Blockchain Apps

Blockchain Apps: Blockchain As An Application Platform

Blockchain will soon be one of the most popular technologies. The reason is simple. It has the ability to integrate highly complex and encrypted data into a secure mesh to offer a safe online transaction.

Thriving BFSI sector can make the most from this disruptive technology and offer more reliability and security to their customers.

These days, the advancements of blockchain technology are embraced by mobile app development services.

As a result, we come across robust mobile app solutions for global businesses. Giants like LG, Microsoft, and Facebook have also integrated Blockchain technology in their system.

 

What is Blockchain Technology?

A block is a record of new transactions or digital information. This block grows forever. These blocks are linked and secured using cryptography. Cryptography is the practice of creating and deciphering codes.

A list of digital information linked and secured with cryptography is a Blockchain. Once the data is stored, it is not possible to modify it.

The Blockchain technology is coming of age. Base applications like Bitcoin & Ethereum and its’ early backers becoming the now infamous Crypto-Whales.  

It was followed by the ICO frenzy that gained spot-light until early 2018.

The Blockchain technology will go mainstream in the corporate world through blockchain app development. You may wonder how the Blockchain technology can impact the app development process.

Decentralized Applications Or DApps

DApp or Decentralized Applications are Blockchain apps that are not owned by anyone, can’t be shut down, and cannot have downtime.

DApps Or Decentralized Apps

DApps Or Decentralized Apps

Bitcoin is an example for DApp.

DApps built on blockchain technology have opened up the possibility of a newer and more exciting world. This new world is about making everything as decentralized as Bitcoin’s blockchain did for money.

With dApps it is easier to streamlined data management and transaction processes will be efficient and simplified. These a just some of the exciting benefits of dApp development and blockchain.

Here we mention five ways businesses can leverage the benefits of blockchain technology during mobile application development.

 

1. Security

So how does blockchain improve the security of mobile apps? By utilizing the most advanced cryptography blockchain makes apps more secure.

In the Blockchain technology, the transactions are publicly accessible. Blockchain helps in Mobile App Security in many ways and some of them are discussed below.

Identity Protection

One of the significant perks of Blockchain technology is security. It is impossible for a hacker to shut down the entire system as storage of data is not in a server, but it’s in every block. Blockchain provides the user working on cryptography with private key encryption.

This working mechanism of blockchain ensures that no one could misuse any data.

 

Data Transparency

Blockchain offers the mobile application owners to move the core targets of brand infrastructure to a more secure area of the decentralized platform. It allows the app owners to store DNS entries which gives them more control over the domain.

Moreover, it becomes almost impossible for anyone including the government to tamper or manipulate with the entries.

Passwords

No matter how strong a password you set for your devices, there is always a fear that it might get leaked. Blockchain Technology helps us to get rid of this fear. With Blockchain, there is no need for the password to authenticate any device or transaction.

The two parties involved in transactions usually make the payments through SSL certificate.

Moreover, the Blockchain network reviews everything and makes it visible and accessible to all, thus eliminating all the possibilities of its being fake.

 

Infrastructure Securing

Blockchain offers the mobile application owners to move the core targets of brand infrastructure to a more secure area of the decentralized platform. It allows the app owners to store DNS entries which gives them more control over the domain.

Moreover, it becomes almost impossible for anyone including the government to tamper or manipulate with the entries.

This technology concept is designed in a way that it can provide the highest level of safety with the most powerful encryption. Here we give a brief introduction about how the blockchain technology works.

As the name suggests, the technology offers a chain or series of interconnected ‘blocks’. Each block possesses transaction data and a timestamp for another block.

The data is stored and encoded in a cryptographic hash, which makes alteration of any block impossible. Now, every block has a cryptographic hash for the previous block.

 

2. Enhanced Reliability

Apart from boosting data security, the technology can enhance the reliability of a mobile app significantly. It is because the blockchain’s structure itself is reliable and robust. The construction of blockchain makes the entire system resilient against any crash or collapse.

It has many blocks having the data in more than one place, which makes the chain more reliable.

Also, the blockchain servers and other related hardware have the distributed nature that prevents any attempt of unauthorized data alteration.

Thanks to multiple data centers at numerous locations, even the slightest modification is immediately visible. All these features make the blockchain approach highly reliable for a business mobile app development solution.

3. Simplicity

Another noteworthy benefit of blockchain technology is its simplicity. When it comes to simplicity, the blockchain has an upper hand over other relative concepts that perform similar functions.

The simplicity makes it an easy-to-develop and cost-effective approach in the mobile app development.

If the technology is complex, it requires more efforts, time, and money to integrate, modify, and maintain. In other words, complex technologies contribute to increasing the app development and maintenance-related costs.

The blockchain can help entrepreneurs get rid of such higher costs while providing them a feature-rich mobile app.

4. Automatic App Updation

Blockchain technology is evolving at a fast pace. The way it is growing these days, we can certainly expect that it will bring maximum updates in the future.

It will result in making the enterprise mobile app ready to address future requirements, and ultimately, you can provide improved customer services with such an up-to-date mobile app.

The technology behind blockchain is also freely available as an open-source technology. The blockchain app developers can readily share and use advancements to make the app more powerful and secure.

In a way, the blockchain technology can help reduce the app development time and cost while building advanced mobile app solutions.

5. Transparency

Security enhances transparency. The blockchain technology records every transaction in a way that users can track them whenever they want. The technology also eliminates the possibility of any fraudulent transaction or fabricated information.

The blockchain makes the app and the entire system tamper-proof and resilient to any fraudulent activity.

In a way, the blockchain app can assist entrepreneurs to gain the customer’s trust. The users can safely transact through such an app and remain assured for the protection of their valuable data. Also, the concept is scalable enough to manage multiple users at once.

Applications Across Verticals

The application of blockchain technology is not restricted to the BFSI sector. With key characteristics like secure data sharing and transaction, any industry sector can avail the advantage of Blockchain technology. Healthcare, real estate, and logistics sectors can emerge as the biggest beneficiaries of blockchain app development in the future.

For example, if this technology is used in the supply chain management app, it enables the company to track the product. Whereas, the end users can see transaction details and shipment-related information with a blockchain mobile app. Also, the technology can streamline the process of property buying and selling when it is used in the real estate mobile app.

Talking about the healthcare sector, with a distributed nature, the blockchain can manage and maintain the healthcare record of people for many years. It is easy to store all the health-related updates and medical records safely and access securely through a blockchain-based healthcare application.

Implications of Blockchain Technology On Apps

1. Enabling Cross-border Transactions

Cross-border transactions are not exactly a new concept. Ever since the first banks were established centuries ago, sending currency across the borders has always been a possibility. The process has nevertheless always been painstakingly slow.

With blockchain apps though, the process is instant and without hassles. It is because of the removal of the many intermediaries that exist in other methods of sending money.

2. Smart Contracts

When it comes to breakthrough applications, Smart contracts are probably the top item in the blockchain world. We have recently seen a surge in the adoption of tokenized securities, but smart contracts are the precursor to the security tokens.

With smart contracts, it is possible for business transactions to be much more efficient. This is because smart contracts do not depend on third parties when it comes to ensuring integrity in the transaction process.

There are many applications of smart contracts, but the main areas that they have been applied include in business, healthcare, and sports.

3. Insurance

As part of the transparency that comes with the blockchain, insurance companies are now able to process claims much more confidently. The blockchain allows for efficient storage of records. Since the possibility to edit records is virtually non-existent, there is no likelihood of fraudulent claims.

The ability to trace records to their original creation date and the users that they are assigned to enables the insurance industry to achieve much more credibility.

Of course, the implementation of blockchain is still in the early stages and the full benefits of the technology will be realized in future.

4. Payments And Money Transfers

Perhaps the most well-known blockchain application is being able to send and receive payments. Since blockchain technology has its beginnings in cryptocurrency, this makes sense. But, how exactly is this beneficial for small business owners?

By using blockchain technology, you’re able to transfer funds directly and securely to anyone you want in the world almost instantly and at ultra-low fees. That’s because there aren’t any intermediaries slowing down the transfer of funds between several banks and charging outrageous transaction fees.

This practice is especially useful if you have remote employees or when involved in the global marketplace. Companies like Abra, Bitwage, and Coinpip are leading the charge in using the blockchain to transfer funds or handle payroll.

 

5. Digital Identity

Did you know that fraud is estimated to cost the industry around $18.5 billion annually? In other words, that means that for every $3 spent, ad fraud takes $1. Because of that, security is a top concern for businesses of all sizes.

“Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and reduced fraud,” writes Ameer Rosic, founder of Blocgeeks.

“Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an irrefutable, immutable, and secure manner,” says Rosic.

“Current methods use problematic password-based systems of shared secrets exchanged and stored on insecure systems. Blockchain-based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography.”

With blockchain identity authentication, “the only check performed is whether or not the transaction has the correct private key authentication. It is easy to infer that whoever has access to the private key is the owner and the exact identity of the owner becomes irrelevant.”

Blockchain technology useful in developing identity applications in areas like IDs, online account login, E-Residency, passports, and birth certificates. Companies such as ShoCard use the blockchain to validate an individual’s identity on their mobile device.

6. Networking And IoT

IBM and Samsung have teamed up for a concept known as ADEPT, or Autonomous Decentralized Peer-to-Peer Telemetry, which uses blockchains “to provide the backbone of the system, utilizing a mix of proof-of-work and proof-of-stake to secure transactions.”

With ADEPT a blockchain would act as a public ledger for a large number of devices. This would eliminate the need of a central hub and would “serve as a bridge between many devices at low cost.”

Without the need for a central control system, all of these devices could communicate with one another autonomously in order to manage software updates, bugs, or manage energy.

 

Conclusion

The use of Blockchain technology in the mobile app development during the recent years has become substantial. 

As more mobile app developers make it a part of an app development process globally, many of its applications and innovations will be unleashed in the coming years.

You can hire dedicated Blockchain app developers who have a knack for integrating the features of Blockchain to avail its benefits.

We can see immense possibilities and opportunities in blockchain technology especially when we integrate it with other emerging technologies like IoT, AR, VR, and Artificial Intelligence (AI).

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