With the growing competition in the marketplaces, startups are turning to new technologies to stand uniquely in the crowd. Startups are now hiring skilled teams and are catching up to new heights in the industry.
One of such new technologies that startups are using the most is blockchain technology. It is in use for a long time because of its association with cryptocurrencies, such as Bitcoin. Now, in mobile apps, this technology improves transaction speed and secures the most critical information of the users.
What Is Blockchain Technology?
A system of recording information makes it impossible or difficult to hack, change, or cheat the technique known as Blockchain.
Essentially, a blockchain is a digital ledger of transactions that is first duplicated and then distributed all across the whole network of computer systems on the blockchain. In the chain, each block contains several transactions. When a new transaction occurs on the blockchain, the record gets added to each participant’s ledger. The decentralized database that various participants manage is known as Distributed Ledger Technology (DLT).
In the blockchain, an immutable cryptographic signature known as a hash helps record the transactions, a type of DLT. It means, if in one chain, one block changes then, it would be clearly visible that it has tampered. If hackers need to corrupt a blockchain system, they would need to change each block in the chain, all across the distributed versions of the chain.
Why Do Mobile App Developers Use Blockchain Technology?
Initially, blockchain technology was famous as a basis for the secure functioning of each cryptocurrency. Now, almost any mobile app uses a database.
A decentralized ledger that tracks the transactions between different parties distributed among all the stakeholders is blockchain. It leads to a transparent system and enhanced app security. No one can make any fraudulent transactions further and can’t perform unauthorized changes to the transactions without any concern of the stakeholders.
Using blockchain technology, you can integrate various areas. Well, you can make digital transactions more accessible using new methods through blockchain protocols. Besides, this technology proves to be the best fit for any peer-to-peer transactions in mobile apps. This way, blockchain assists in handling dedicated and unaltered records of transactions of all sorts based on the mobile app needs.
Blockchain apps can disturb the current business models by offering lower-cost solutions. In business processes, blockchain protocols can make digital transactions more accessible by utilizing new methods. By using blockchain, you can automate time-consuming and manual processes.
The strong encryption that is the base of blockchain technology will allow blockchain to stay for long, even if cryptocurrencies fail. This technology supports healthcare organizations, real estate consortiums, financial institutions, and other industries that want to track transactions securely and stay in trend in the coming years.
How Can A Startup Check The Suitability Of Blockchain With Its App?
Initially, the startup needs to know the process through which the blockchain of Bitcoin performs. It will ease it in understanding the trade-offs that a startup may need to implement blockchain itself.
For implementing Bitcoin blockchain, the crafted design decision will be valid only for the mobile app development projects of the startup if it is a peer-to-peer implementation based.
How Will Startups Use Blockchain Technology For Their Mobile Apps?
In mobile apps, according to the expectations, blockchain assists in securing mobile payments. In mobile apps, with the utilization of blockchain, more and more mobile phone users will trust mobile banking by using secure mobile apps.
For example, the blockchain mobile payment company, TelCoin, has partnered with telecom companies. People having mobile phones can now enjoy secure mobile payments using mobile apps only.
The big brands are reaping the networking and identification caliber of the blockchain. Using blockchain, one can verify people’s identities when using the services, such as opening a new bank account or getting their driving license. The use of blockchain will facilitate people to use a mobile app network and verify their identity.
Blockchain Technology For Mobile Apps – Stats & Trends
- As per the predictions, by 2024, the Blockchain market will reach $3+ Trillion.
- Approximately 90% of European & North American Banks are investing in Blockchain.
- The banks are likely to save about $8-$12 Billion annually if they use blockchain technology.
- 75% of all Bitcoin ATMs are in the US, and some overseas Bitcoin ATMs distribute only US dollars.
- Japan was the first to start accepting Bitcoin payments, and the next was Switzerland that covered taxes.
- The FBI owes a total of 1.5% of the world’s Bitcoins.
Blockchain Trends – Impacting Small & Medium-Sized Enterprises
Well, as we all know, the pandemic has hit the SMBs hard. As per a report, digital ledger technology can get you long-term solutions to various SMB issues. It will use the data collected in the SMB ecosystem in a better way. Blockchain helps such brands with:
- Quick overseas payments by using central bank digital currencies and stable coins to reduce settlement times.
- Enhance data transparency and reduce the risk for banks that lower the cost for SMBs to get insurance and financing coverage.
- Remove the error correction time for transactions so that SMBs can constantly perform business with no worries about funding, liquidity, or losing discounts from suppliers.
- Increase loan approval rates by using high-quality information in credit decision-making models.
Benefits Of Blockchain Technology For Mobile Apps
Today, more and more businesses are investing in Blockchain Technology to make the most out of it. Let’s know why everyone is interested in this technology.
Blockchain is mainly in use for mobile apps, and now, we will check out the top benefits of blockchain for mobile apps.
The whole system of blockchain technology helps in avoiding the chance of collapsing. Any mobile app that uses this technology is reliable and stable because blocks built from data packed in many positions develop Blockchain.
This technique that keeps blocks in various locations makes it more reliable. And as blockchain offers a level of reliability, it is used widely for many mobile apps.
2. Simple To Use
In the starting, Blockchain technology may look complex to you but, this is one of the simplest ones of all time. It is easy to use and user-friendly to design, convert and utilize in mobile apps. Also, it is cost-effective as compared to other expensive mobile development software.
To use it, you just need to understand the basics of blockchain and its development utilizing this technology. For understanding blockchain technology, you can opt for some online courses that will teach you how to develop blockchain-based apps.
3. Comes With Security Factor For Mobile Applications
Today, almost all industries use mobile apps, such as eCommerce, logistics, travel, banking and finance, and more. All such apps include the money transaction feature, and because of this, they need the best technology that should be secure.
Well, one technology that strikes our mind is Blockchain technology. The development of this technology incorporated top-level data encryption along, which is not easy to decrypt. In the blockchain, the interlocked blocks are used, which enhances its security. Such blocks are hard to bypass the intruders as they are interconnected.
4. Still Developing
The development and growth rate of blockchain are way higher as compared to other technologies. Picking blockchain for your mobile app can be the best decision as it will offer more improved services and complete updates with time. As blockchain technology is still in the development phase, it provides your app an opportunity to develop at the same speed.
With the tools and processes, one develops blockchain technologies that are open-source and readily available. Also, suggestions from users are always welcome for developing the technology.
5. Improves Transparency
We should design blockchain technology in such a way that users can track every transaction made. Therefore, it can diminish the chances of any fraudulent transaction or fabricated information. It leads to a resilient and tamper-proof system for any fraudulent activities.
This way, entrepreneurs can win the users’ confidence, make strong relationships with them. Moreover, the system is scalable enough to handle various people simultaneously.
How To Include Blockchain In Your Next Mobile App
After discussing the benefits of blockchain, we will check out the steps to include it in your next mobile app.
Step 1- Apps That Are Best Fit For Blockchain
Well, in the market, there are various blockchain-based apps. Still, there are chances that your app may not have any need for blockchain, like simple content-driven apps that do not need any transaction feature.
Although, if you are developing an app including the features such as payment gateways, transaction interface, or something similar and need the active support of decentralized and secure database technology, blockchain will work perfectly here.
For Example: Retail Apps, Electronic Wallet Apps, Digital Assets Tracker App, and more.
Step 2- Considering Critical Technologies
Suppose you want to include Blockchain Technology in your mobile app. In that case, you should have deep knowledge of the technology and many components, including programming languages, networks, blockchain platforms, and many processes, such as front-end, back-end, and QA for distinct mobile platforms, and more.
Step 3- Implementing Blockchain
As mentioned above, when we use blockchain for mobile app, it comes with various benefits and may take your business to a level ahead.
Now, we will discuss how to develop a blockchain-based mobile app.
Pick A Suitable Method
If you even know something about blockchain technology, you might also know that a mutual consensus mechanism ensures the security of the blockchain and unconditional accessibility. Now, pick the suitable consensus method that may best suit your app needs.
Now, you should pick the appropriate configuration for your design model. It means now you should host blockchain with the hybrid, cloud-based, or in-house model. For this, luckily, you have various options. You should be sure that you choose the design architecture based on the mobile OS platform and tech stack for developing the app.
UI Plus Admin Panel
At last, you should build the UI and admin panel for your blockchain application. You may achieve this easily using designated app servers, a front-end programming language, and an external database.
Top Five Mobile Applications Based On Blockchain Technology
Now, we will reveal a list of top five game-changing mobile apps for consumer and business both.
Chainlink expands the caliber of smart contracts by allowing access to real-world data and off-chain computation while maintaining the reliability and security that guarantees inherent to blockchain technology. Chainlink enables smart contracts on any blockchain to use extensive off-chain resources, like verifiable randomness, tamper-proof price data, external APIs, and much more.
Blockchains are highly reliable and secure networks for value exchange but fail to fetch the external data and send data to the off-chain systems that keep on end-to-end tamper resistance.
By using secure oracles, Chainlink improves the functionality of blockchains by linking smart contracts to events, real-world data, payments, and more in a reliable and tamper-resistant way.
2. EOS Dynasty
EOS Dynasty is a game with about 12,000 unique users daily and is known to be the first role-playing, player-versus-player (PvP) game based on blockchain.
In this game, the player develops up to 3 warriors or “heroes” who can fight the battles to earn experience and increase their capabilities and power by collecting materials, riding mounts (tigers, horses, tortoises, etc.) forging equipment. In this game, the player is also awarded Three Kingdoms Tokens (TKTs), a limited cryptocurrency, and allows users to earn profit dividends and material in two marketplaces based on a smart contract.
The distributed app and consultancy, Chainyard, is attempting to solve Supplier Information Management systems issues, which are inefficient, slow today, and fail to adapt to needs quickly.
A permissioned blockchain-based network, Chainyard is crafted to enhance supplier validation, life cycle, and onboarding information management.
In various cases, Supplier Information Management systems still use dated processes and technology, permission spreadsheets, email, and word documents to track documents and verify identities through the lifecycle of a supplier.
Partnering with IBM, Chainyard rolled out “Trust Your Supplier.” This blockchain-based service gives buyers access to the verified background information of their supplier for onboarding them onto a supply chain.
A dApp, Circular offers supply chain traceability for electronic industries and electric vehicles. It provides traceability to reveal the sustainable and ethical sourcing of raw materials.
The track-and-trace platform facilitates users to secure the deliveries, handle payments, check the source of raw materials, and offer a host of other features.
Businesses use this app to verify customer identities and smoothen the onboarding process to go perfectly with know-your-customer (KYC) regulations. It can also verify individuals and institutional and corporate business clients for prohibited and criminal activities in real-time all through a watchlists database and partner sanctions that extend over 240+ countries.
Along with a self-sovereign identity dApp from SelfKey, KYC-Chain allows users to store their certified identity information on-chain and control the public access to their credentials by providing public keys when access is required. The dApp permits users to pay individually for about ten services, like crypto funds screening, accredited investor checks, document authentication, and ID verification. Moreover, the service allows users to check client crypto wallet spending to follow anti-money laundering rules and check the known-risk indicators.
We will witness limitless mobile apps developed in the upcoming years, including blockchain, ranging from retail to supply chain to finance and other industries. It will offer different secure mobile options for these industries and sectors. According to the expectations, a blockchain-based app store may also replace the Google Play Store and Apple App Store by becoming a crucial way for searching, downloading, and buying mobile apps.
So, startups should realize that for integrating blockchain technology in their mobile app development project, first, they should grab knowledge about the blockchain and explore various resources online relevant to this technology.
We at Emizentech have experience in developing mobile apps that are robust and scalable. So, if you want to develop a blockchain mobile app then get in touch with us. We can help you build as well as launch mobile apps with success.