Imagine a world in which applications on your mobile device are secured and connected to each other through an immutable and transparent ledger. This is the world of blockchain and mobile application markets. With the rising popularity of mobile applications, blockchain technology has become an integral part of the mobile application market.
Blockchain technology has gained immense popularity among multinational companies and several small-scale industries. This technology extended its reach at a rapid phase and popular firms claimed this as the most valued technology of this century.
There are several reasons for Blockchain’s unstoppable growth in the tech space, it offers unimaginable speed and impenetrable security features. These features made mobile developers welcome this technology in developing mobile applications.
Using blockchain technology to develop mobile applications is a considerable and profitable idea because we have to change ourselves according to the technology. Everyone in the mobile application market space is pretty sure about the idea of entwining these two will produce profitable results.
What is blockchain?
Blockchain technology is an open distributed ledger and it is decentralized in nature. This technology simplifies the process of transacting digital currencies like Bitcoin, Litecoin, Ethereum, etc.
And it also allows to display digital data openly, but this data cannot be copied or duplicated. This guarantees the protection of the data and builds trust and transparency.
Blockchain has expanded its reach to various industries, like healthcare, banking, finance, insurance, and real estate. Generally, this creative technology has a major role to play in conducting transactions in a safe and secure manner, which is an important attribute for an industry to develop.
Now, blockchain technology has the capability to influence the advancement process of the mobile app industry.
This technology is implied in mobile apps to speed up the electronic transaction process and it also ensures the safety of users’ information.
This is also foreseen as a technology that has the capability to serve as the best alternative for Apple’s App Store and Google’s Play Store as a main choice for downloading, purchasing, and searching.
The main reason behind Blockchain’s huge success and popularity is its stability in processing every cryptocurrency. Experts now consider this technology as a database that helps in developing every single mobile app development process.
This decentralized technology has the ability to track down transactions easily of people or industries who transfer currency to their stakeholders or other individuals.
Undoubtedly it will increase transparency and also improves the app security procedure, and it also flushes down fraudulent transactions.
Applications Of Blockchain Technology In Various Industries
Blockchain technology has several uses and it has the potential to work for many other sectors like Healthcare, Government, Travel and Hospitality, Financial Services, Retail, and CPG.
Financial Services: We all know that Blockchain technology has primarily been developed to serve in the financial services sector, but this technology has several other uses and it can be used and executed in several innovative ways.
Blockchain technology simplifies and manages the complete procedure that deals with asset organizing and conducting transactions by offering an automated trade lifecycle that enables all the users to gain access to the accurate same data about a payment.
Healthcare: Blockchain has a very crucial part to play in the healthcare sector and this is done by increasing the privacy (personal and financial), security, and interoperability of healthcare information.
It has the potential to deal with various interoperability obstacles in the sector and guarantees the secure transfer of healthcare data between several institutions and people involved in the process.
It eliminates the interference of a third party or middlemen and also cuts off the overhead costs. With Blockchains, healthcare records can be safely secured in allocated databases by encrypting it and executing digital signatures to guarantee privacy and genuineness.
Government: Blockchain technology keeps the potential to revamp Government’s operations and services. It can be a major part in enhancing the data transactional hurdles in the Government sector.
CPG and Retail: There is a great opportunity for Blockchain technology to be applied in the retail sector.
This includes everything from assuring the originality of high-value goods, averting, fraudulent transactions, finding stolen items, allowing virtual warranties, controlling loyalty points, and organizing supply chain operations.
Travel and Hospitality: The implementation of Blockchain can totally change the travel and hospitality sector.
It can be used in payments, storing key documents like passports and other ID cards, reservations, and handling travel insurance, loyalty, and rewards.
Key Challenges of Using Blockchain Technology
The lack of recognition and knowledge of the Blockchain motive and the way it functions are the key hurdles to be cleared. People should be educated by giving them an idea about the usage of Blockchain in industries apart from the financial services sector.
The obstacles or hurdles related to present legacy resources in organizations and the lack of detailed technical knowledge are the main challenges to the adoption of Blockchain in the mainstream.
Owning Blockchain also need a cultural transformation from the regular ways of doing things, as it requires a major shift by decentralizing the complete procedure.
Following the existing rules and making sure the necessary data privacy and security for the shared databases also put on to the important roadblocks in adopting Blockchain.
How blockchain will revamp the mobile application markets?
According to statistics, the mobile application economy is almost unstoppable, particularly when it’s supposed to become valued at about $6.3 trillion by the year 2021, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.
With the implementation of blockchain in mobile applications, the following advantages can be achieved:
- Solves in-app purchase issues.
- Enhances advertising model.
- Makes app transactions transparent.
- Improves reward programs.
A recently released infographic from Cointelegraph details the evolution of blockchain in the mobile application market. It highlights the opportunities, challenges, and use cases associated with blockchain in the application market. Here is a summary of the infographic:
• Benefits: Blockchain technology offers improved security, faster transactions, and lower costs compared to traditional payment systems. It also helps developers create and monetize applications.
• Challenges: The biggest challenge is adoption. There is a lack of public awareness of blockchain technology and its potential applications in the mobile app market.
• Use Cases: Blockchain technology is being used to create secure, transparent, and verifiable digital currencies and tokens. It is also being used to create decentralized applications or dApps, that can be used for various purposes.
• Future Outlook: The future of blockchain in the mobile application market is bright. With the increasing adoption of blockchain technology, more developers are expected to create innovative applications and services that will benefit users and businesses alike.
This infographic provides a comprehensive overview of how blockchain technology is transforming the mobile application market. It highlights the potential benefits, challenges, and use cases associated with blockchain technology. With the increasing adoption of blockchain technology, this technology is set to revolutionize the mobile application market and the way businesses and consumers interact.
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Hi Olawale Daniel thanks for sharing us about block chain
Hi,
This is nice post for blockchain in mobiles applications and having right article to see you here. Thanks a lot for
Blockchain is more of a hype now. Will take time to have real impact.
The execution of block chain technology in developing mobile applications gives advantages like transparent and flexibility, and also, it also helps in preventing frequent app crashes and server down issues.
Hey Author,
This is worth spending time on this Blockchain Infographic as this is one of the most emerging technology. And this is going to play big role in specially in Fintech industry.
Thanks for sharing this article, it is really valuable information. Great work.
Thanks for sharing such confounding knowledge of Blockchain in Mobile Application.
Saving this article as research material.