Blockchain technology has emerged as a boom in the 21st century. Blockchain came into the spotlight a few years back only. Since then, it has found its place in almost every industry. Blockchain has been playing a crucial role in mobile app development. The mobile app development industry will continue to rise with the latest emerging technologies such as Blockchain Technology and 5g Internet, and so on. Blockchain has dozens of benefits like peer-to-peer payment, security, a decentralized system, and a digital ledger system. In mobile development, Blockchain has become a quintessential add-on for the developers to build the apps more secure and save it from security threats.
According to the Blockchain experts, they believe that Blockchain technology will soon be going to reach more than $ 5.6 trillion of business before 2022. Blockchain can prompt expanded efficiency and cost reduction for many businesses and Blockchain app development companies. Blockchain is a game-changer technology as it makes life simpler and safer.
Though Blockchain can help mobile app developers in a million ways, it is still scratchy right now, and there will be many blockchain challenges in 2020 ahead. In the initial stage, some experts have believed that Blockchain can bring an exponential change in the mobile app development field in the near feature.
Blockchain: The technology that covers the Financial Services
The impact of Blockchain technology in financial services is huge. It will influence many aspects of financial services, which are:-
- Monetary Transactions
- Financial Asset Storage
- Lending Credit (bonds, mortgage, and contract)
- Peer-peer Financing Identity Transactions
- Corporate Governance
- Funding and investing in assets
The Impact of BlockChain on the Global Market
W. Scott Stornetta and Stuart Haberthat first introduced the Blockchain technology in 1991. And later, it was developed by an anonymous group Satoshi Nakamoto in 2008. Since its inception, it has become a multi-billion dollar venture that is likely to go mainstream in the coming few years. Do you know? The government institutions and private sectors embrace it with open arms and leveraging its benefits in all the areas. Blockchain can prevent identity thefts and makes fraud, hacking, and information loss impossible.
Look at the Statistics of Blockchain Technology:
-According to the reports, the total savings by financial institutions that utilize Blockchain is $8 billion.
-The amount invested in Blockchain projects in 2016 is $14 billion.
-Blockchain market worth will be $20 billion by 2024.
-Amount raised by Blockchain startups in H1 2016- $290 Billion
-The amount invested by IBM in Blockchain-based IoT- $200 million
Here we have described how Blockchain can reshape the future of mobile app development.
How does Blockchain work?
The Blockchain has a network of inter-connected blocks where each block records information visible to everyone but can’t be changed. It is just like a digital ledger. Each block also has a timestamp of the previous block. More often than not, these blocks are storing digital assets, coins, and other stuff.
Blockchain is open to everyone and allows peer-to-peer transactions without any intermediatory party while transacting. Blockchain digital ledgers can store land documents, loans, integrity, assets, and inventory. People are storing them using blockchain technology for storing the assets strongly where they are permitted to view them but not alter them.
Secured Payments
Blockchain is known for its peer-to-peer network and will provide faster and secure mobile payments to the users. Mobile app developers are integrating Blockchain now for peer-to-peer mobile payments in their applications. It will help developers in integrating high-level security in apps and make users more confident about their data privacy and secured payments.
Security and privacy
Security is one of the most striking features of Blockchain. Integrating Blockchain with mobile apps, developers can add multiple layers of security to protect data. Blockchain is a decentralized system that creates a database across a computer network which prevents data leaks.
Data remains transparent
Blockchain basically uses a network of blocks connected to each other, where each block consists of transaction data and a timestamp of the previous block. As each block carries the real-time access of the user’s data, it becomes challenging for the occult coders to change, destroy, or leak the data.
Reduced Transaction Cost
As we all know, Blockchain technology enables P2P transactions without the need for a middle man or third party. This means that there is no need to pay delegates fees for transactions to ensure guarantees. All you need to do is- trust the blockchain technology to complete the transaction. Instead of paying extra costs for transactions, use this new emerging technology for secure payments. Blockchain technology removes the intermediaries’ cost and facilitates users and businesses with faster payments at lower prices than banks.
Hence, the above statements prove that blockchain technology reduced the transactional costs for both users and businesses over time.
More efficient
There is no third-party gateway or any person when you are completing a transaction when you are into the Blockchain dimension. It helps users to transact faster. Some believe that blockchain transactions are way faster than the third-party bank ones. Blockchain-based transactions are 24×7 open, unlike banks, and take a couple of minutes to complete.
Enhancement in Digital Advertising
As we all know, there are various challenges faced at the time of digital advertising. This includes domain scams, lengthy payment models, lack of transparency, and bot traffic. Blockchain can bring trust and clarity that is important to maintain the reliability of the supply chain.
Final Words
Blockchain technology is at its highest of peaks in the current times. It is having a considerable impact on the technical fields from cloud computing, digital marketing, payment gateways to mobile development. It might be a little scratchy in the mobile development field. Still, developers are trying to integrate Blockchain and make most of its security and data transparency features in mobile applications. No doubt why the fortune of Blockchain technology is bright and shiny in mobile development. There may be many blockchain challenges in 2020 if you want to integrate it into your app. So, seeking help from blockchain technology companies can help your app a lot and assist you in integrating Blockchain for mobile apps smoothly.
If you have any queries regarding the Blockchain technology, then please ask your questions on our comment section box.
Komal
Komal is a professional content writer, and bringing her years of experience, she’s able to write and develop all sorts of great content. She’s dedicated to curate and nurture her views about the new technology, developer tools, and mobile app development trends for Parangat Technologies. While she's away from curating her ideas for writing, she devotes her time in reading, traveling, and enjoying local cuisines.