Having been promoted for secure transactions, Blockchain is among the hot topics of the contemporary world. Used by the Bitcoin cryptocurrency for its public ledger where transactions get recorded, the blockchain is a datastructure. With Bitcoin being viewed as the biggest ever speculative bubble that has created millionaires, there’s little wonder in the use of Blockchain increasing in an exponential manner. Numerous organizations from financial, health, and real estate sectors are seen to back the underlying encryption technology, Blockchain.
Role Played by Blockchain in Mobile App Development
A distributed digital ledger that records transactions in any decentralized database that is located conveniently in multiple places, Blockchain assures security. The technology ensures that blocks of records, transactions, or programs are rock-solid secure.
Blockchain can be built into a large number of mobile apps pertaining to several industries such as retail and finance. Blockchain can be put to use for verifying identities of people with regard to using services such as getting drivers’ licenses or opening bank accounts. It could be used for other functions such as developing mobile app for documenting land titles, thus cutting down the costs for titles dramatically.
Why is Blockchain Considered the Future-Looking Technology?
Blockchain is in the growing stage; it is yet to be accepted fully by mainstream financial institutions and mainstream consumers. But digital pioneers and innovators are attracted by this novel and emerging concept.
In the mobile app development parlance, blockchain finds to be of immense use in the service of mobile payment function. In the modern world with nearly 5 billion mobile subscribers, only over 1 billion people have the necessary access to bank accounts having payment capabilities. If blockchain mobile payment companies partner with telecom companies, people who have no bank accounts but own mobile phones will be enabled to make secure mobile payments by using mobile apps. Such mobile apps will benefit billions of people across the world by providing unprecedented financial services. This is just one sample of how iOS mobile app developers can make use of the blockchain technology.
How Blockchain Outshines Traditional Services
While traditional services such as renting flats or bank transfers need middlemen for their operation, blockchain operates directly. Here, transactions are being recorded in encrypted form in the network of other users’ digital devices. They are guarded using sophisticated mathematical formula and records are rendered not changeable, added, or deleted by anybody. This way, it warrants its members’ fairness.
Blockchain technology comes very handy for iOS development companies and mobile app developers. It enables making your application more secure from the customers’ perspective. The distributed nature makes it useful in several ways. Distributed databases have higher level of availability; distributed apps can run on networked systems while coordinating their actions efficiently through shared memory or by passing messages between the app’s instances.
Helping developing new business process and adding the much needed element of confidentiality into mobile apps, the blockchain technology helps develop not only advanced peer-to-peer payment platforms but also several other fintech apps in various other industries.