How is Blockchain Technology Revolutionizing The Mobile App Development Industry?
Blockchain is a digital ledger, a specific type of database that secures information in blocks chained together and makes it impossible to change or hack the system. Bitcoin networks are run by blockchain, and it is used in a decentralized way that no person or group can control; instead, all users have control over it.
Blockchain technology has dominated worldwide industries such as government, oil, gas, data science, banking, entertainment, technology, healthcare, education, real estate, and many others. Blockchain technology offers numerous benefits, and therefore it will soon take over the mobile app development industry.
Seven ways blockchain technology will revolutionize the mobile app development industry:
Safeguard the digital platform
- Apps developed with blockchain add more layers of protection to reduce any unusual activity. Therefore, it boosts data privacy and makes the app more secure.
- The robust feature of blockchain technology helps to protect the apps from frequent crashes, errors, etc.
- The decentralized blockchain technology system solves the in-app purchase issue by eliminating third-party payments (credit/debit card) with app coins payment.
- With blockchain technology, every transaction has a timestamp (a record for users, log, codes, etc.), resulting in less risk of data manipulation.
- Blockchain uses KSI (Keyless Security Infrastructure) to save all information in the form of cryptographic. For verification, it runs a hashing algorithm that can spot any activity in real-time, preventing anyone from tampering with the information and from accessing the system. Therefore it ensures maximum security.
Enhance the transparency and accessibility of data
- The decentralized system of blockchain that traces the transaction activity in the public ledger enables anyone to track it whenever needed; thus, it brings more transparency and lessens the fake transactions.
- The entire blockchain system is tamper-proof and ensures the security of mobile apps at the time of features upgrade.
- Blockchain technology directly connects the users and advertisers, eliminating the presence of a middle person.
- The blockchain system can store data for a lifetime, which can be recovered anytime, from any place but cannot be modified at any cost.Thus with easy data access, it also provides high security.
- Anyone can track who sent modified data in real-time but without revealing their personal information.
- While the other technologies protect the users with the help of a password or captcha based system for validation of account credential, blockchain technology introduced a highly secured seamless login system in which the mobile app developers can validate the users, their transaction, and device without keep asking about password or other authentication methods (such as captcha).
- The private key — cryptography in blockchain technology acts as a master for all passwords to unlock users' digital assets. Cryptography is highly encrypted data with a secret key in the form of an encoded message that is immutable and ethical, making the sign-in process more effortless and secure.
Improves speed and efficiency
- Blockchain technology eliminates the requirement of the third party to complete the transaction. Therefore the process completes faster and efficiently.
- While some traditional banks process the transaction, which can take up to 24–48 hours to settle, the process completes within a few mins with the blockchain technology system. It works ten times faster than the traditional bank transactions process.
- The blockchain system is open for the transaction 24/7. Thus it reduces the processing time.
Enhances the advertising model
- Currently, mobile app developers are heavily invested in cost-per-installment online advertisement to reach more audiences, but the process includes several intermediaries, reducing the developer's earnings. The blockchain technology marketing strategy replaces the system with cost-per-installment, which doesn't need any intermediaries. The developers earn more, and the users are rewarded with coins that they can use to make in-app purchases.
- Blockchain will introduce the whole improved advertising model, which benefits the developers and the users.
Access to remote areas
- Remote areas have good access to smartphones and the internet but limited access to a physical bank. Therefore, it makes blockchain technology connect with anyone through the internet and provides the user with a highly encrypted and secured mobile wallet where the tokens and coins can be stored and withdrawn when needed.
- The blockchain system allows the users in remote areas to participate in certain transactions where they can have access to loans on money without paying a huge interest amount as banks or other financial services do.
- The blockchain system implementation requires less investment than a current cloud platform, but the ROI (return of investment) will be high.
- The ROI is dependent on the performance of the application. The more apps exposed in the market and having more users, the more it performs well.
- Blockchain technology enables seamless, highly secured, and faster cross-the-border transactions through the mobile app and removes the intermediaries in current international transaction methods.
- Blockchain technology introduced the award program to many companies, which allows its users to earn tokens that can be used for many services. For instance, paying utility bills through a mobile app rewards the users with tokens that can be used to get discounts for the next payment.
- Developing a new blockchain can be difficult for the mobile app developer, but the system's implementation is easy. Even though it increases the app development overall cost and maintenance, it offers the users faster services and highly secured, rich mobile app features.
- With blockchain technology in play, it eliminates the risk of mobile hacking in the future by allowing mobile app developers to store their DNS on a highly secure decentralized system.
Every organization expects to gain customer trust and digital transparency, which blockchain can offer. The main reason blockchain technology is revolutionizing the mobile app development industry is because it is protected against cyber-attacks and increases the security of mobile apps.
Blockchain technology is a significant breakthrough that not only helps app developers build highly secure systems but also opens a new opportunity to protect the app user’s data against unauthorized activities.