Blockchain is one of the most rapidly spread and valued technologies of this century. Blockchain gives enormous quickness and impenetrable security measures. Combining this technology into developing mobile apps is a considerable idea for mobile application market, as we know everything around is modernized. The idea of entwining these two will produce profitable results.
What is blockchain?
Blockchain is the decentralized technology network that helps in the transaction of digital currency such as Bitcoin, Litecoin, Ethereum, etc. This technology gives permission to give out digital data, but not duplicated. That means every single piece of data can have only one owner.
Blockchain has extended its reach to several industries, like healthcare, banking, finance, insurance, and real estate. Basically, this innovative technology plays a crucial role in processing the transaction in a safe and secure way, which is an important facet for an industry.
Now, blockchain technology has the potential to impact the enhancement process of the mobile app industry. This technology is implied into mobile apps to speed up the electronic transaction process and it also ensures the safety of users information.
It’s foreseen that blockchain technology can act as the best replacement for Apple’s App Store and Google’s Play Store as the main choice for downloading, purchasing, and searching.
Primarily, Blockchain technology has gained huge popularity for being a stable base for processing every cryptocurrency. Developers now look into this technology as a database that helps in developing every single mobile app development process.
This decentralized technology has the ability to track down transactions easily of people or industries who transfer currency to their stakeholders or other individuals. Undoubtedly it will increase transparency and also improves the app security procedure, and it also flushes down fraudulent transactions.
Applications Of Blockchain Technology In Various Industries
Blockchain technology has multiple uses and it has the capability to serve in several other industries like Healthcare, Government, Travel and Hospitality, Financial Services, Retail and CPG.
Financial Services: Blockchain technology has already been serving the financial services sector, this technology been executed in many creative ways.
Blockchain technology eases and organizes the whole procedure related to asset management and transactions by giving an automated trade lifecycle where all the users will gain access to the accurate same data about a payment.
Healthcare: Blockchain has a very important part to play in the healthcare field by maximizing the privacy (personal and financial), security and interoperability of healthcare information.
It has the capability to tackle several interoperability hurdles in the sector and assure safe sharing of healthcare information among the several institutions and people involved in the process.
It demolishes the involvement of a third-party and also eschews the overhead costs. With Blockchains, healthcare records can be safely secured in allocated databases by encrypting it and executing digital signatures to guarantee privacy and genuineness.
Government: Blockchain technology keeps the potential to revamp the Government’s operations and services. It can be a major part in enhancing the data transactional hurdles in the Government sector.
CPG and Retail: There is a great opportunity for Blockchain technology to be applied in the retail sector.
This comprises of everything from assuring the originality of high-value goods, averting, fraudulent transactions, finding stolen items, allowing virtual warranties, controlling loyalty points and organizing supply chain operations.
Travel and Hospitality: The execution of Blockchain can completely transform the travel and hospitality sector. It can be implied in payments, saving important documents like passports and other ID cards, reservations and handling travel insurance, loyalty and rewards.
How blockchain will revamp the mobile application market?
According to statistics, the mobile app economy is almost unstoppable, particularly when it’s supposed to become valued at about $6.3 trillion by the year 2021, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.
With the implementation of blockchain in mobile applications, the following advantages can be achieved:
- Solves in-app purchase issues.
- Enhances the advertising model.
- Makes app transactions transparent.
- Improves reward programs.
Key Challenges of using Blockchain Technology
The absence of awareness and knowledge of the Blockchain idea and the way it operates are the important challenges of using Blockchains in industries apart from the financial services sector.
The challenges related with the present legacy resource in organizations and the absence of thorough technical understanding are the main challenges to the adoption of Blockchain in the mainstream.
Owning Blockchain also need a cultural transformation from the regular ways of doing things, as it requires a major shift by decentralizing the complete procedure.
Following the existing rules and making sure the necessary data privacy and security for the shared databases also put on to the important roadblocks in adopting Blockchain.
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