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Blockchain also made great strides in mobile app development. From redefining app security to transforming mobile ads and in-app purchases, from managing authentication to helping with smooth app approval, Blockchain is effectively being introduced to develop mobile apps. We'll go through how the emergence of Blockchain app development is changing everything.
What is Blockchain?
Blockchain is a decentralized digital ledger that stores data across distributed data blocks. A piece of data is replicated and held across many data blocks that create a consensus for allowing access. As a result, even if the data is still accessible, consensus-based authentication automatically defends it from data breach attempts. Leading businesses from many sectors have started using Blockchain technology to develop apps.
On top of that, Blockchain only allows "write-only" protocol and doesn't allow deleting or tampering with data. This makes Blockchain data completely tamper-proof. As of now, Blockchain is regarded to be the most incorruptible database technology ever.
What has Blockchain Done to Attract the Attention of Mobile App Developers?
Most startups will need to understand the Blockchain application development process. The tradeoff between the Bitcoin Blockchain architecture and the current model must be determined. For the application to be valid, the startups must be able to combine it with a peer-to-peer cash system. The startup must consider whether its requirements are compatible with the Bitcoin Blockchain infrastructure.
This project's primary goal is to make mobile payments safer so that users can trust mobile banking through secure applications. One example of a successful Blockchain technology-based mobile payment app is TelCoin and telecom companies. This is a one-of-a-kind situation that only applies to mobile payments and does not apply to bank transactions.
One of the Blockchain-based startups is already utilizing the technology to create documentation services for land rights and lower the cost of land titles in third-world countries like Africa. Many apps use Blockchain technology to streamline real estate transactions and secure contracts. Many major IT firms are looking into using Blockchain to identify mobile app users.
The Benefits of Blockchain Applications:
Blockchain Solution to in-App Purchase Problems
In-app purchases are a major problem for users. Even though a large portion of the population has adopted the Smartphone, many people are still unfamiliar with how to make in-app purchases. These transactions are typically made with debit or credit cards. Because of the numerous steps involved in these transactions, fraud, card processing, gateway, and app store fees all rise. This allows the developer to retain 70% of the payment.
Developers can now receive 85% of all payments made through the decentralized Bitcoin model. This is made possible by utilizing an app coin reward system. Because they do not require credit or debit cards, in-app purchases are faster and more convenient.
Streamlining Efficiency, Approval Rating
Blockchain is quickly rising to developers' wish lists for one key reason: it does not require third-party mediation to complete transactions. Automating all transactions on the Blockchain enables faster and more efficient transaction chains. A transaction at a bank typically takes 24 hours to complete. The Blockchain framework can accelerate the process tenfold. Not only are bank servers frequently unavailable, but Blockchain technology provides open transaction services 24 hours a day, seven days a week.
Furthermore, the major app retailer stores, such as the Apple App Store and the Google Play Store, have arbitrary control over any new app sold through these virtual outlets.
. Blockchain allows apps to be approved quicker thanks to a transparent reputation system for developers that uses the consultation of a distributed public ledger. It improves the popularity of apps by allowing users to rank them.
Complete Protection of Data and Mobile Infrastructure
The Blockchain Model promises to provide an impenetrable security wall. It entails adding layer after layer security to your data, each requiring a different key to access. Each private user is assigned a unique decryption key distributed across a network, making data access and manipulation impossible.
Blockchain technology can combat the proliferation of hackers and the corruption of malware. Developers can now store DNS entries on decentralized, fully-secured platforms. This eliminates the possibility of hackers gaining access to the development infrastructure. This gives the developer complete control over domain records via transparent, distributed DNS, which cannot be changed without their approval.
This is made possible by KSI, or Keyless Security Infrastructure. It saves information in the form of a cryptographic hash. By running the hash algorithm verification process in real time, any type of manipulation can be easily detected. This will ultimately ensure that your mobile app infrastructure is fully protected.
Increased Security for Mobile Payments
Blockchain technology allows transactions to be transferred over a peer network. Contactless mobile payments are now faster, safer, and more reliable. Developers can easily establish and maintain peer-to-peer payments by integrating the utility into their applications. Thousands of privately owned devices known as 'nodes' accomplish this. It also increases the overall security of the process because all nodes cannot crash simultaneously.
No Middlemen in the Advertising Model
Blockchain will revolutionize the way developers advertise. App developers currently have to pay a cost per installment to advertise their app. However, this scheme involves middlemen who deduct small amounts from each sale, reducing the amount that ultimately flows back to the developer.
The Blockchain model enables the substitution of a cost-per-installment model for a more cost-per-strategies approach. The app coin reward system reimburses users for the money they spend on the app. This eliminates the need for intermediaries. All in-app purchases will be made with virtual coins. The developer gets the money.
Real-Time Product Traceability
Both the developer and user can track information in real-time using blockchain technology. Because developers can store Blockchain encrypted data, users can track such data without risk of breach. The Blockchain system as a whole was designed to allow developers to identify and resolve any issues quickly.
This enables efficient asset authentication, preventing fraudulent exchanges and misinterpretation. For example, the app's Blockchain framework can track the entire product journey from manufacturing to delivery. End-users of the app can also gain secure access to critical information such as product specifications, serial numbers, quantity availability, shipment notification, and so on.
End Of The Password Era
It is becoming increasingly difficult to enter a password online to verify your identity. Blockchain is different from other technologies. It enables app developers to authenticate user transactions without requiring a password. Blockchain authentication is based on an incorruptible and highly secure identity authentication system. It uses public-key cryptography to read your digital signature. This private key is a master password, unlocking the person's digital assets.
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Blockchain & Mobile App Development
Leading companies across all industries have already started Blockchain app development technology. It is utilized in finance, healthcare, automotive, manufacturing, and supply chain industries. Blockchain has also made a significant presence in the mobile app development world.
Whether a company opts for app development from scratch or builds an app by incorporating cutting-edge technologies through third-party APIs, it can always introduce Blockchain. An app project can make a Blockchain-based feature from the ground up or use any leading Blockchain API.
While the Blockchain revolution is continuing, it is essential to look at its key facets and avenues. Let us quickly look at how Blockchain is revolutionizing mobile app development.
Creating a Secure Environment
The biggest draw for Blockchain is app security. By introducing blockchain technology in apps, it becomes significantly easier and more convenient to track all transactions and prevent all tampering and fraudulent efforts.
The database technology doesn't allow overwriting any record and provides consensus-based access. These security features of Blockchain make data tampering efforts impossible to penetrate.
Blockchain to Streamline In-app Purchases
It is common for app users to face issues corresponding to in-app purchases. Because of the uneasiness about specific payment methods, such as credit cards, many users avoid in-app purchases.
This is where Blockchain offers a very streamlined and smooth payment solution to make purchases more manageable. The disintegrated blockchain database allows paying through digital coins that involve no fraud risks, security concerns, and transaction fees.
Blockchain for Mobile Money Transfer
It all started with Bitcoin, the first cryptocurrency that facilitated money transfer using a decentralized database technology called Blockchain. It was incorporated into several wallets to facilitate smooth and easy money transfers.
The benefits of Blockchain-based money transfers are enormous. Blockchain allows the removal of obstructions resulting in a slow process. It helps in real-time money transfers without involving third-party fees. The technology has already proved to be immensely effective in saving billions of dollars for banks and financial institutions.
Give Everyone Freedom From Passwords
Irrespective of measures like two-step verification and alphanumeric passwords for more robust account protection, there are still concerns about compromising user information and app security.
By using the most sophisticated bots, hackers can try millions of password combinations in seconds, and they can often break through this security layer.
This is where the tamper-proof Blockchain database and its transparent and consensus-based verification strategy prove to be the most secure way to protect user identity and credentials.
Smart Contracts
Smart contracts are another major Blockchain-based technology that helps multiple parties reach a mutual agreement. Fixing accountability for all parties involved in a deal while doing away with mediators or intermediaries is the most significant advantage of Blockchain-powered intelligent contracts. This ultimately helps businesses save a considerable amount of resources and money while ensuring compliance for all parties involved in the contract.
In various industries and sectors, Blockchain-based intelligent contracts are increasingly becoming popular. Some major industries and sectors that most benefited from Blockchain-based smart contracts include government, healthcare, and real estate. In the future, business agreements and contracts will likely find Blockchain-based intelligent contracts as an indomitable technology with huge benefits.
Blockchain for Advanced Advertising Model
Branding and marketing in apps are other crucial areas that can be optimized through a blockchain model. All the cost-per-installment ad campaigns that developers now rely upon involve a lot of mediators in the middle who take away a considerable portion of the ad revenue.
With Blockchain, the so-called cost-per-installment model can be replaced by the cost-per-attention model. In accordance with this strategy, consumers receive app coins right away after spending money on the app. Developers frequently react vehemently to the unfair rejection of their apps. As a result, approval will happen more quickly, and there will be less likelihood of developer unhappiness. By eliminating the role of intermediaries, developers get better revenue, and users make better deals.
Automating App Approval Through Blockchain
Google Play and Apple App Store have a cumbersome and time-consuming approval process involving several meticulous considerations. The approval process of both stores is wholly non-transparent and is often arbitrary. In several cases, the developers have strong objections to the unfair rejection of apps.
With the blockchain-based approval process, apps can be approved using a transparent system covering many approval parameters in a well-orchestrated and disclosed manner. This will ensure faster approval and fewer chances of dissatisfaction on the part of developers.
Blockchain Into IoT Apps
Since the connected reality comprising Internet of Things (IoT) devices and apps have already taken over the market, data safety and security concerns are increasing exponentially. The increased number of connected devices and gateways increases more chances for hackers to steal data. This is another area where Blockchain can play an essential role in securing data.
Blockchain-powered IoT ensures higher data security, preventing data theft and breaches thanks to increased transparency and the tamper-proof nature of the data. Too many companies are already using Blockchain for their Internet of Things (IoT) devices, resulting in safer and smarter data transfer.
Tracing Goods in Real-Time
Mobile apps in many business environments are actively used to trace items and goods through barcodes, QR codes, and geolocation data. Blockchain technology can further empower the traceability and tracking features of mobile apps. The traceability of goods results in more efficiency in the supply chain. It helps boost the performance of many businesses across niches.
By allowing access to the entire history of the products and items right from their source of origin to all the stages in the supply chain, Blockchain allows conveniently tracing goods and objects in real-time. In industries like supply chain, logistics, and manufacturing, traceability of goods is crucial, and Blockchain technology can be highly effective.
Blockchain to Prevent Identity Theft
Blockchain technology has also emerged as a key technology to reduce security concerns corresponding to user identity; as per the experts who work on the instances of identity theft in the market, hundreds of millions of victims of fraud on user identity and manipulation of user identity in the past several years. Hacking personal files and forgery of documents mainly result in instances of identity theft in general.
This is where Blockchain technology can play a pivotal role. It can help save personal documents and data such as social security, birth certificates, birth dates, and other crucial information within a decentralized database. It thus can prevent manipulation and theft of identity on a large scale. Because of its wholly tamper-proof and incorruptible database technology, Blockchain does away with data security concerns and makes identity theft impossible.
Read More: 8 Essential Blockchain Technology Concepts You Need To Know
How can a Startup Determine if Blockchain is Appropriate for their Application?
First, the startup must understand how Bitcoin's Blockchain works. This will help you understand the tradeoffs a startup must make to implement Blockchain.
Only if the startup makes design decisions for Bitcoin blockchain implementation for mobile app development projects will they apply if they are based on an implementation of a peer-to-peer, pseudonymous digital cash system. Other cases will almost certainly result in startup requirements that differ greatly from those of the Bitcoin blockchain.
What will it take for Startups to use Blockchain Technology in their Mobile Apps?
Most likely, the main purpose of Blockchain in mobile applications will be to secure mobile payments. More smartphone users will trust mobile banking apps that use Blockchain to secure mobile payments.
TelCoin, a blockchain-based mobile payment company, and telecom companies are two examples of this. People who do not have bank accounts but have mobile phones can use mobile apps to make secure mobile payments.
Landmapp is another example of how blockchain technology is used in mobile apps. This company will use blockchain technology to develop a mobile app and service for documenting land rights.
The app's primary goal is to reduce the cost of titles, particularly in Africa. ShelterZoom is a blockchain-based startup that aims to create a mobile app or service that simplifies the process of making real estate offers.
Large companies like IBM use the Blockchain's identification and networking capabilities. When people use services like opening a bank account or getting a driver's license, the Blockchain allows them to verify their identities. People can use this mobile app network to use Blockchain to verify their identities.
It is easy to Create Blockchain Apps
Integrating blockchain technology into a mobile app development project is difficult. It's even more difficult to secure them. The industry still needs skilled mobile app developers who are knowledgeable about blockchain app development.
To encourage more mobile developers to enter the field, setting the right standards and using the right tools is critical. Here are some pointers to help make blockchain app development simple for your startup.
It is Critical to Comprehend the Purpose and Utility of Blockchain in Relation to a Particular Business
It is important to understand the requirements for a transaction- and ledger-based model and how it will be applied to the industry or business for which the app is designed. Blockchain technology is only needed if the app features require transparency, trust, accountability, and all-around network responsibility.
Open-source Blockchain should be used to its Full Potential
For quick and easy blockchain-based app development, open-source platforms should be used. OpenChain and MultiChain are some of the most popular open-source blockchain platforms for developing such apps.
Keep up-to-date and keep Current with Technology
As new technologies develop at an alarming rate, startups must ensure that their developers are constantly learning. Developers must not only continue their education and training, but they must also keep up with the latest developments through social media and panel discussions.
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Conclusion
All the reasons that give blockchain technology such revolutionary power and potential for the mobile app development industry can be traced back to the core concerns of mobile app projects, such as security, transparency, accessibility, and user experience. Blockchain proves to be the most efficient technology to address all these concerns. As of now, it is the most secure technology to give protection against all sorts of cyber-attacks and hacking attempts. As with many other industries, Blockchain has transformed mobile app development and will continue to do so.
