Blockchain is the most talked and searched technology in recent times, renowned companies and several upcoming start-ups are eagerly watching the growth of blockchain technology and are looking for a way to combine this in their future projects.
Seeing at the pace of its growth one could easily tell that blockchain is going to be a game changer in the field of technology, and it is going to have a huge impact on each and every sector.
What is blockchain?
To talk about Blockchain technology in detail, is an open distributed ledger with completely decentralized in nature. This technology eases the execution of processing digital currencies like Bitcoin, Litecoin, Ethereum, etc.
The data stored in blockchain is open and available to everyone out there. But this open data cannot be duplicated or copied at any cost.This builds trust and enhances the security parameters of the data with its transparency.
As we discussed above Blockchain plays a major role in conducting safe digital transactions and this gives the major boost for several other sectors to choose blockchain.
Now, blockchain technology has the capability to influence the advancement process of the mobile app industry.
The idea behind using blockchain in developing mobile applications is to increase the speed and accuracy while conducting transactions and to protect personal and financial information of the users.
Blockchains decentralized nature helps in tracking down the transactions easily without much effort.
Without any doubt one can easily say that it will increase transparency and also has the potential to enhance the app security procedure, and most importantly it flushes down fraudulent transactions and middlemen.
Key Challenges of using Blockchain Technology
Here we will discuss some of the major setbacks which are holding the growth of blockchain, one of the main reasons is lack of recognition and discussions on blockchain to educate people who are new to this term.
Organizations should concentrate on bringing awareness in people about how blockchain functions and everyone should know its advantages.
Adopting Blockchain needs 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 data bases also put on to the important roadblocks in adopting Blockchain.
How blockchain will revamp mobile application market?
If we throw a glance at the statistics the mobile app economy is on a boom and it is not going to stop any near. And at this particular point of time this technology is treated or considered as the most valued technology with nearly $6.3 trillion by the year 2021,and this will boost the confidence app developers to develop more and more apps in the future.
With the implementation of blockchain in mobile applications, following advantages can be achieved:
- It clears and solves the issues of users while making in app purchases.
- It helps in improving the advertising model.
- Implementation of blockchain brings transparency in transactions.
- It also improve reward programs.
Salman Zafar is an acclaimed blogger, editor, publisher and digital marketer. He is the founder of Blogging Hub, a digital publishing portal with wide following across the world.