When you hear the term “Blockchain”, the first thing that comes to your mind is “Cryptocurrency”. It is quite obvious as blockchain was introduced to the world as the technology behind cryptocurrency. Those who are not very technical would even consider blockchain and cryptocurrency as synonyms.
However, let us break the ice and learn more on blockchain.It is true that blockchain is the technology behind cryptocurrency but itsapplications are much beyond the cryptocurrency. Yes, you read it right.Cryptocurrency is just one mere application of blockchain and it can be utilizedfor other industry solutions to make them more secure, transparent, fast andreliable.Blockchain is the most trending technology at presentand so is mobile. The smartphone revolution has connected people from differentparts of the world via internet. You must have used various mobile applicationsto ease out your tasks, play games, social media and what not. The hottesttrend right now is the intersectionof blockchain and mobile i.e. blockchain based mobile apps.
“If you are thinking that blockchain based apps will only be payment apps then giveit a break!”
Blockchain can be implemented to develop an application of any genre. Now, you must be thinking that why to use blockchain when the current technologies are efficient. Once you learn the benefits of blockchain based apps, this question would no longer exist.
Impactof Blockchain on Mobile App Development
Blockchaincomes with a bouquet of advantages and it definitely outshines the conventionalapps.
The one big thing that blockchain stands itself apart is thedecentralized nature. There is no single control or centralized server. Thedata is distributed over several servers on the network. Thus, the fear ofsingle point failure does not exist with blockchain.
Another perk of being decentralized in nature isthe open source development platform. This makes blockchain based mobile apps tobe developed by anyone on the decentralized network. The openness lets greatapps to be built and thus enticing a large number of users to utilize them.
Highestlevel of Security
As the blockchain holds distributed database, the data willbe stored on various servers instead of one single server. Thus, unlikeconventional apps with centralized server, the chances of hack are almostnon-existent in the blockchain-based apps.
Along with minimal chances of being hacked,another security aspect is that the data once entered cannot be altered. Theblockchain is a distributed ledger that is immutable. Hence, the inability toalter the data once entered in the blockchain-based app and less prone tohacking makes it more secure than the conventional centralized apps.
Blockchainis a public ledger, which means open to all. You can view the ledger that showsthe public address users and the transaction between them. There is no centralauthority to handle the transactions and the nodes on the network verify eachone of them. This showcases supreme transparency and leaves no scope fortamper.
There are three different types of blockchain: public,permissioned and federated. The public is as the name says open to all;permissioned as the name says will require permission to enter the blockchainand federated blockchain can be considered as a hybrid of public andpermissioned where a few superior nodes govern the network.
The type of blockchain can be chosen as per thelevel of protection required for the solution.
The blocks are added to the blockchain only after beingsuccessfully verified by the nodes. It all works on an algorithm leaving behindthe chances of any trivial error. The users do not have to worry aboutefficiency when using a blockchain based mobile app. It includes smartcontracts that execute only when the condition is fulfilled.
Along with being efficient, it is easy to tracethe transactions on a blockchain. The easy traceability makes it convenient foran audit trail. This in turn prevents any kind of fraud and maintains theauthenticity of data.
“Withso many advantages of the blockchain-based apps over conventional apps, itdefinitely justifies its need.”
Realworld examples of Blockchain based apps
If you are still wondering that blockchain based apps arestill on an experimental level then wake up! The technology has progressed welland we have apps developed in healthcare, retail, real estate, etc. industries.
Remme (secured authentication), AIGang (digitalinsurance), Amadeus (travel), Tallysticks (account), Steem (social media) areto name a few. Of course, there are many other apps present in the market thateases out the processes like supply chain, payments, etc. which was notefficiently done by the conventional apps.
The Bottom Line
Thus, we have conveyed that the use of blockchain is not just limited to cryptocurrency. Its application is various other sectors like healthcare, supply chain, retail, etc. can bring a great revolution in how we see things today.
Hemant Parmar is a veteran mobile app consultant. He is co-founder of the company. Thanks to his prolonged exposure to mobile application development projects for myriads of niches and industries, he is capable of providing high-end mobile app development consultancy. He is devoted to providing honest and transparent consultancy services for clienteles looking for righteous guidance to augment their niche services/products using the latest mobile technologies.