With newer technologies being launched each day, the tendency to the adoption of such leading edge engineering methodologies has been boosting every industrial area. The present market situation is such, in the event that you have to remain in the opposition, you have to get the new components of innovation. In the present market, if you have to stay in the competition, you have to pick up the new elements of technology. With startups failing to implement them, mobile application experts are struggling to keep pace with such huge numbers of techs simultaneously, exploring the massive growth of the current industry seems like a needful task.
Over numerous years, block-chain has held its status as a progressive thought with positive perspectives for multiple industries. This digital ledger system became popular during the times of cryptocurrency, and since then, been praised for its secure and reliable approach. Block-chain includes features like peer-to-peer payment architecture, decentralization, and security which makes it fascinating for developers. In the field of mobile apps, block-chain serves as a bountiful example, to build applications that are free from frauds, data leaks, and security threats.
Given the circumstances, blockchain is a concept of developers, the practical applications of which are in the initial stages of development. However, once understood, it holds a tremendous capacity to revolutionize the market. This game-changing technology is an important trend for the mobile app industry.
What is Blockchain Technology?
The reliable system operates by transforming data across network steadily so that no participants in the system are able to hack or tamper the blocks distributed. The blocks formed with a cryptographically line that helps to prevent a reformed process from an unknown member.
This blockchain holds distinctive features of distributed ledger technology, which safely stores data over the peer-to-peer network. Blockchain ledgers can involve land documents, loans, integrity, assets, and inventory etc. that can be stored strongly, where everyone has permission to see yet can’t change the results shared.
How Does Blockchain Work?
A blockchain is a string of numerous blocks stored together. Each time a transaction occurs, it creates a new block and is stored in the digital ledger system.
The following points state how blockchain works-
- A transaction needs to happen. For instance, you bought something from the XYZ store. When you have made a purchase, a block is created for it. Now, every transaction is grouped with thousands of other transactions in the block.
- The transaction should be checked. That is the job for a network of computers. These systems verify whether a transaction occurred from the XYZ store. When they confirm details of the purchase, it is verified.
- The transaction has to be stored in the block. When your transaction is verified, along with its dollar amount, digital signature, and the XYZ store’s digital signature, all this information is stored in the block. This block then joins the other hundreds and thousands of blocks, like it.
- The block should be assigned a unique code/hash. Once the information is verified, it is provided with a unique identifying code, the hash. Once hashed, the block can then be added to the blockchain.
Each new block added to the blockchain is public. That implies anyone can see it. Details like who when were the block added, where was it added, and by whom was it added is visible to the users of the blockchain.
Does this Mean, Blockchain has a Public Infrastructure?
It is true, anyone can see the contents of the blockchain. In a blockchain, you can also connect your computers to the blockchain, as nodes. Along these lines, every computer in the blockchain network receives a copy of every block whenever it is updated. It’s like your News Feed, when there is an update, you see the new fresh content at the top. So, when everyone can view each information, where does the security feature in blockchain come from?
In a blockchain network, there are millions of copies of the same block. This implies each copy of the blockchain is identical. So, it’s not possible for anyone to keep a record of such huge numbers of events. If any programmer needs to even manipulate the data of any block, they should change every copy on the blockchain network. Also, since you don’t have any knowledge of the users making the transactions, its data, to any hacker or user, is completely anonymous.
Only those who hold details regarding the digital signature or the username can access the information in a block and understand it. In this way hacking and manipulation is something that can’t occur in a blockchain environment.
Why is Blockchain a Popular Concept for Mobile App Developers?
Blockchain was first referenced in BitcoinTalk, the largest forum committed to Bitcoin. Many-a-times blockchain is said to give a steady base to cryptocurrency operations. In the previous few years, it has gained tremendous popularity, as a technology database.
But, what invited its attention in the minds of the developers was its decentralized nature and secure access. Since then, blockchain has become a fascinating idea for developers. Surely, it leads to transparency, yet it decreases fraudulent transactions, and data tampering activities as well.
Application developers are using this technology to make digital payments more accessible, simple, and secure. The nature of peer-to-peer transactions makes it an ideal fit for banking applications that needs such a type of technology.
You can also know- A Complete Guide To Choose Block-chain Platform For Business Growth.
Blockchain can Reshape the Future for Mobile App Developers-
Blockchain provides an edge to all those people who like to indulge in digital payments rather than cash to cash transactions.
But why is blockchain said to be fit in today’s market scenario?
digital transformations are at its top in the 21st century. Each business has a digital store, and an ever increasing number of customers are accessing the online platforms, to enjoy everyday services as well.
The digital world is providing the right momentum to blockchain technology and has evoke its need in the market. Blockchain is becoming increasingly popular for mobile payment apps because of its exceptionally secured features.
Let us see common types of blockchain-based mobile apps-
1. Apps for exchanging cryptocurrencies- This way, a person is totally in control of the digital resources and perform trading transactions using them. Such applications can be used for a wide range of payments and transactions.
2. E-wallets- E-wallets that can store all the digital assets and money. You can carry out the transactions through the application powered by blockchain technology.
3. Apps that help you to track rates- cryptocurrency trades, market dynamics and other scope of blockchain services.
4. Retails applications with a background of blockchain technology allowing customers to pay using cryptocurrency and bitcoin.
Now, let’s look why blockchain is apt for mobile app developers-
1. Enhanced data protection and privacy –
Blockchain is known for its great security. Developers can use this tech, to create multiple protection layers into their data. The private keys to this data will be just assigned to the users, making it impossible for anyone without a decryption key, to manipulate the transaction details. Since it is a decentralized system, it keeps a replica of each transaction on its computer network. This reduces the risk of data loss as well. Since hackers won’t have any knowledge about the user’s data and their private key as well, no fraudulent or unauthorized activities can take place.
2. Data transparency is an advantage too-
In a blockchain, the information about every transaction is visible to everyone. This implies anyone can see the details in real-time. However, since the data is stored by digital names and signatures, it is mysterious to others. They can see the transaction but will not know who made it (the real name and personal information). This way, no one can change the information in a specific block. Blockchain stores all the data in public view. Hence, if the user makes any manipulations to their data also, it won’t go unnoticed. Log for each change is made in this digital ledger system.
3. Secure mobile payments –
Introducing blockchain with mobile app serve one central motto, securing digital payments. Since more and more people are opting contactless mobile payments, protecting them with blockchain’s secure architecture seems to be a good idea. Numerous developers are focussing on coding a a more secure and affordable mobile payments app.
Blockchain will help these developers in securing the infrastructure of similar mobile apps. Also, since thousands of nodes function, it is improbable that they will crash simultaneously. This also reduces the downtime of such applications.
4. No need for passwords anymore –
To deal with any application, you need a password and login-id to authenticate your users. There are a lot of issues related to use of passwords. Anyone can track it and if you forget your password, getting a new one is a tedious task. With blockchain, users don’t need any password. The network of computers connected validates a transaction. Also, since blockchain is built on cryptographic codes like a hash that uses a digital signature to unlock all the digital assets for the involved parties, the authentication systems of such applications will become immutable, irrefutable, and incorruptible. This makes the process of accessing your resources, a seamless experience.
5. Improves the Efficiency of apps –
For each mobile application you use, you need a third-party mediator for it. In a blockchain, you do not need any party to finish the transaction. This improves the effectiveness and the speed of transactions. As indicated by a report, blockchain-based transactions are 10 times faster than the bank ones. In a blockchain, every transaction is approved by a computer. Hence, dissimilar to a traditional bank that takes days to settle a transaction, blockchain can do it in 2-3 minutes.
6. It reduces the cost per transaction-
In normal transactions that include third-party apps, blockchain removes any such middlemen. Also, the intermediate parties charge per transaction that reaches completion using their portal. Blockchain doesn’t charge any such fee and still gets the transaction completed. The eviction of such mediators reduces the transactional costs for both, the business and the users.
The True Value of Blockchain for Developers-
Blockchain technology is all about adding versatility to already existing frameworks and there is no better segment than mobile apps to win benefits and influence in the market. Since block-chain is still a novel understanding for developers and businesses, exploiting this new trend will let organizations build up a staunch reputation in the market. With talented developers in the zone of constructing smart mobile apps, blockchain is going to be a trend worth reckoning.
Are you thinking to adapt blockchain in your mobile application? Before you go with it, consult with solace experts. We have dedicated experts to help you through consultation and development. You can hire android developers of Solace team for effective app development with blockchain. Connect with solace and get a free quote for app development using blockchain technology. We will be happy to help you.