Over the past few years, Blockchain has emerged as a revolutionary technology for a wide spectrum of industries and mobile app development is no exception. With amazing features like a distributed digital ledger system, peer-to-peer payment architecture, keyless security infrastructure, and a decentralized system, it has benefited mobile app industry in several ways, making it possible for developers to build mobile apps that are free from frauds, data leaks, and security threats.
However, given that the implementation of Blockchain in the mobile app industry is still in the initial stage, the possibilities of how top mobile app development companies can unleash the full potential of this game-changing technology are endless. So without any further ado, let's take a look at few ways Blockchain is gradually transforming the world of mobile app development.
Enhanced Data Protection
Impenetrable Security is what Blockchain is known for. Allowing developers to add multiple protection layers to their data and letting them assign private keys to the users, it makes nearly impossible for anyone without a decryption key inside or outside of the network to manipulate users’ transaction specific data.
Moreover, being a decentralized system, Blockchain keeps a replica of the database across a network of computers, which eventually reduce the risk of data loss to the fullest extent. In a world, which is full of hackers and where protecting sensitive data is quite a challenging task, Blockchain indeed offers mobile app developers a golden opportunity to protect users’ data against fraudulent and unauthorized activities.
Greater Data Transparency
The Blockchain technology uses a series of interconnected blocks where each block contains transaction data and a timestamp for the prior block in the Blockchain. Providing each individual associated with the system real-time access to their data, Blockchain makes it impossible for any single entity to tamper with the data in a particular block and go unwatched.
Since the main objective of the Blockchain technology is to facilitate users with a permanent, public, transparent digital ledger system, no manipulations to the data are hidden to any member of the network. Everyone can see who sent/modified what and when, and that too without exposing any personal information. This not only eliminates the need for the middleman but also ensures full transparency in transactions.
More Secure Mobile Payments
With an advanced and decentralized peer-to-peer network, the Blockchain technology ensures faster, secure, and more reliable contactless mobile payments. Many developers are today leveraging the power of peer-to-peer mobile payments for their applications since they along with being more secure are more affordable to both establish and maintain. Additionally, the availability of hundreds of thousands of devices or so-called nodes eliminates the chances of an outage or downtime because it’s unlikely that all the node would crash at the same time. Most importantly, high-level security makes users feel more confident about using the mobile app.
The Protection of Mobile App Infrastructure
By allowing developers to store DNS entries on a secure, decentralized platform, Blockchain completely eradicates the risk of hack to the mobile app development infrastructure. Since the Blockchain technology offers developers a completely transparent and distributed DNS, they have full control over their domain records which cannot be modified without their permission. In other words, nobody, including the government itself, can get into the system without the consent of the involved parties.
Since Blockchain uses a Keyless Security Infrastructure (KSI) to store all the data in form of a cryptographic hash and run a hashing algorithm for verification, any manipulations to the data can be spotted in real-time as the original hash object is always available on other blocks in the chain, ensuring the maximum protection of the mobile app infrastructure.
The End of Traditional Passwords
Where other technologies make use of a problematic password-based system to validate users' account credentials, Blockchain doesn’t require users to enter a password for the same. With the help of this innovative technology, mobile app developers are able to validate users, devices, and transactions, even without asking for a specific password.
Since Blockchain-based authentication systems are built on the top of an irrefutable, immutable, incorruptible, and highly-secure identity verification system that uses digital signatures based on public-key cryptography, a private key acts as a master password to unlock all the digital assets for the involved parties. This facilitates a seamless sign-on as well as eases the transaction process for mobile app users.
Improved Product Traceability
With the help of Blockchain technology, mobile app developers can record everything in such a way that any information can be easily tracked in real-time by its users. The whole Blockchain system is designed in such a manner that one can easily locate an issue and fix if there is any. This not only helps developers verify the authenticity of assets but also plays a vital role in preventing the creation of fake exchanges and the misrepresentation of the actual data.
As an example, if you're developing a mobile app for supply chain management, you can take advantage of the Blockchain technology to track the entire journey of a product from manufacturing to sales. On the other side, end users can use a Blockchain-powered mobile app to access transaction details such as product serial number, specifications, available quantity, shipment notifications, etc.
Increased Efficiency and Speed
One of the best things about the Blockchain technology is that it doesn’t require a third-party mediator to complete a transaction. By streamlining and automating the entire process, it fosters faster and more efficient transaction settlements. According to various reports, Blockchain-based transactions are 10 times faster than the usual bank ones.
Where a traditional bank takes a few days to completely settle a transaction, on the other hand, Blockchain-based transactions take just a few minutes to complete. Also, the Blockchain technology is open for transactions twenty-four by seven, which considerably reduce the overall transaction processing time.
Reduced Cost Per Transaction
As mentioned earlier, since the Blockchain technology processes peer-to-peer transactions without the involvement of a third party or middlemen, there are no intermediaries’ fees to ensure guarantees. Instead of paying a fixed money transfer cost to a third party, which is often a bank, you just have to trust the Blockchain technology to get the transaction completed. Thus, the eviction of mediators results into reduced transactional costs for both businesses and users over time.
These are just a few ways how the Blockchain technology is impacting mobile app development. However, given the unmatched transparency, efficiency, and security that Blockchain provides to developers, we can say that it definitely holds a bright future for the mobile app development industry. To conclude, this breakthrough technology is not only helping developers build highly secure and transparent mobile apps but also opening up a whole new world of opportunities for both mobile app developers and end users. And to do so, hiring one of the best blockchain technology companies will play a significant role in assuring reliable guidance on how to make wise use of the blockchain innovation for mobile apps.