The current era is the era of modernization and digital transformation, and no industry is immune to the tech-driven changes that are sweeping the globe. Whether it's oil and gas, health care, education, data science, agriculture, entertainment, financial services, or even government, blockchain development technology is sweeping the industry. Technology will disrupt all the sectors, including schooling, with the rapid advancements in technology. Blockchain technology is highly effective, and it is causing significant changes in the development of every industry. Its making custom development more secure and offering platform-specific development changes for android and ios both. As this technology is now being used in mobile apps to speed up transactions and protect the most sensitive user information. We will discuss the impact and influence of blockchain in the development of mobile apps in this article.
According to Statista, In the first quarter of 2021 alone, blockchain startup companies around the world amassed 2.6 billion U.S. dollars in venture-capital funding, more than the whole year of 2020. The surge in funding at the beginning of the year was a result of a few large rounds for blockchain startups such as crypto wallet provider Blockchain.com
What Is Blockchain Technology?
- Blockchain is a method of storing data discreetly or impossibly to change, decrypt, or deceive.
- Blockchain is a digital transaction book copied and distributed throughout the network of computer systems on the blockchain.
- Each block in the chain contains multiple transactions.
- Whenever a new transaction occurs on the blockchain, the technology will add the transaction record to each participant's ledger.
- For instance, a Bitcoin block contains information about the sender, the receiver, and the amount of Bitcoin to transfer.
Expected Growth Of Blockchain Technology
A blockchain is a form of distributed ledger which allow businesses to securely record transaction using this revolutionary technology. Let’s have a look at the worldwide spending on blockchain solutions from 2017 -2024.
- The Blockchain market is expected to reach $20 billion by 2024, according to Blockchain statistics. In 2018, global spending on blockchain technologies totalled $2.1 billion, rising to $2.7 billion in 2019.
- Sixty-nine per cent of banks are already experimenting with blockchain technology, and some have reported annual savings of between $8 billion and $12 billion.
- All of these figures indicate that blockchain technology has a bright future.
5 Ways That Blockchain Technology Amplifies Mobile App Development
Blockchain has several distinguishing features that have pushed it to the top of the priority list for people in various industries. Since its inception, blockchain has demonstrated that it can bring digital transformation to multiple industries. Blockchain technology can well maintain digital ledgers with the help of blockchain technology. They are open to the public, so there are fewer chances of mistakes and almost no issues with trust. Currently, blockchain development technology is being used in mobile apps to speed up electronic transactions and protect users' personal information. Below are five ways in which blockchain technology has impacted the mobile app development process:
1. Added Security is A Crucial Factor
- The use of blockchain in mobile app development can help keep users' data safe and out of the wrong hands in this situation. As a result, developing a mobile app using blockchain technology ensures increased data privacy.
- It improves the security and safety of apps for users. They can freely download and access without fear of losing any personal or confidential data. Blockchain-based mobile apps are known to be hacker-proof due to the technique's unbreakable encryption.
- As blockchain technology uses highly complex encryption, hacking is nearly impossible, and mobile app developers can take their development to the next level by securing their apps.
2. Blockchain Means Transparency
- Are you concerned that your information will fall into the wrong hands? If you answered yes, then blockchain is suitable for you. You don't have to worry about your data being stolen or tempered because only authorized users have access to it and can change it.
- Every participant in the blockchain can see the changes made, ensuring transparency and reducing the risk of fraudulent transactions—Blockchain's based on a computer network that transmits data in real-time. Everyone gets notified as soon as any changes happen in the ledger or block.
- Mobile app developers can take advantage of this to increase trust and transparency in their apps while also increasing customer satisfaction.
3. Robust and Flexible
- The unique architecture of blockchain makes it an excellent choice for mobile apps. It is not only more durable but also offers greater scalability and flexibility. The risk of data compromise reduces because data moves through multiple blocks linked to the blockchain network.
- The fact that blockchain is open-source makes the technology and tools more accessible. It not only adapts to your changing business needs but also gives you more flexibility than other technologies.
- Developers can take advantage of customization options to create a specifically tailored solution to meet the needs of the business.
4. Accessible Digital Transactions
- Through the process of its lower-cost solution, blockchain-based mobile apps can transform existing business models. By implementing new methods, blockchain protocols make digital transactions more accessible.
- It can efficiently reduce the amount of time spent on manual work and complete it on time. Transactions do not require the use of a third party, which reduces overall costs. As a result, the technology promotes faster and more efficient transaction agreements.
- Compared to traditional payment methods such as credit cards, wire transfers, and other cryptocurrencies such as Bitcoin, provide customers with faster and less expensive ways to accept payment.
- As a result of these transactions, retailers have more power than consumers.
5. Efficient Debugging
- Hackers will have difficulty gaining access to blockchain data because cryptographic encryption determines protection.
- Blockchain network uses both public and private keys.
- Users have a private key, while the network has access to the public key. To complete any transaction, the user must have both keys, also known as a digital signature. The transaction is verified and recorded using a digital signature.
- All of this can aid app developers in debugging their applications.
How Much Does It Cost To Start A Blockchain?
The cost of developing a blockchain app constitutes of various factors, such as the app's features, complexity, blockchain type, blockchain platform, and other device technologies. The cost includes software tools, maintenance, project management, integration, complexity, design, up-gradation, and third-party tools. The price is dependent on the factors mentioned above and can vary based on your requirements. If you develop a blockchain app with an internal team, it can be very costly.
Any firm that specializes in blockchain app development could be a good fit. Agencies provide full-time development services and are knowledgeable about best app development practices such as DevOps and Agile. Owebest technologies have also developed a range of blockchain technologies that can fit every company's budget and requirements. We have a team of experts who can help you develop advanced applications using blockchain technology. Moreover, agencies' Blockchain app development cost is less than that of an in-house development team. Before they begin working on your project, you must make them sign a contract that specifies deliverables and deadlines. As a result, you can trust them and concentrate on your core business competencies. The total cost depends on the time required to develop the app and its structure including various factors. To get the detailed information you can contact our consultant team for free. They help you give the information required as per your business requirement.
In the end
Blockchain technology will revolutionize the mobile industry because it has already had a significant impact on many other sectors: it simply represents a better way. With its distributed architecture, it is far more secure against cyberattacks than current technology can provide. It has the potential to replace today's online payment methods, which are slow, inconvenient, overpriced, and still have security flaws. When all transactions are visible in the blockchain's public ledger, this will streamline mobile purchases through eCommerce mobile apps, safer and much faster, thanks to eliminating unnecessary processing steps.
It's also possible that a blockchain-based app store will eventually surpass Google Play and Apple App Store as the primary means of finding, downloading, and purchasing mobile apps. Organizations must consider that before incorporating blockchain technology into their mobile app development project, they must first learn more about the blockchain and approach experienced app developers to make the process smooth and profitable. The future of blockchain looks excellent; it's time for you to step into this world!