs for data protection and offers transparency.
Another biggest advantage of blockchain is its simplicity. This technology offers an upper hand in the relative models performing identical tasks when it comes to simplicity. The decentralized architecture is helping several companies get rid of higher costs, dev-hours, and feature-rich mobile applications.
Security is a vital requirement of any blockchain technology. It is almost impossible for any hacker to shut down the entire system because the data is not on a specific server but on every block. Blockchain offers unique key encryption with cryptography on the user’s work. Because of the decentralized system, blockchain prevents anyone from misusing the data.
Blockchain is constantly evolving and will streamline the mobile app development process. It is expected that a blockchain-based app store can also replace Google Play Store and Apple’s App Store.
Ranging from finance to retail, supply chain and several other industries, blockchain is transforming mobile app development. The end-users will witness tons of mobile applications in the coming years.
DRC Systems is a mobile app development company and our eminent developers have experience in developing scalable and robust mobile applications. Our human-focused mobile solutions reflect a promise of continuity from conception to launch. Contact us today and join the blockchain revolution.
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