Whether you are a small business, startup or mid-size company, surviving in this competitive business world is no easy feat. In order to gain a competitive edge, it has become indispensable for businesses to embrace emerging technologies to achieve new heights of success. In more blockchain news, it is now one of the most game-changing technologies many tech companies are using. According to Gartner, blockchain was one of the most disruptive technologies for 2020. It has gained traction much faster due to its association with cryptocurrencies like Bitcoin. According to Bitcoin and Cryptocurrency Statistics by Coinsutra– Global spending on blockchain solutions is projected to reach $6.6 billion by the end of 2021, and $19 billion by 2024.
Blockchain is making promising changes in different business sectors, including banking, healthcare, supply chain management, IoT, and digital identity management. This amazing technology is also bringing a positive change in the app development industry. When it comes to mobile app development, blockchain technology is making groundbreaking changes.
From keeping sensitive data secure to making the transactions fast, and enhancing the app’s security, there is a long list of benefits of using blockchain technology. Today, mobile app developers are striving hard to develop an app that secures a unique position in the app market. Mobile apps using blockchain technology have the potential to offer a secure, and pleasurable user experience.
Let’s discover how integrating blockchain via mobile app development services to streamline processes can do wonders.
Data Transparency
The decentralized system of blockchain, records every single activity and every transaction is tracked which is made among different parties. All transaction data is shared with stakeholders. This process makes the blockchain system very transparent by increasing app security. It prevents fraudulent transactions as no one can interfere with the transactions and anyone can track the data when they want to.
This system is tamper-proof, highly beneficial in the case of mobile app development. It is a scalable solution, allowing app developers to build apps that prevent fraudulent activities. It is a great opportunity for business owners to earn customers’ trust, build strong relationships with their existing customers and establish a strong position in the market.
Decentralized Structure
Unlike other technologies that use a centralized hub to store and control data, blockchain has a decentralized structure. Storing data on a central source is not a sensible approach, especially when there are higher risks of cybercrime and hacking. Thanks to blockchain’s secure decentralized database technology that allows different participants to manage data via Distributed Ledger Technology (DLT).
In a decentralized blockchain network, every member has a copy of the same data. If hackers try to corrupt the blockchain system, it will be rejected by the members of the blockchain network. It eliminates the chances of using data breaches, hacking and fraudulent activity. The decentralized blockchain network makes mobile apps transactions invulnerable to fraud.
Enhanced Security
Security is one of the main reasons why more and more businesses are thinking of implementing blockchain technology into the mobile app development process. When you use blockchain technology to develop a mobile app, it can provide increased data security. According to recent statistics, global spending on blockchain technology solutions will reach $19 billion by 2024.
Blockchain technology will make your app highly secure while protecting users’ confidential data. Its amazing encryption technique makes it a preferred choice for mobile app developers as all the data is encoded and secure on the blockchain network. A study suggests that 36% of IT leaders are showing their interest in blockchain security solutions. If you want to develop a secure app, invest in blockchain technology to build a trustworthy and reliable application for your customers.
Simple Development Solution
For many startups and SMBs, implementing blockchain technology into mobile app development is a complex process. However, that is exactly not the case. Blockchain technology is simple and easy to use, allowing developers to easily utilize this technology in mobile apps. The technology is also affordable compared to other app development frameworks.
In order to integrate blockchain technology to your mobile app, you need a team of professional app developers that better understand the basic process of blockchain integration. If you have a limited budget and can’t afford to hire a mobile app development company, you can simply watch online tutorials or enroll in online courses to know how to develop a blockchain app.
Easily Accessible
Thanks to the recent advancements in blockchain technology, now developers can easily find a number of blockchain tools and frameworks that make developing blockchain based apps easier. Whether you are an ecommerce business, financial institute, healthcare business, or government organization, blockchain frameworks are available to meet your mobile app development project’s needs.
Here is a list of some of the best blockchain frameworks developers can use for their next blockchain app development project.
· Exonum
· Hyperledger
· Openchain
· Graphene
· Corda
· MultiChain
Fast Payment Process
Blockchain is a safe and secure technology brands can trust for making transactions and transferring funds. Blockchain network system gives end users public access to money transfer, all modifications are monitored by users for added protection. Transaction made in a publicly accessible digital ledger is the plus point of blockchain, making money transfer and transaction easier and safer.
In this digital world where every business heavily relies on funds transfer and online transactions, the need for secure, fast and affordable payment methods has become a necessity. Today, financial institutions, ecommerce businesses, and international brands are using blockchain technology to improve their payment process due to its fast processing speed and lower cost. According to a survey, financial companies cansave up to $12 billion a year by leveraging blockchain technology. Offering a secure mobile payment system will motivate users to trust your brand and make repeat purchases.
Incentivize User Behavior
Due to the ability of blockchain tech to send fast and low-fee payments to anyone, it can be a very useful tool for app developers to incentivize behaviors they want to see from their users. UX-focused app creators will already be very familiar with how challenging it can be to get users to take exactly the action you want them to at exactly the right time. Implementing cryptocurrency rewards can feel almost like a cheatcode in that process. For example, a common scaling tactic for mobile apps is to have friends share links to your landing pages on their social media profiles. Apps like Dropbox have had lots of success by offering bonuses for actions such as this – in the case of Dropbox, extra free storage space. But not all apps are built in a way where you could easily offer a freebie like that. That’s where crypto can provide a solution. Using services like ZEBEDEE, app developers can send small payments to their users for performing any action inside their app. The beauty of it is that this can be just a few cents, costing the developer very little, but achieving the desired result because of the strong psychological factor behind the reward mechanism. For example, apps and games on the ZEBEDEE platform often reward users with as little as 100 sats (a small unit of Bitcoin, approximately $0.06) to incentivize the desired user behavior.
Final Thoughts
Blockchain technology is rapidly evolving and making recent advancements, allowing app developers to come up with robust and secure mobile apps. Blockchain app development is a sensible step that your company can take to improve customer experience, promote digital transparency and grow its position in the marketplace. Check out some popular bitcoin communities for ideas and examples on how to invest in cryptocurrency.
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