With each passing day, the trend of adopting innovative technologies is increasing rapidly. Businesses are finding ways to stay in the competition. Among the emerging technologies, one trend that brought revolution in the digital world is Blockchain. The blockchain is not what people think it is, a cryptocurrency powered by Litecoin or Bitcoin. Rather it is a technology that contributed to cryptocurrency.
Blockchain keeps a distributed digital ledger to record transactions in the decentralized database. This distributed database has n number of blocks and each block contains a cryptographic link and timestamp that connects it with the previous block and form a chain. All users can view the entire database but are unable to update it.
As there is no middlemen exist in the peer-to-peer Blockchain architecture, it becomes more secure and transparent. Apart from cryptocurrency, Blockchain has contributed to other industries such as insurance, banking, real state, and healthcare. Blockchain plays a significant role in tracking transactions in a secure manner. Here the question is whether Blockchain is capable of transforming mobile app development space.
Blockchain is a complex digital ledger system that sends and parses data collaboratively and is powered by a vast computer network. At the time of information exchange, that change is sent to another machine on a network that holds the same digital ledger, and this way, values are adjusted in the network among various blocks.
Mobile technology needs such systematic approach. Apart from mobile networks, other systems also need a client and server side model to manage processes efficiently. The mobile app acts as a client and the central server responds with data as per the requests. As millions of users try to access the channel and require tons of data wirelessly, it increases the risk of information loss. With the help of more advanced data streaming process brought by Blockchain technology, the risk can be reduced exponentially.
Blockchain technology records every information in a simple way so that users can access it easily whenever they need it. In this way, it is not possible to falsify information or create fake transactions. As the entire system is transparent, one can’t tamper the transaction without another.
With Blockchain technology, information categorization and storage can be tracked, secured, and verified all at once. With more entries, Blockchain expands to adjust more information. As Blockchain has complete user authority, it should have a robust check and balance system.
Encryption is complex with blockchain technology. With a decryption key, no one can access the unlock the system and access information. In blockchain, multiple users can access the information they need, but only if they have the key to verify.
For example, in the legal matters, sometimes multiple parties have to approve the document and provide their signature. Through blockchain, this information can be edited and accessed by multiple parties simultaneously, without communicating with each other. All they have to do is to verify the blockchain and check the new adjustments.
It has been predicted that the merger of Blockchain technology with mobile development techniques will bring more revolution in the upcoming future.
Here are some examples of Blockchain technology:
1. Social App Incentive Plans
Social media platforms use Blockchain technology as a mode to reward their users. For example, an app has to provide the incentive to their users to promote and share their business. With blockchain technology, companies can achieve it without risking their users.
Companies get cryptocurrency coins within their app and distribute it among users that they can use later.
2. Enhanced Gaming Experience
Blockchain technology has completely changed the gaming experience. Let’s understand it with an example, users may use an app that can help them if they stuck in a game. This type of games gets more fun when they involve certain transaction to be done within the app. Players who are interested in gaming apps that ensure safe transactions are more likely to choose one that is Blockchain-protected.
Players also do in-game purchases, hence it is important to keep peer-to-peer transactions secure. With blockchain technology, these transactions would be equally beneficial for businesses as well as players.
3. Branding Opportunities
When it comes to finding better business opportunities in this competitive world, blockchain technology is one of the best and most efficient options to consider. Businesses have an option to create own currency as well as reward their customers in a way they find suitable.
Blockchain also allows businesses to determine and create branding opportunities for themselves in various ways possible. Instead of providing rewards to customers after shopping, businesses can offer them crypto token as an incentive to encourage customers to keep shopping.
Blockchain technology has proved that it has potential to impact a wide range of industries, from healthcare to mobile app development. It has opened a completely new horizon of options and opportunities for app development companies. If you are also in this field, then it's time to leverage blockchain technology and cryptocurrency to gain more customers and keep ahead in the competition.
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