The real value of Blockchain technology in mobile application development
These are very interesting times we are living in. The best in innovation and tech is surprising us round the clock, creativity in designing and visuals have reached its zenith, the demand for intelligent interactive devices and products is soaring – in short, the era of digital transformation (or disruption) is in full swing, and we are the fortunate ones to witness and experience it.
What makes the times all the more fascinating is the inherent intention of businesses and consumers to adopt and adapt change, brought about by new technology, wholeheartedly. AI and Machine Learning, AR and VR, Robotic Process Automation (RPA), IoT, Blockchain – these are not just some of the emerging new technologies, but technologies that are transforming the dynamics across industries and businesses.
Blockchain for instance, is one such tech that is bringing about widespread change worldwide, including dynamic transformation in mobile application design and development. The evolution of blockchain technology has been expanding at a breakneck pace, though unfortunately, many still consider blockchain technology synonymous to cryptocurrencies and Bitcoin only. This is too naïve a definition of its true potential – and we need to start thinking of its greater abilities.
Let’s take a closer look at blockchain technology in mobile applications and why together they are the torchbearers ushering in the new era.
Revolutionizing mobile app development with Blockchain tech
The integration of blockchain into mobile applications is already in full swing – from enterprises to government institutions worldwide, each benefiting in its distinct way.
For instance, in a landmark move (that has already garnered eyeballs from a lot of people), Utah County is all set to pilot a mobile voting application based on blockchain technology. The move is expected to facilitate municipal primary voting for absent voters, for on-duty military personnel and their family members living overseas (July 2019, ComputerWorld India).
At an enterprise level, the integration is more pronounced. For instance, Pundi X and Samsung have partnered, to usher in a new and upgraded wallet. The new wallet tech – XWallet – will now be available on Galaxy S10’s blockchain app options. The move marks an effort by global enterprises to drive into the mainstream, blockchain tech and digital assets (July 2019, Coindesk).
These are not just instances of blockchain technology integrating with mobile applications – but an indication of how the two are already inseparable entities.
The true value of Blockchain in Mobile App Development
It’s without a doubt that blockchain technology is going to be the gamechanger in the coming years. The emphasis should be on – how big is it already?
That is not an easy question to answer. The real challenge of blockchain technology is that while it has undergone phenomenal growth in the recent past, it has not yet reached its maximum potential. Moreover, when it comes to expertise and experts, the number of blockchain stalwarts are limited.
If numbers are indicators, then it is expected that the blockchain technology market will surpass USD 23.3 billion by 2023 (Source: Statista). And while the financial sector will be the primary gainer from and contributor to this, the benefits of blockchain technology will soon influence other industries.
In fact, according to IDC, in 2019, it is expected that almost $2.9billion will be spent on blockchain technology across industries.
From supply chain to healthcare, education, travel and more, blockchain has played an important role in the emergence and growth of several businesses, especially by simplifying daily operations in its use as a ledger. So, let’s understand how blockchain has transformed and provided value to businesses across industries:
Simplicity of use:
Irrespective of what the general opinion goes by, blockchain technology is relatively easier and simpler to build and use, integrate and upgrade, as compared to advanced legacy technology and software.
The technology is new, founded on a decentralized architecture, and knowledge of its core functionalities and potential is limited. This not only expands its scope dramatically, but also makes it easier for businesses to adopt and adapt to it, ushering in innovation and industry-specific use of the technology. Not surprisingly, while the benefit of its application began with the finance industry, it’s gradually expanding its reach to other sectors as well.
Transparency and Reliability:
In addition to its simplicity of user, blockchain technology wins with the transparency and reliability it offers. The technology is patterned around the use of blocks that can store data/records of multiple digital transactions, being carried out across locations. By documenting the journey, the tech makes it convenient for stakeholders to keep track and be transparent about the occurrence of transactions.
For instance, consider the case of using blockchain technology in healthcare. Currently, the single big challenge faced by the healthcare sector is managing the colossal volume of patient (confidential) data, and storing it in databases/cloud. With blockchain technology in place, information can be stored in secure blocks, and data can be accessed, shared and found without difficulty. The information moreover can be accessed by all relevant and authorized entities, usually through a secure mobile application, keeping all information/knowhow transparent and reliable.
And blockchain is not the only tech that has found its way into the healthcare sector. Wear tech in the healthcare sector is also making noteworthy transformations.
Security of data on digital assets and transactions has always been a matter of concern for all businesses. While new technology has simplified matters, it has in parallel given rise to additional risks and treats, leading to fraud. Blockchain technology can eliminate that to a great extent.
Blockchain technology is backed by data-encryption. The data stored in blocks comes with date and time, records all transactions made across location, provides the identity of the person etc., making the ledger system for recording secure and safe.
Blockchain technology provides additional mobile security for mobile apps by establishing clear identities, maintaining transparency, tracking and monitoring transactions, providing authorized access, getting rid of multiple passwords, and more.
What gives blockchain technology its distinctive advantage is its dynamic nature. The tech has not yet reached its full potential. And while the tech now plays a game changing role in the banking, finance and insurance sector, it has already begun its advent into real estate, education, retail, supply chain, gaming and other industries.
For instance, impact of blockchain technology in the real estate industry has been widespread. From securing and making the property search process transparent, to simplifying the property management process, and making the property evaluation process error-free and quick, there’s plenty that blockchain has contributed to in the real estate sector. And the best part, the tech has only taken baby steps in these industries.
The real value of blockchain technology in mobile application stems from the growing demand in the market and the value derived from integrating it into existing systems to improve processes.
Is blockchain the next big thing in mobile application
Is blockchain in mobile application the future? While blockchain mobile app developers will encourage most industries to implement blockchain into their businesses and applications, it is advisable to comprehend the actual impact of blockchain.
While the impact of blockchain technology in the finance and banking sector is obvious, and can prove beneficial in regions lacking advanced banking facilities, there are some minor challenges that the tech comes with. For businesses intending to implement blockchain technology, it is recommended to have a detailed understanding of the tech, especially the regulations and legalities associated with it, before incorporating it.
When it comes to feasibility of blockchain in apps for specific businesses, it is advisable to identify if blockchain will help the app. Not all tech is for everyone, and that’s one business decision that will keep you separate.
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