Leveraging Blockchain with Mobile Applications: 7 Best Use Cases
The starting of this article will be with the talk about the potential of both blockchain technology and mobile applications at first. Here are the statistics for blockchain technology and mobile apps for 2020:
- Blockchain technology market share is growing at a rate of over 34% compound annual growth rate.
- The market size of the mobile application is expected to grow at a rate of over 19% compound annual rate.
Many corporations have already started reaping the benefits of utilizing blockchain technology. The mobile application industry has some concerns due to the lack of performance. So, it is possible to leverage blockchain technology with mobile applications?
The blockchain technology offers a decentralized and secured ledger that can address the concerns of power, user experience, and performance of mobile applications. One can harness the power of blockchain technology to offer the “Wow” experience to end-users. Many industries like healthcare, education, real estate, IT, education, and others are utilizing the immense power of blockchain technologies.
This article will discuss how one can combine blockchain technology with mobile applications to get more out of the investment.
Ways to Leverage Blockchain with Mobile Applications
Here are some of the ways one can leverage blockchain with mobile apps:
Offer Sophisticated Digital Ledger System
The mobile application network comprises many systems, networks, and servers. Generally, the client sends requests to the server, and the server receives the request and sends back the data. Keep in mind that substantial mobile applications can receive millions of requests per second, which can be a massive load for a server.
The blockchain technology has offered a great solution to the problem of excess server stress. It provides a decentralized digital ledger system that can collaborate to parse data and respond to many requests without much trouble. The complex ledger system here comes into play, as it will ensure that each machine makes changes when the transactions are secured. It will not allow the information to be corrupt.
Enable High-Level Security in Mobile Apps with More Than a Single User
The mobile application is not as straightforward as it used to be when it first came into the picture. The contemporary mobile apps need to handle plenty of things, and it includes multiple user access. The application must make sure that there is little to no chance of someone accessing unwanted information. It must be safe from information corruption, edition, and misuse.
The blockchain technology makes it next to impossible for users to penetrate the system, as one cannot do anything without encryption and decryption keys. The data is saved in the server, and it can only be altered after verification of users. There are no middlemen involved in the whole transaction, which makes it incredibly safe. What this means is that there will never be a problem, even if multiple user access to a particular app.
Secured Development Environment with a Higher Level of Transparency
It is tough for developers when there is a situation of a system crash. They are clueless when figuring out the bugs after the system crash. The developers are unable to track all real-time bugs and errors amid millions of requests happening every second. The malware can create severe damage before developers find out the issue.
Blockchain technology can offer a great solution to this problem. It can help in avoiding and preventing these types of attacks with its transparent structure. The users can easily track the information via blockchain technology. No unauthorized members can tamper the system, as there is a need for verification when one needs to alter the data.
The collection of DNS entries makes it possible for developers to keep domain records under control. There is no chance of anyone changing the entries unless developers give the green light to it.
Innovation with Constant Development
Blockchain technology is only in its early phase; what this means is that there are many updates that one can expect in it soon. The blockchain technology a decade from now will be more advanced than it is in its current form.
What does this have to do with mobile applications? Well, blockchain technology is now an integral part of many mobile apps. With the changes in the blockchain technology, one can expect much innovation in the mobile applications itself.
The new development happening in blockchain technology will make it more efficient and reliable. It means that the future of mobile application is bright, and the mobile apps will also get more benefits by utilizing blockchain technology.
Streamline Approval and Update Process
Both Google Play and Apple store handle all the updates by themselves. They do not need any support from the third party to carry out the update process. The unknown quality assurance policies can leave developers in confusion when they find that their apps are rejected without clear reasons.
Thankfully, the blockchain is an open-source technology. It allows the developers to keep track of the approval process. It also has a developer reputation system that has a direct connection to the public ledger. The developers need not care about various viruses and malware when they upload their apps. The blockchain technology will automatically scan the application for malware when they upload the app in the system.
After scanning the application, it temporarily stores the app for manual review. Later, it then verifies it. Finally, the app will be ready for download in a matter of a couple of hours.
Resolve Economic Concerns
The app store takes a share of at least 30% of developers via in-app purchases or advertisements. It is a heck of a lot of money to keep in the pocket. The developers need to spend money on a couple of CPI bundles, which is also not cheap.
Moreover, the developers also need to deal with multiple fees like banking transactions, credit cards, among others when providing in-app purchases. The monetization is not on the side of developers.
Blockchain technology is a game-changer when resolving economic concerns. The developers can award the users for spending a specific time in their apps via a blockchain smart contract without any involvement of a middleman. It can bring much money back to the developers’ pocket via a CPA (Cost per Attention) Advertisement model.
The users can make use of earned coins and then later use it for in-app purchases. The developers also get to keep around 85% of the profit in their pockets, instead of only 70%.
Penetrate Remote Areas
More and more people in remote areas have access to smartphones and mobile applications these days. It is, however, difficult for them to have smooth banking and credit service. Blockchain technology will make it easier for people in remote areas to carry out online transactions, even if they only have internet service.
Instead of using a credit card or a bank account, the residents of remote areas can store coins in their online wallet. It will let them carry out eCommerce transactions, obtain the loan, and transfer money to their loved ones without much hassle.
The Final Verdict
Blockchain technology was a synonym of a cryptocurrency in its early days. It has, however, expanded its potential of only being useful in cryptocurrency. The features of blockchain technology like Transparency, automation, elimination of the middlemen, security, and others have started transforming various industrial processes.
The combination of blockchain technology with mobile applications has been offering a tremendous experience to developers and end-users. Anyone who can leverage blockchain technology with mobile apps can potentially produce products that can provide much value to the market.
Finally, you can check out GoodFirms researched and curated list of some of the best Blockchain Developers around the world. These developers are profound at building multi-tech solutions that could just suit your business needs.
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