Blockchain In Mobile Application Market | Infographic by AC Market

Blockchain is short form for a complete set of allocated ledger technologies that can be used to save and track anything of value, it may vary from financial transactions to medical records or even records of land. 

Let’s discuss why blockchain technology stands to revolutionize the way we communicate with each other.

1. The way it tracks and stores data

Blockchain stores the data in small sections, and theses are known as blocks, the blocks are linked together in a chronological manner to form an uninterrupted line. 

If you make any alteration or modification to the data recorded in a specific block, you can’t just rewrite it. Rather the altered data is recorded in a new block showing that x has modified to y at specific date and time. This is an not-destructive manner to take down the data alterations over time.

2. It creates trust in the data

Before a block can be added to the chain, a few things have to happen. Primarily, a cryptographic puzzle should be solved, thereby creating the block. The computer that finishes the puzzle forwards the answer to several other computers on the network, this is known as proof-of-work. 

The proof-of-work will be attested by the network, if it has no issues, the block will become a part of the chain. These math puzzles and verification process done by many computers guarantees that we can trust each and every block on the chain.

3. No more intermediaries

Currently, when doing business with one another, we don’t show the other person our financial or business records. Here, we depend on intermediaries whom we trust, like bank or attorney, to check our records and keep that data private. 

These intermediaries built trust between the parties and are able to verify. For example that “yes, Anne is the rightful owner of this land”. This method borders subjection and risk, but this adds an extra step to the exchange, by increasing the time and money we spent. If Anne’s land data was stored in a blockchain, she could flush down the middlemen, her lawyer. 

As we now know, all blocks added to the chain have been verified to be true and can’t be tampered with, so Anne can simply show Steve land title information directly. This would save time, money and eliminates middlemen.

Blockchain In Mobile Application Market

Blockchain technology is built on firm foundations and is tough and pliable. These attributes of this technology makes a huge impact in gaining the trust of people and it will be very useful for mobile app development.

The execution of blockchain technology in developing mobile applications gives advantages like transparent and flexibility, and also, it also helps in preventing frequent app crashes and server down issues.

To know more about this, check out the infographic developed on ‘Blockchain In Mobile Application Market’ by AC Market.