Just like every other emerging technology, there is a lot of hype surrounding blockchain technology but does all that hype really justified or is it just a tech bubble that is about to burst very soon? Let’s look at some numbers.
According to Blockchain statistics, the Blockchain market is expected to reach a $20 billion mark by 2024. Global spending on blockchain technologies was $2.1 billion in 2018 which increased to $2.7 billion in 2019. 69% of banks are already experimenting with blockchain technologies and some of them have even reported savings of anywhere from $8 billion to $12 billion per year.
All these statistics clearly point towards a bright future for blockchain technology. You might have a common misconception that blockchain technology usually finds its application in the financial sector. Can it impact other industries in the same way as banks and financial institutions? What about mobile app development? Can blockchain impact app development? If yes, then how?
If you are looking for answers to all these questions, then you are in the right place. In this article, you will learn about how blockchain technology can benefit mobile app developers and enhance the mobile app experience of users.
Thanks to its distributed architecture, there is no single point of failure. It is basically managed by a distributed entity powered by a vast global network of computers. The distributed network serves as a server delivering service to clients.
When your network delivers service to your clients it means that your mobile apps will act as a customer who is accessing the server. Your mobile app is less likely to crash when you use blockchain technology to develop it — thanks to its distributed nature.
Another advantage of decentralization is security. By removing a centralized entity from the picture, it gives control in the hands of multiple blockchain participants. Each transaction is recorded in a distributed ledger and verified by multiple nodes on the network.
The recorded action makes blockchain financial transactions much secure than traditional ones and adds a level of trust to the data. Due to added level of trust — blockchain technology is harder to hack for cybercriminals. The blockchain even offers encryption and validation facilities to make your financial transaction even more secure.
App developers can also use private blockchain technology to limit access to specific users. Best of all, you do not have to comprise on peer to peer decentralization network capability for this.
Private Blockchain forces users to authenticate their identities before getting access to privileges. App developers can also implement limits on the number and types of transactions a user can make.
Are you worried about your data getting into the wrong hands? If yes, then blockchain is for you. With only authorized users allowed to access your data and make changes to it, you don’t have to worry about your data getting stolen or tempered.
Best of all, every blockchain participant can see the changes made ensuring transparency and reducing the chances of fraudulent transactions. Since it uses a computer network, which transmits data continuously, as soon as the changes are made to the ledger or block, everyone is notified about the changes.
Mobile app developers can take advantage of this and build trust and make their mobile apps more transparent while improving customer satisfaction at the same time. By implementing blockchain, app developers can resolve network congestion and load balancing issues as well. This also allows them to transmit information faster and deliver an exceptional user experience.
Blockchain’s unique architecture makes it an ideal choice for mobile apps. It is not only more robust but also delivers on the scalability and flexibility fronts. As the data move through multiple blocks linked to the blockchain network, the risk of data compromise is much lower.
The open-source nature of blockchain makes the technology and tools more accessible. It not only grows with your business needs but also give you more flexibility as compared to other technologies. Developers can take advantage of customization options and develop a solution that is tailor made to fulfill the business needs.
As a mobile app developer, we usually stick to tried and tested tools and technologies. Did you know why? Because we hate the steep learning curve of sophisticated tools and technologies. First, you must spend time in mastering different options and features provided by the tools and technologies before you can take full advantage of it.
Thankfully, that is not the case with blockchain technology. It is simple and easy to understand, which encourages app developers to try their hand at it. Due to this, it has become a preferred choice for many app developers as they can learn it quickly and has a cost-effective app development approach. Since most sophisticated technologies take more time and money for successful implementation, blockchain can serve as a great alternative.
Since blockchain data is protected by the cryptographic encryption, hackers will find it difficult to hack it. A blockchain network uses both public and private keys. Users have a private key while the public key is available on the network. To make any transaction, the user requires both the keys, which is known as the digital signature. A digital signature is used to verify and record the transaction. All of this can help app developers when debugging apps.
Just like the mobile app industry, the pace at which blockchain technology is evolving is mindboggling. The evolution means that we might see frequent updates coming out every few months.
The updates help app developers to keep their mobile apps up to date and even ensure that their apps will meet all current standards and also satisfy the future needs of businesses.
Moreover, blockchain app developers share user data to improve mobile applications. The sharing of data allows developers to constantly refine and improve the app user experience.
How will blockchain technology impact mobile app development in the future? Share your thoughts with us in the comments section below.
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