For many businesses, the blockchain technology is something that has to do with cryptocurrency. Sure, it’s something backed by the likes of Bitcoin and other IPO-backed cryptocurrencies but that’s just the tip of the iceberg. Blockchain is considered one of the most remarkable technologies in modern times with a potential to revolutionize digital security.
Its capacity to securely combine complex data streams and its general mobile-friendly traits make blockchain ideal for a wide array of mobile apps.
That said, here are three ways how blockchain is positively impacting mobile app development.
Digital ledger system with blockchain
This particular facet of blockchain makes it easier for one to understand the technology better. Blockchain is essentially a digital ledger on a vast, expansive computer network. The machines in the network drive the ledger by collaboratively sending and parsing data. Even the smallest changes are transmitted to the machines on the network holding the same ledger.
Such an approach can be beneficial to mobile technology considering the fact the mobile networks also use a client and server side system. With millions of users flooding various mobile channels to get data wirelessly, it won’t be wrong to assume that there would be loss of data in some form. Blockchain can do something about such data loss with its systematic approach to accommodating changes.
There is great transparency associated with blockchain technology i.e. users can track information much easier with blockchain. The overall setup makes it impossible to falsify information or generate fake transactions. The system cannot be tampered with in order to benefit one party alone in a transaction.
Users would be able to see everything involved in a process recorded in the ledger. In addition, they can track, verify, secure, and add information. The blockchain’s expansive capabilities and its transparency can enhance mobile security to a great extent.
Blockchain encryptions are arguably more sophisticated than the technology itself. It’s so complex that no one can break or fool the system without a decryption key. This aspect can be particularly useful in a scenario where there are multiple users requesting the system for verification and access.
For example, consider a mobile app designed to handle contracts for the legal or financial sectors. It’s common for contracts or other documents to require multiple signatures. With blockchain technology, these signatures can be added and accessed all at once by multiple users individually without having to communicate with each other. The only verification necessary would be to analyze the blockchain and verify the adjustments made.
The technology is expected to propagate further by itself in the mobile app development industry once it matures and mobile technologies evolve. Its ease of use and minimal resource utilization makes blockchain too good an offer to ignore. At present, enterprises seem to be observing blockchain’s influence on cryptocurrency. But considering its growth, we can expect blockchain to truly make a difference in various other industries as well.
If you want to explore blockchain’s application in mobile apps and the potential of this combination, get in touch with the experts at AOT today.