A new stage of mobile app development is the introduction of blockchain technology, which makes it possible to implement innovative applications and ensure maximum security of data storage. Blockchain as technology continues to be a trend that goes beyond cryptocurrencies and is rapidly penetrating various areas of the IT market, including mobile applications.
Already, many startups and businesses are using blockchain-based solutions, but this is just the beginning. Besides, no matter what challenges your business faces, visit https://litslink.com/services/web-development to find out about efficient solutions based on the end-to-end web app development.
According to the research company Gartner, by 2025, business revenues from the use of blockchain technologies will reach about $ 200 million, while in 2027 the volume of this market will exceed $ 1 billion, and by 2030 it will exceed $ 3 billion.
The nature of blockchain allows for the construction of chains of transactions based on distributed ledgers, which implies a more reliable approach to cataloging, storing, and recording data. When conducting transactions in the blockchain, the technological platform acts as an “open transaction book”, which ensures the transparency of the actions of all users and their mutual verification. Therefore, the use of such solutions makes it difficult to manipulate and falsify data. This is becoming critical for the existence of, for example, industries such as medicine, finance, distribution, intellectual property.
A mobile blockchain application is needed precisely to ensure financial security because other people’s funds always attract the attention of criminals trying to steal them. Blockchain can solve the problem of hacking databases and stealing personal information of users. The characteristics of the blockchain allow you to secure the use of the mobile application and reduce the risk of theft of funds. Also, this technology can help prevent possible database hacking and theft of personal information. Other advantages of using blockchain in mobile applications can be described as follows:
- Decision-making transparency that promotes trust between the participants in the system;
- Digitization of processes;
- Data encryption and high safety standard;
- Safe payments;
High Safety Standard
It is noteworthy that in parallel with the gradual integration of the blockchain into the IT industry, confidence in security, transparency, and immutability comes to the forefront. The three pillars of blockchain technology are strengthening the core ecosystem of business structures in which they have successfully established themselves. Data is written or encrypted using cryptography on the blockchain. Each block is timestamped to other blocks, which prevents data loss on the network. Thus, all participating nodes have full access to the data, and changes or deletions cannot be ignored in the blockchain system.
Blockchain also plays a significant role in the domain of domain name registration or DNS. This technology provides complete control over domain records, making it difficult for an attacker to fake records.
Blockchain technologies promise higher transparency of interactions between stakeholders, improved automation, an adaptation of registries to individual requirements, as well as a higher level of trust in record keeping. Consensus mechanisms in blockchain have the advantages of a consolidated and ordered dataset that has fewer biases and quasi-real reference data, and allows participants to make changes to the descriptions of their assets.
Since no participant owns the central source of origin of the information contained in the distributed ledger, blockchain technologies increase the level of trust and ensure the integrity of the information flow between participants.
Customers are increasingly using internet banking or e-money. Sharing passwords or codes can put your funds at risk. In turn, blockchain uses digital wallets that are present inside the platform. Thus, the user does not have to worry about fraud or cyber-attacks. Besides, users are already allowed to pay in mobile applications with cryptocurrencies that are stored in digital wallets.
Humaniq – Free Secure Chat & Crypto-Wallet App based on Ethereum blockchain cryptocurrency for Android and iOS allows you to send and receive payments quickly. In general, the Humaniq project is a mobile bank on the blockchain with biometric identification (without using passport data and signatures). Its potential users are people who do not have a bank account and use only cash. Thanks to Humaniq, they will gain access to the global banking system and its functional services through smartphone applications.
Stability and Efficiency
The blockchain design makes the whole system resistant to fall or breakage, increasing its reliability. A blockchain-based mobile application ensures a high level of efficiency because blockchain is a technology that consists of data packed in different positions, and storing blocks in multiple locations makes blockchain servers more stable. Blockchain servers are dispersed in nature, which prevents any unauthorized data modification.
Thus, blockchain is the future of the mobile application industry. The advantages of this technology are speed, transparency, reliability, and low cost. This is becoming critical for the existence of, for example, industries such as medicine, finance, distribution, intellectual property. By combining blockchain advances and mobile applications, the IT industry will be able to lay the foundation for revolutionary products with all the attractive features you can think of.