When one hears the word “blockchain”, he/she associates the word with cryptocurrency or bitcoin. But it will be interesting to know that blockchain can contribute a lot to the mobile app development company.
Blockchain is an emerging technology and as a mobile app developer, it is necessary to be well versed with the emerging technology and its importance in making mobile app development efficiently. Every business is preferring to use blockchain in its mobile app because of its attribute of decentralized database. This has made the financial transactions much secured and also prevent data breaches. Blockchain-based mobile apps are thus becoming immense popular.
Blockchain technology has made a huge impact in the technological field. It ensures the security and safety of the data as well as the transactions. Now, blockchain technology is establishing its position in a field of storing information securely.
The mobile app development company are readily switching to blockchain technology because of its feature of decentralized database. The decentralized database run in a network of computers rather than on a single server. Thus, it sets up the coordination between the computers by transmitting a message. This message gets encrypted between the different applications thereby using a shared memory.
Blockchain api technology offers the mobile apps a high security. This further helps the app developers to add confidentiality feature in the blockchain-based mobile app.
There are many researchers which have issued statistical data. It is estimated that by 2021, the spending in blockchain market is expected to hit $9.7 billion. Also, the blockchain technology is expected to experience a growth of 42.8% per year till 2022. As per the statistics, 71% of the market leaders have forecasted blockchain technology as the technology to be used by the mobile app developers to uplift the technological standards.
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Benefits of Blockchain Technology in Mobile App Development
1. Secured environment
Blockchain technology provides a great amount of transparency. All the data can be recorded which can be easily accessed by the users. The mobile app development company can investigate blockchain technology which can help the developers to solve unique challenges posed by HIPPA.
2. Complexity of digital ledger system
Because of its association with financial transactions, blockchain can be regarded as a digital ledger. It simultaneously sends as well as parse the data. When there is any change in the information, the change gets transmitted to other machines working on that particular network, so that values get updated.
3. Accessibility
Since there are many users present on the same network accessing the data virtually, the channels get flooded. With the feature of advanced storage system and smooth data streaming, Blockchain technology helps to improve the channel.
Key considerations for incorporating blockchain technology into mobile app development
● In networking, there are basically two choices: “permissionless blockchain network”, and “permissioned blockchain network”. Where permission-less network supports Ethereum, Bitcoin, etc, permissioned network supports Multichain. The permission-less network has wider as well as unrestrained access. The permissioned network is regulated by different accessibility constraints.
● Blockchain-based mobile apps can be categorized into two: cryptocurrency apps, and smart contracts apps.
● The mobile app development company allows the developers to choose from 25 different blockchain platforms which include both private platforms as well as public platforms.
● For front-end, the developers can choose traditional different programming languages such as C, C++, Java, or different advanced blockchain languages such as Solidity and Simplicity.
Steps for implementing blockchain technology
1. Choosing suitable consensus-based methods
It is the mutual consensus method which helps in ensuring the unconditional security and accessibility of blockchain technology. But before developing a blockchain-based mobile app, the developer needs to choose a suitable consensus method effectively because this method will define the base of the app. Some best consensus-based methods include Round Robin, Proof of Stake, Proof of Elapsed Time, Proof of Work, etc.
2. Designing architecture
The second step that is required is to choose a specific configuration for designing the architecture. The developer can use cloud, in-house or hybrid model for hosting the blockchain technology in the app. For the rest configuration, there are various options. This configuration can be related to operating system, processor, disk size, memory. The developer should choose the architecture based on the operating system platform of the mobile for which the app is being developed.
3. Designing UI and admin panels
The final step is to develop a good user interface and a great admin panel for the blockchain-based mobile app. This can be achieved by the wise choice of the developer regarding the front-end, external database, along with designated app servers. When the app is launched in a beta version by using console, the developer needs to connect the app with analytics tools.
Types of blockchain technology based mobile apps
1. Cryptocurrency
Apps related to cryptocurrency can help to make the trading easier for both asset traders as well as miners. The cryptocurrency apps allow the users to have full control over the digital assets and make trading with them. The blockchain-based apps of cryptocurrency can make all types of payments and do all the transactions.
2. E-wallet
Electronic wallets or E-wallets enable the user to store all the digital assets as well as money. E-wallet app based on blockchain technology can help the user to make all transactions and spend money online.
3. Asset tracker apps
There are different asset tracker apps which are based on blockchain technology. These asset trackers help to track the digital assets of the users. These apps help the users to get updated information regarding the rates, market dynamics, cryptocurrency trades as well as issues portfolio of cryptocurrencies.
4. Retail apps
The blockchain technology can be incorporated to develop retail apps. The retail apps help the customers to make payments via bitcoin or other cryptocurrency modes.
5. Smart contract
The smart contract apps have self-executable protocols which respond to pre-determined triggers automatically. Thus, blockchain-based technology can help to automate the whole process of smart contract apps.
Benefits of Blockchain Based Mobile Apps
1. Transparency
Blockchain technology provides great amount of transparency with the help of distributed ledger systems. All the mobile developers share same documentation. At the same time, every update needs to have consensus. The transparent nature of blockchain technology helps the developers to keep the data complete, secured, accurate, as well as consistent.
2. Security
The blockchain technology have a good record-keeping system which enhances its feature of safety and security. The transactions online are kept encrypted, approved as well as linked to previous transaction. The data is stored in the network of computers, instead of storing on a single server. This makes it difficult for the hackers to hack down the system.
3. Cost reduction
Blockchain technology helps to eliminate the intermediaries. This results in reduction of cost. There are only two parties, the developer and the client. This makes the mobile app development much more secure.
4. Increased efficiency
Traditionally, trading processes were time-consuming and were vulnerable to human error. Blockchain technology has automated the trading process, resulting in speeding up the whole process. This further results in enhancing and improving the efficiency of the transactions.
5. Traceability
All the data and the related information are transferred from one participant to the other operating on the same network. This helps in tracking the data and thereby Blockchain technology helps in improving traceability.
6. Auditability
Blockchain helps to keep record of every transactions in a sequential manner. This makes it easy for auditing of any data.
6. Blockchain API
It is an interface that communicates with a blockchain node or a client network directly or through another service. A good blockchain API example would be an interface between a Bitcoin exchange and a user application that gathers data from it.
Conclusion
There are many advantages of blockchain-based technology in mobile app development. At the same time, it is true that the blockchain technology may not be able to fit in developing all sorts of apps. For a mobile app, the contents can be published without having any active transaction interface. For this, the blockchain technology may not be required. Any app which has sporting transaction interface along with payment gateways, or any app which is loaded with a mission-critical database, has to have an active support. This support can be provided in the form of secure as well as decentralized database like blockchain technology.
Blockchain is emerging as the most secured and safe digital ledger system with distributed architecture. This is the reason why blockchain technology ensures optimum security as well as easy data accessibility. The Blockchain technology is now not confined to large business or entire IT process. It powers up the mobile app solutions, specifically for making secure payment processing. Blockchain wallets along with different payment apps are the commonly use cases of Blockchain technology. It is also likely to be possible that blockchain will continue to emerge as a base of a number of different apps for data-centric collaborations, utilizing the Blockchain technology.
Thus, in multiple ways, the blockchain technology can be incorporated so as to boost up the proposition value of the mobile app. The mobile apps based on blockchain technology can vary from security and financial apps to different mobile apps related to manufacturing and supply chain management.
