Recently, you may have observed that ”Blockchain” has gained a lot of momentum in the financial industry. However, the potential of Blockchain technology is enormous and it is going to be an integral part of mobile app development.
If you are a digital business preparing for the future, this article will help you clear all your confusions about the Blockchain technology and you will readily be able to find yourself a capable Blockchain app development company .
What does Blockchain exactly mean?
No matter how odd Blockchain sounds, it could revolutionize the way we carry out our transactions online. It is a recorded digital way of keeping a track of all the transactions for everybody to access. It also stores all the nitty-gritty information and their sources open for everyone.
The best part about Blockchain technology is no central digital head to monitor transactions is needed. This means that you can share each transaction and information on a peer-to-peer basis.
What are the Types of Blockchain?
There are three types of Blockchain:
- Private Blockchain
- Public Blockchain
- Consortium or Federated Blockchain
A private blockchain is such that it requires written permission from the central authority. The access, visibility, and rights are totally under the control of a private head.
A public blockchain is such that everybody can view the information and carry out transactions without the need of any centralized body. Such systems only require cryptographic verification.
Consortium or Federated Blockchain
Consortium or federated Blockchain is partly private and partly public. So, it has got the benefits of both the blockchains. The centralized system monitors every transaction which take place in the ecosystem. However, it also has a cryptographic security attached with the syste
What are the Benefits of Blockchain Technology? There are many other advantages of Blockchain Technology which are listed below:
- End-to-end encryption:
The obvious question that might pop-up in your mind is,” If the basis of the entire system is on peer-to-peer transactions, aren’t there any chances of data overwriting?”
No! The sharing of the database with peers is encrypted and no users can make any sort of changes without achieving an agreement upon it. This way it eliminates the security concerns and even the authority personas cannot make any implementations without a strong consensus.
- Utmost Security:
The database constructed using the blockchain technology enables the end users to carry out their transactions without a central authority system. It is the reason for the elimination of any unsecured transaction from the system. The bigger the database more difficult it is to modify the data, thereby making it a full-proof system.
The structure of the blockchain technology is such that it provides all the relevant information to the end users. The total control of transactions follows it. The data stays with its users and when changes are required, they can be done by anybody, thereby making it a transparent system.
- Transactions made easy:
Since there is no central body present at every step of the transaction to keep a track of it, the time to process payments reduces significantly.
Clearance of most of the blockchain transactions can be as fast as within 24 hours. Such quick transactions could influence many app development firms.
- Reduced cost per transaction:
- Assured Quality
- Agreements on-the-go
- Effective Supply Management
A decentralized transaction system constructed using the blockchain technology completely cuts down any authority and the need to track the transactions. This way it eliminates the cost to keep the platform intact from the system. The users can carry out their transactions with reduced cost of the transaction.
The blockchain technology is a completely secured system. Whenever there is any error or bug in the supply chain, blockchain technology can detect the starting point of it. It helps businesses to carry out transactions with utmost quality.
Agreements have become the synonymous to tedious processes. However, blockchain comes with the ease to contracts. Without a central body to verify contracts at each and every step, the entire procedure becomes faster. Also, you can save hefty payment amount of the mediators for the companies.
Supply chain management is not a benefit for the transportation and logistics companies but is a necessity for eCommerce businesses as well. Moreover, with on-demand solutions thriving, it becomes important for the businesses to trace the status of the service.
The future of Blockchain Technology and its influence in mobile app development
If we foresee the future of mobile app development with the help of Blockchain technology, there is no doubt that decentralized apps or Apps are going to be the new trends in the mobile applications development arena. The blockchain app development companies are thriving at an explosive rate. The firms must evaluate the cost of app development from blockchain app development companies to utilize this technology at best.our business
Let’s take an example of Uber, building the on-demand service model is possible without any complexity by leveraging the traceable supply chain management system using the blockchain technology. No admin implies to no underpaid drivers and ultimately, happy customers.
Why only Transportation? Just like an on-demand solution which you can apply to many niches such as Uber for gas, Uber for doctors, Uber for Food Delivery, etc. blockchain technology can assist and brighten the future of on-demand business model by building Uber-like mobile app on a peer-to-peer basis.
However, the capability of Blockchain is far-reaching and you can leverage it for other giants such as e-commerce, Healthcare, Banking and Finance, and even Gaming.
With the big rise of Bitcoin influencing the functioning of finance, it is obvious that the digital businesses will be affected. They will have to look for the ways to upgrade their existing business into the one that leverage blockchain technology or will have to find out a way to completely build their businesses from scratch.
The future is no way out without the blockchain technology. The mobile app development companies are known for its rapid innovation and adoption to trends. Although we foresee AI as the next innovation to mobile app development, there’s still some curiosity as to how AI and blockchain together can disrupt the conventional state of mobile applications.
So, it’s time to be future ready now, it’s time to look out for blockchain app development companies and raise the standards of your business.