Blockchain has come out with a revolutionary technology for a wide spectrum of industries and mobile app development is no exception. It has an amazing feature like a peer-to-peer payment architecture, digital ledger system. It has also benefited the app industry by making it possible to develop a mobile application that is free from fraud, security threats, and data leak.
However, with the implementation of blockchain in the mobile application industry, it is still in the initial stage. Many industries want to unleash the full potential of this game-changing technology
Let’s take a look at all ways how blockchain is gradually changing the world of mobile app development.
Enhanced Data Protection
The blockchain is mainly known for impenetrable security. It allows developers to add multi protection layer to their data and letting them assign the private keys to the users.
Blockchain stored a replica of the database across a network of the computers as it is a decentralized system that eventually reduces the risk of the data loss. In the world full of hackers it has become a tough task to protect it. Blockchain gives the golden opportunity to the app developers to protect users data.
Data Transparency and Secure Mobile Payments
This technology uses a series of interconnected blocks and each block contains transaction data and a timestamp for the prior block in the Blockchain. This provides each individual associated with the system real-time access to their data. It makes impossible for any single entity to manage with the data in a particular block.
The main objective of the Blockchain technology is to facilitate mobile app development users with a permanent, public, transparent digital ledger system.
With the help of an advanced and decentralized peer-to-peer network, this technology ensures secure, faster, and more reliable contactless mobile payments. Many app developers are today leveraging the power of peer-to-peer mobile payments for their apps. The most important thing is that high-level security makes users feel more confident about using an app.
The protection of mobile app infrastructure
Blockchain completely eliminates the risk of hack to the mobile app development infrastructure, by allowing developers to store their DNS entries on a secure and a decentralized platform. Since this technology offers a completely transparent and distributed DNS to the developers, they have their full control over their domain records which cannot be modified or reformed without their permission.
Blockchain uses a Keyless Security Infrastructure, so it can store all the data in a form of cryptographic hash and can run it as a hashing algorithm for verification. Any manipulations to the data can be spotted in the real-time as the original hash object is always available on other blocks in the chain.
End of Traditional Passwords and Improved Product Traceability
Blockchain doesn’t require users to enter a password for account credentials. With the help of blockchain innovative technology, app developers are able to validate user’s devices, and transactions, even without asking for a specific password. With the help of this technology, mobile app developers can record any information and can be easily tracked in real-time by its users. This whole system is designed in such a way that one can easily locate an issue and can fix if there is any, this is like a miracle for the mobile app development industry.
Increased Efficiency and Speed
The best thing about the Blockchain technology is that it doesn’t need a third-party mediator to complete a transaction. By automating and streamlining the entire process can be done, it brings a faster and more efficient transaction settlement. According to many reports, Blockchain based transactions are 10 times faster than the transaction of the usual bank.
A traditional bank takes few days to complete a transaction; on the other hand, Blockchain based transactions take few minutes to complete it and it also opens for transactions twenty-four by seven, which reduces the overall transaction processing time.
Reduced Cost per Transaction
Since the Blockchain technology processes peer-to-peer transactions without the involvement of a third party or mediator, there are no intermediaries’ fees to ensure guarantees. Instead of paying fixed money to a third party, which is often a bank, you just have to show your faith in the Blockchain technology to get the transaction completed. With the elimination of the mediator’s results, it reduced the transactional costs for both mobile app development businesses and users over the time of period.