Just like IoT, AI and VR have taken the industry by storm. Blockchain has also proved to be a revolutionary technology. While blockchain has passed its infancy stage, it still seems intimidating to many.
Initially invented to power cryptocurrency, its enormous benefits in various other industries are being unveiled with time. If you don't understand what blockchain is, here's a little brief about it.
What is Blockchain?
It is a digital method of recording digital transactions of the users in multiple systems for decentralized storage of data.
Each and every request made for a transaction submitted to the platform is broadcast through a peer-to-peer network to all the individual systems for validation as well as approval.
The approved transaction is called a block and the block is added to a chain of previous blocks in order to complete the transaction. Currently, there are more than 24 million blockchain wallet users in the world. Also, by 2024, it is expected that the blockchain industry will reach up to $20 billion. Sounds interesting, right? But what can blockchain do along with mobile apps? Will it transform the industry?
In this article, we'll talk about how blockchain and mobile apps can work together. But first, let's check out some benefits of blockchain for apps.
Benefits of Blockchain Technology For Mobile Apps
In 2018, around $2.1 billion was spent globally on blockchain solutions. Why? Because we still aren't aware of all the benefits of Blockchain Technology if put in the right place. And so, more and more businesses are investigating as well as investing in it to make the most out of blockchain technology.
Till now, blockchain is used for mobile apps up to a limited extent and on the basis of it, here are the five major benefits of blockchain for mobile apps:
Blockchain Technology is Reliable
The foremost thing that was kept in mind while developing the blockchain technology was its reliability. The entire system is designed in such a way that the chances of collapsing are almost zero. Any mobile application that uses blockchain is very reliable as well as stable because blockchain was built with blocks that are created from data packed in various positions.
This technique that stores blocks in multiple locations makes the technology more reliable.
And because of the level of reliability that blockchain offers, it is widely being used for various mobile applications.
It Is Very Simple To Use
It may look complex at first but this technology is one of the simplest technologies of all time. It is user-friendly and easy for users to design, convert and use it in their mobile applications. Plus it is cost-effective, unlike the other costly mobile development software.
All you need is the basic understanding of blockchains and how can it be used to develop applications. In order to understand blockchain technology, you can go for some online courses that will teach you about the development of blockchain-based apps.
Offers Maximum Security To Your Mobile Applications
Mobile apps are being used in various industries like food logistics, eCommerce, travel, etc. All such apps incorporate the features of money transactions and that's why they need technology that is secure.
Blockchain technology is way more secure than any other technology because it has been designed with a high level of data encryption and to decrypt such a system isn't easy. The overall security level in blockchain is basically because of the use of interlocked blocks. These blocks are not easy for intruders to bypass as they are interconnected.
It Is Still Developing
The growth and development rate of blockchain is way higher than any other technology. Choosing blockchain for your mobile app can be a great decision because it will have maximum updates and more improved services with time. And because it's still in the developing phase, it gives your app a chance to develop at the same speed.
The process, as well as the tools that were used to build blockchain technologies, are open source and readily available. One can easily access them. Moreover, as a user, your suggestions are welcome for developing the technology.
The blockchain technology is designed in such a way that users can track each and every transaction made. Hence, it can eliminate the possibility of any fraudulent transaction or fabricated information. This makes the entire system resilient as well as tamper-proof to any fraudulent activities.
In this way, entrepreneurs can gain the confidence of users, making the relationship between them strong. Also, the system is scalable enough to manage multiple people at a time.
Now that you understand how the usage of blockchain technology can help your mobile app, it's important for you to know how to incorporate blockchain onto your mobile application.
How To Incorporate Blockchain Into Your Next Mobile Application
Want to build your next mobile application using blockchain but clueless about it? Here's a mini-guide on it:
Step 1- Apps That are Suitable for Blockchain
While there are several apps based on the blockchain, there are still chances that your app might not be a fit for blockchain. For a simple content-driven app that doesn't need any transaction features, blockchain isn't required at all.
However, if you are building an app that supports features like transaction interface, payment gateways, or something similar that includes a mission-critical database, and requires the active support of secure and decentralized database technology, blockchain would work the best.
Here are a few examples of apps where blockchain technology suits the best:
- Electronic Wallet Apps - Such apps tend to store your digital data as well as money, enabling you to spend on transactions involving the blockchain technology.
- Retail Apps - These types of apps allow their users to pay through cryptocurrencies like Bitcoins or Ethereum.
- Digital Assets Tracker App - Such apps endeavor hard to deliver all the updated information about rates, trades, market dynamics and a portfolio of various cryptocurrencies.
Step 2- Considering Key Technologies
In order to incorporate blockchain into your mobile application, you need to have an in-depth knowledge of the technology and various constituents including network, programming languages, blockchain platforms, various processes like front-end, back-end, and quality assurance for different mobile platforms, etc.
Some of the things to be considered include-
- As a developer, you need to choose from 25 blockchain platforms including public platforms, open-source platforms as well as private platforms.
- Besides the knowledge of programming languages like C++, Java, and Python, you'll also need to learn advanced blockchain-specific languages like Solidity and Simplicity.
- If you're looking for network options, you can opt for two broad choices, namely 'permissionless blockchain network' and 'permission blockchain network'. The first one supports Bitcoin, Ethereum, so forth, whereas the second one supports platforms like Multichain. The first 'permissionless blockchain network' plus unrestrained access while the second one boosts accessibility constraints and regulations and hence it is known as a closed network.
- Moving forward with two other broader categories of apps based on blockchain is- one for apps for cryptocurrency and the other one for smart contracts.
Step 3- Implementing Blockchain
As aforementioned, using blockchain for your mobile application has numerous benefits, incorporating it into your app can take your business to the next level.
Now that you've read the first part above, you should hop on to the next part regarding how to proceed with building a blockchain-based mobile application.
- Choose the right method - If you're even a little familiar with blockchain technology then you must have known that a mutual consensus mechanism ensures the unconditional accessibility as well as security of the blockchain. Now choose the right consensus method that would suit your app requirements the best.
- Design Architecture - So now you need to choose the appropriate configuration for the design model. That means now you need to host blockchain with the cloud-based, hybrid, or in-house model. For this, fortunately, you have a variety of options. All you need to do is make sure the design architecture you choose is based on the mobile OS platform you're building the app for.
- UI Plus Admin Panel - Here comes the last part that requires you to create the UI and admin panel for your blockchain app. The task can be easily achieved with the help of a front-end programming language, designated app servers, and an external database.
Be it retail, finance or any other industries, in the coming years, because of its plethora of benefits, blockchain will be the support system of countless mobile applications.
Whether you like it or not, it’s also expected that a blockchain-based app store would be able to replace the ruling app stores, like Google Play Store and Apple's App Store.
However, incorporating blockchain technology into your app isn't as easy as it seems to be. You would need a developer or a team of developers who have an in-depth knowledge of both blockchain technology and mobile app development. But once you get the right ones by your side, you'll enable your app to step up and outperform your competitors.
On The Web:
Blockchain Stats - https://www.yourtechdiet.com/blogs/blockchain-technology-stats-facts-2018/
About the Author:
Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz Technologies, a Mobile Application Development Company. His 8+ years’ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.
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