Blockchain representing a distributed ledger technology popularized through cryptocurrencies like Bitcoin continued to stay on top of the popularity curve and is embraced by all niches’ business apps. No wonder, Blockchain is Reshaping, blockchain-powered mobile apps have already become popular.
As per a report by IDC, the expenditure on Blockchain apps by the end of 2021 is likely to cross $9.7 billion in volume. Such figures will inspire more awe once you know that the market size of Blockchain stood at just $945 million until 2017. No doubt, more and more businesses, and industries are jumping on the Blockchain bandwagon than ever before.
What are the key advantages Blockchain is offering to mobile apps? In what ways, Blockchain-powered apps are way ahead of other apps. Let us inquire about this.
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Preventing Data Breaches and Data Theft
Blockchain is already known for its unique protocol that doesn’t allow changing and tampering with data but only allows writing or registering new data. Apart from this, Blockchain protects data from unsolicited access through crypto-code or manually scrutinized private keys.
On the other hand, Blockchain offers a completely disintegrated database to store data across a series of data blocks. A piece of data is replicated several times and is made available to the designated users after validation. This ensures complete protection of data from any calamity causing damage to data in a centralized database.
Transparent and Secure Payment Processing
For mobile transactions, Blockchain brings awesome transparency. Blockchain databases running on a highly secure peer-to-peer network ensure quick and transparent mobile payment and transactions without involving banking information or cards.
Because of this transparency and seamless transactions, app users have bigger confidence in the brand. When it comes to Blockchain development in India, secure cryptocurrency transactions are the main reason for the popularity of this technology.
Keyless Security Infrastructure (KSI)
Blockchain boasts of a completely decentralized data infrastructure incorporating a multitude of connected data blocks that continue to communicate with each other. The ultimate advantage of this is validated transactions while maintaining complete transparency.
This decentralized data storage and validated access are ensured by the Keyless Security Infrastructure (KSI) of Blockchain. Users can use hashtags to access this data protected with cryptographic code. On the one hand, this powerful cryptographic encryption protects data, and on the other hand, peer-to-peer validation delivers an additional security cover.
A Respite from Vulnerable Mobile Passwords
The traditional password-based security enforced by mobile OS environments and apps is already proved to be highly vulnerable since modern bots, by trying millions of combinations in a span of a few minutes, can often crack these passwords. This is where Blockchain comes into play with its unfaltering security cover.
When apps use Blockchain-based user authentication, it doesn’t allow any bot or any hacking attempts to gain unsolicited access. All kinds of data tampering and manipulation efforts are put in vain as Blockchain ensures data protection through disintegrated databases, cryptographic validation, and a protocol not permitting any changes to data.
Track Mobile Data Accurately
Mobile apps in many industry contexts play a unifying role in monitoring the movement of products in the supply chain network. Blockchain by keeping data records of all information allows tracing back the data up to its origin in real-time.
This helps to maintain transparency regarding the product movement and their actual locations in supply chains. In addition, enhanced and quick traceability of the items in the supply chain ensures great control and efficiency to industries dealing with the supply chain.
Building a Mobile App Empowered by Blockchain: key Considerations
So, Blockchain provides never-before data protection, transparency, ease of access, traceability, and control. Any mobile app dealing with transactions, supply chain, and vast amounts of data will find this technology incredibly useful. So, how to incorporate Blockchain into your app effectively? Well, here we are going to discuss some key considerations tried and tested across successful Blockchain-based apps.
Understanding Apps Suitable for Blockchain
A simple pictorial dictionary app may not require Blockchain as a highly decentralized database. But a travel booking app facilitating a lot of bookings across different categories and their corresponding transactions obviously will benefit from the security, transparency, and ease of access offered by Blockchain.
Some common types of apps needing blockchain technology include E-wallet or mobile wallet apps, supply chain and asset tracking apps, travel, ticket booking, and hotel booking apps, retail or e-commerce apps, real estate property booking apps, banking apps, enterprise apps, and many others.
Choosing the Right Development Stack
Blockchain apps generally fall under the fintech category, and hence having a thorough knowledge of building transactional features, keyless authentication, cryptography, and peer-to-peer network are extremely necessary.
Go for Incremental Development
If you want to develop a successful Blockchain app and ensure every step with validation from the target audience, it is important to go for incremental development. For example, you can just build an elementary Blockchain app initially and, after rolling out, wait for the feedback and watch the Key Performance Indicators (KPIs).
Based upon the audience feedback and the insights provided by KPIs tracked by app analytics, you can decide to tweak or change things, make small value additions and facilitate alterations for a better user experience. On the one hand, this approach will help you avoid complete course correction and corresponding resource drainage, and on the other hand, the app will deliver just what users are looking for.
Having explained all these advantages and key considerations corresponding to Blockchain app development, we must not forget the importance of experienced developers for such projects. Therefore, you need to hire a team of developers having some solid exposure to successful Blockchain app projects.
Also read about: How to Get Noticed Online? (5 Blockchain Marketing Tips)