How Blockchain Impacts Mobile App Development?
Today, blockchain is used by many mobile application development companies as it offers better security features to deal with complex transactions. Telecom company collaborates with blockchain mobile app development company that allows people to make secure mobile payments using mobile applications.
Although mobile payment offers a high level of convenience to users. According to some research studies, more than 5 billion people have access to mobile phones, however, only 1.2 billion people have access to bank accounts with payment capabilities globally. Hence, an increasing number of financial institutions are focusing on providing mobile payment options to fill this gap and increase the majority of the companies in various industries highly prefer to use blockchain technology through strategic partnerships and acquisitions. While, many businesses are focusing on incorporating blockchain into mobile apps, thereby, securing data and ensuring transparency.
Blockchain technology can change the mobile app development process for both iOS and Android. Making the custom app more secure, blockchain enables mobile app developers to offer a secure and better user experience. Though blockchain is still at the initial stage, it is likely to open the doors of new possibilities in the mobile app world. Thus, blockchain technology is on the radar of companies across various industry
Blockchain has also led to the effective adoption of the multi-signatures technique. This includes the group of authorized people to sign off before the transaction takes place. Without this access cannot be granted to the client’s medical record.
Internet of Things and Blockchain
With the increasing adoption of the Internet of Things (IoT) in various industries, blockchain can address the issue of lack of security with IoT and prevent the duplication of data.
Moreover, developers have also started focusing on building interactive applications by integrating the Internet of Things (IoT) and blockchain in mobile app development. Such innovation can help improve data collection, transportation, and various processes in other industries.
What are the Major Benefits of Implementing Blockchain in Mobile App Development?
Steadily and eventually, mobile app developers are realizing the promise that blockchain holds in the world of mobile app development. The blockchain has a distributed database. One of the major benefits of distributed databases is they are readily available and function even during network failure. However, here app developers need to be careful as it is difficult to store data in a distributed database.
Below are some of the major benefits of blockchain in app development
Ensures Data Protection and Secure Mobile Payment
Adding multiple layers of protection to the data, blockchain brings resiliency in the transaction and helps in creating robust architecture. The database is also replicated on multiple systems, thereby, reducing the chances of hacking to a greater extent.
Blockchain also ensures secure payments. The service provider generates the blockchain-enabled transaction, allowing all the involved parties to have the record of the transaction in their systems.
No Need for Password
Blockchain authenticates the users’ transactions and their devices without the password. This is possible because of the blockchain’s decentralization feature that enables the parties involved to provide their consensus for authentication of the blockchain-based SSL certificates.
Offering Data Integrity, Transparency, and Protecting Infrastructure
Users can provide information and data in a decentralized system using blockchain and the involved parties have real-time access to the user’s data. However, no one can tamper the data and information in the block. Hence, blockchain offers transparency while maintaining data integrity.
According to the International Data Corporation (IDC), blockchain spending is expected to reach nearly $9.7 billion by 2021. The blockchain spending is likely to be highest by the financial sector and is expected to be driven largely by the rapid adoption in the banking sector. Moreover, the money invested in startups in the blockchain sector has also increased in recent years.