Blockchain is complex. Well, until it isn’t.
The word itself became a synonym for Bitcoin and cryptocurrency in general for the past few years. However, as we get more involved with this next-gen technology, we are continuously discovering its potential with some real-world applications.
To that end, mobile app development is the one branch of the industry which has welcomed the transformation blockchain is all up to offer.
Up until now, we have seen mobility solutions utilizing its features such as security, transparency, etc., in the most rudimentary way.
But, the coming years will explore these features and possible blockchain technology applications in the app development domain.
So, besides being a great tool for hybrid app development, let’s see how blockchain will transform mobile app development in the year 2021.
Enhanced smart contracts
Smart contracts in many ways are a life-saver for almost all the industries. It is because the blockchain-based contracts are tamper-proof.
With that said, blockchain’s blocks are potential in collecting the values, timestamps, signature, ownership, and all the crucial elements of contracts. This makes it possible for smart contracts systems to store this data in the way it was forever.
Hence, because of its peer-to-peer architecture, it is not possible to manipulate the data in the blocks. Even if someone has all the confidential data related to that chain of blocks, it still cannot change.
Basing our expectations on Moore’s law, the use of the Ethereum Smart contracts will become more cost-effective and widely accessible in the coming years.
Easy blockchain access to multiple users
In the pre-blockchain era, multi-party access posed a big security-concern. But as we know now, this technology is the best safeguard against this issue.
With this technology’s intamperable encryption capability, mobile apps will be safe from being subject to fraud and hacking. Nothing can tamper with the data already in the blocks even with authorization from client administrators.
This is the main reason why Android app development services employ this feature of blockchain to safeguard the confidential data of mobile apps. This would not only make apps safer but will reinstate the trust of users in Android.
Create new solutions with blockchain
From smart contracts to dApps, blockchain is very versatile. With the rise in demand for mobile apps and the unprecedented popularity of this technology, new solutions come pouring.
Now, electronic ledger applications are in town offering benefits to people first-hand. This is something that was only limited to cryptocurrency so far, but now is finding new avenues in its application.
Following the model of Switzerland, many countries are adopting digital money transactions. The momentum of digitization has given rise to the popularity of cryptocurrencies as well.
As for the digital wallets, according to a report by PR Newswire, the Global Digital payment market size was predicted to reach USD 70640 million by the end of 2026.
Thus, conjecturing that crypto will play a huge role in the demand for digital wallets will not be entirely wrong. And not just crypto wallets, but digital wallets will also adopt the security of blockchain to ensure the data on the platform is secure.
Improving reward program models with mobile apps
The only limitation of the technology is the limitation of our imagination.
This is something that has been proven true by companies such as Rakuten, an eCommerce giant, and AirAsia, a Malaysian airline.
These companies identified the potential of blockchain and used to change the model of their reward program. Instead of point-based programs, they are promoting crypto tokens.
Now, there is a high possibility that in future these tokes might become of value to be used on other platforms as well.
For instance, points collected from shopping on one of Rakuten platforms can be used to buy gas, or say coffee at numerous cafes.
Thus, mobile apps can play a huge part in streamlining this whole process and make things easier for users.
Revamping advertisements model
Up until now, advertisement campaigns were subjected to manipulations of all sorts. It is because of the involvement of many mediators cutting their share from the proceeds of the sale.
This is all the more concerning because developers primarily have to invest their money for the installment advertisement campaign but get way lower ROI. With the introduction of blockchain in this regard, the cost generated per instalment will turn into a cost per attention model. Meaning, users will be rewarded with app coins for using your app.
Offering the wholesome experience to remote areas
People in rural areas are still lacking basic facilities such as personal credit systems or active banks.
Hence, receiving international payments is all the more cumbersome. With blockchain-based wallets, people will be easily able to transact without the additional transaction costs. All they need is an internet connection and a device to get going.
After witnessing the trailer of blockchain technology in app development so far, we know the movie is going to be exhilarating.
Blockchain holds the power to make mobile app development more reliable, secure, and less susceptible to tampering. It will help the developers find new avenues in mobile apps trajectory.
The initial applications of blockchain’s capabilities will evolve and amalgamate with the current processes and models to create something utterly diverse and next-gen.
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