â€œBlockchain technology is not confined within the walls of cryptocurrencies. And it is high time that the world gets a hold of the same.â€
Despite traveling a rocky road for some time, this tech is leaving no stone unturned for catching everyone’s right attention. Blockchain has successfully made some groundbreaking development in the field of cryptocurrency. And now seeing the progress, almost all the industries from finance and entertainment want to relish the REALM OF BLOCKCHAIN TECHNOLOGY!
But out of all, one sector that is currently making the most of this trending tech’s wave is Mobile App Development.
The idea behind the mobile solution for businesses is to strengthen its digital foundation. Since most of the users, these days are inclining towards an online solution for everything from shopping to paying bills, not having an app for business would have serious drawbacks.
The rising curiosity in blockchain and mobile app is the fuel that is driving the ongoing business developments. So for any business, it is important to understand all the aspects, before making the final investment. This means, if you want to build an application for your business, you need to be sure of the used technology. The tech can be anything from react-native to augmented reality, all you need to do is to fetch maximum benefits from the same.
So without any further ado, let’s buckle up and find out if blockchain is your cup of tea, or not???
Table of Contents
Blockchain Technology – What, When, How and Why
If you were busy, burning both ends of the candle, for your business, and have lost touch with tech news, then this section is for you. Keep reading further to know more about the introduction of this technology.
What is it?
The technical term to explain this technology is, â€œincorruptible digital ledgerâ€. The popularity of the Internet has ameliorated the word ‘digital ledger‘. But one of its drawbacks is that it is stored in a central server. This process enhances the chances of manipulation and the corruption of data.
Where on the other hand, blockchain technology is completely decentralized. This means that there is no central server, and the data is stored on different computers. Its decentralized system is the main reason that makes this technology incorruptible.
When was it introduced?
Now let’s jump to the interesting part – it’s history.
The fact is that it’s difficult to trace the exact origin, but the story is undoubtedly fascinating. Way back, in 1997, Nick Szabo, an American computer scientist introduced the first smart contract, of the world. But it finally gained popularity, after the introduction of blockchain technology.
This tech was introduced by an unknown person or a group, ‘Satoshi Nakamoto’, in the year 2008. Every block in a blockchain is basically a knot. These knots contain encrypted information and the references to the date of creation. In addition to this, it also contains the information of the previous block, to which the current block is connected. Any kind of change in the chain will not overwrite the existing details. Rather the change will be added as a new block.
How can it be used & why do we need it?
Its incorruptible digital ledger allows it to be used in different fields for providing a highly secure environment. This tech is suitable for creating a public, permanent, and transparent ledger system.
Blockchain can be used to provide a public ledger voting system. This, in turn, can deliver an unhackable system, especially for governments. Apart from that, it lets businesses to make the transactions cheaper, safer, faster, and more efficient.
In order to maximize its benefits, integrating it with mobile app development is your best bet. It will help your business by improving its transparency and security.
Will It Simply The Mobile App Development Process?
As already mentioned before, merging blockchain and mobile applications, for the business will expand its horizons. This process would help businesses to stand out in the cut-throat competition, and reach their zenith.
The world has largely seen its use in mobile payment apps. Since most of the users these days prefer online banking, it is mandatory to provide the utmost security. And the rising concern of online security widens the scope of its progress.
A lot of businesses are therefore looking forward to developing decentralized apps and hence simplify the entire process. Now let’s learn about the industries which are maximizing their efforts with the help of this tech.
Industries Flourishing With The Help of Blockchain Technology
1# Food Industry
It is necessary for this industry to have access to solid records, in order to trace every product. And for this, they have successfully embedded this tech. Now the blockchain technology is effectively providing complete transparency in the workflow.
2# Retail Industry
By using this technology in supply chain management, the retail industry is offering high-quality control management. It provides a transparent and trustworthy environment, which directly supports easy management techniques. In addition to this, the inclusion of ‘smart contracts’ helps in auditing and automating transactions.
3# Healthcare Industry
In order to provide complete security, privacy, and interoperability to the patients, healthcare applications have adopted blockchain technology. It has allowed the industry to place the patient at the center of the entire eco-system.
4# Education Industry
This tech improves the efficiency of the entire system by enabling complete transparency. Here, the importance of this tech is beyond any comparison, as it involves the future of the world.
5# Entertainment Industry
There is no doubt in the fact that there are a lot of security issues in the entertainment field. Almost every single one of us is aware of the leaks of the famous American T.V. series, Game of Thrones. Here this technology offers improved security and a transparent system.
Apart from the above-mentioned industries, there are many other budding ones, that are trying to make the most of this trending tech. For example, manufacturing, music, real estate, recruitment, agriculture, and whatnot. This means that the coming year will be full of opportunities. Is your business prepared?
Now let us evaluate the main question –
Is Blockchain Technology your cup of tea?
Yes, it is!!!
For any business, it is necessary to take the digital leap, and it is actually the best time to do so. With the forthcoming advancements, this tech can help your business to achieve an increasing revenue funnel. But ensure that you choose the right set of experts, for the inculcation of blockchain technology in your business mobile app.
So what are you waiting for? Get started with the process of development, today.