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 technologies of this century.
There are several reasons for Blockchain’s unstoppable growth in tech space, it offers unimaginable speed and impenetrable security features. These features made mobile developers to welcome this technology into 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 mobile application market are 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 build 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 transaction 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 into 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 which 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 considering into 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 developed to serve in 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 which 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 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 data bases 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 usage of Blockchain in industries apart from financial services sector.
The obstacles or hurdles related with present legacy resource in organizations and 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 data bases also put on to the important roadblocks in adopting Blockchain.
How blockchain will revamp mobile application market?
According to statistics the mobile app 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, following advantages can be achieved:
- Solves in app purchase issues.
- Enhances advertising model.
- Makes app transactions transparent.
- Improves reward programs.