A creative invention that arrives with a promise to make the digital world more decentralized and secure, Blockchain technology is gaining prominence worldwide. It has given birth to a new type of internet by permitting digital information to be shared, not copied. Furthermore, as it holds the caliber to develop more transparency while saving business costs and time, blockchain technology impacts distinct sectors in various ways, ranging from how the contracts are imposed to making government jobs more efficient.
Apart from financial transactions, experts suggest this technology for different business apps. In the upcoming years, we will witness blockchain being in demand to accomplish varied routine transactions, shopping through an eCommerce store or a banking transaction.
You might not know about blockchain technology, but at least you might have heard this term before.
If not, we are here to let you know about blockchain development, its advantages, disadvantages, use cases, and more.
Blockchain Technology For App Development
First, let’s check out the blockchain statistics 2021 to stay updated and beyond the curve.
- By 2021, the total expense of blockchain integration into the healthcare sector is likely to reach about $5.61 billion.
- As recorded in Q2 2021, the number of registered blockchain wallets was about 70+ million.
- By the end of 2020, around 60% of CIOs were all set to integrate blockchain into their infrastructure.
- By the year 2024, the global blockchain technology market is expected to attain approx. $20 billion in revenue.
- Blockchain is known for reducing banks’ infrastructure costs to about 30%.
- By 2025, about 55% of healthcare apps are likely to adopt blockchain for commercial deployment.
- Just by using blockchain, financial brands can save around $12 billion every year.
- By the end of 2022, global spending on blockchain solutions would rise to $11.7 billion.
Blockchain Technology Use In App Development
Blockchain programming technology helps in developing various apps belonging to distinct industry verticals. Let’s know about some below:
1. Finance App development
Blockchain in finance is all about blockchain technology implementation in the finance industry. The development of blockchain solutions for financial services will prove to be beneficial for the industry.
In financial services, blockchain introduces decentralized finance, commonly known as DeFi, a form of finance powered by blockchain technology. It targets eliminating the intermediaries from financial services utilizing smart contracts.
In financial services, some blockchain use cases are:
- Political Funds
- Credit Score
- Stock Exchange
- Cross Border Payments
- Government Expenses
- Initial Public Offering (IPO)
- Lending Platforms
- Fund Investment
- Financial Record Keeping
- Invoice Management and Billing Solution
2. Healthcare App Development
Blockchain can assist digital health by easing secure data sharing with patient consent all across fragmented healthcare systems. Moreover, using blockchain in the healthcare industry permits data research to be shared between healthcare researchers and scientists worldwide, giving them the strength to resolve complex medical issues and diseases. Also, blockchain makes healthcare organizations capable of crowdfunding for research with cryptocurrency.
In healthcare services, some blockchain use cases are:
- Patient Data Management & Security
- Improve Doctor-Patient Communication
- Pharmaceuticals Counterfeit Control
- Track Medical Credentials
- Tracking Clinical Trials and Pharmaceuticals
- Enhance the Security and Control of Healthcare Transactions
3. Real Estate App Development
Blockchain helps transfer the purchasing cost for real estate transactions utilizing the established cryptocurrencies and through initial coin offerings in the real estate industry. Furthermore, in the future, Smart contracts can assist in designing rental and purchase contracts via blockchain to offer and calculate the crucial data for real estate valuation, map real estate data, and house sensitive data.
In real estate services, some blockchain use cases are:
- Urban Planning
- Property Management
- Payments and Leasing
- Project Financing
- Property Development and Construction
- Asset Management and Real Estate Funds
- Real-Time Accounting
- Land and Property Registries, Sales, and Reassignment
- Payments and Leasing
4. Education App Development
The educational institutions using blockchain technology are getting complete accessibility of streamlined management and developing more incentives to understand through rewards and gamification.
In the education industry, some blockchain use cases are:
- Improve record-keeping
- Seamless payments
- Transparent and improved record-keeping
- Incentivising teachers and students to attain exceptional results
- Offering students with an educational achievement portfolio
- Craft smart legal contracts
5. Tourism App Development
Blockchain technology holds the caliber to offer transparency, security, and more benefits to the tourism industry. The implementation of blockchain in the tourism industry assists in increasing competitive advantage, improving performance and customer satisfaction.
In the tourism industry, some blockchain use cases are:
- Provide tourist coupons and incentives
- Identification services
- Tracking luggage
- Secure and traceable payments
- Customer loyalty schemes
6. Transportation & Logistics App Development
Blockchain in the transportation and logistics industry is increasing efficiency, improving end-user experience, and reducing costs. Blockchain assists in locating various industry-relevant issues, like admin costs, transportation payment, etc.
In the transportation and logistics industry, some blockchain use cases are:
- Monitoring performance
- Process documents faster
- Detect fraudulent behavior
- Product transparency
- Logging and authenticating goods
- Fraud detection
- Location intelligence
7. Entertainment App Development
The shared ledger approach of blockchain can offer trust, security, transparency, control, and security across the media supply chain. Also, it assists in reducing ad fraud.
In the entertainment industry, some blockchain use cases are:
- Tracking ads and publishing rights
- Streamlined royalty payments
- Fraud and piracy prevention
- Pay per use
8. Government App Development
The use of blockchain technology in government services helps certify startups digitally, receive a wide range of incentives, and ease public procurement norms with no hassle.
In the government services, some blockchain use cases are:
- Improved document control
- Increased transparency
- Smarter contracts
- Improved cargo tracking
- Tracking titles and registrations
- Protecting sensitive data
- Developing trust with citizens
- Improving efficiency and reducing costs
- Offer untampered votes in the election
9. Charity App Development
Blockchain in charity assists in enhancing charity funding and assets distribution, resolving related issues, enable non-profits and charities to deliver the best results in novel ways.
In the charity, some blockchain use cases are:
- Share data securely
- Build verifiable identity
- Trace individual donations
- Automate administration
- Accurately target aid
- Goal-based fundraising
- Faster delivery of emergency aid
- Allow transactional donations
10. CRM App Development
By integrating blockchain with CRM, we can make various changes. It assists the organizations in meeting varied CRM business challenges and implementation challenges.
In the CRM, some blockchain use cases are:
- Improved records tracking
- Data Cleansing
- Privacy Control Advancement
- Improved Transparency
- Increase Security
- Loyalty programs
11. eCommerce App Development
Blockchain helps unlock exceptional opportunities for eCommerce businesses. This advanced technology holds the strength to transform the whole industry through higher transparency, security, credibility, and cost-effectiveness.
In the eCommerce industry, some blockchain use cases are:
- Improve payment methods
- Improved supply chain management
- Transparent eCommerce marketplace
- Generate genuine reviews
- Personalized product offerings
- Speedy, simplified card network payments
12. Business App Development
Blockchain offers an opportunity for businesses to be completely transparent with their customers or clients. This advanced technology benefits businesses with immutable, secure, and distributed ledger systems.
In the businesses, some blockchain use cases are:
- Automate tasks with smart contracts
- Keep hackers away
- Make anything tradeable with NFT
- Build transparency into your supply chain.
- Protect patents
13. Marketing App Development
Blockchain technology has a significant impact on the marketing industry. It will change the way the brands need to market their products. It’s essential when it comes to online marketing and online shops. Blockchain makes the customers believe ads.
In the marketing industry, some blockchain use cases are:
- Digital Identities
- Global Credibility Score
- Valid Support Services
- Data Vendor
- Royalty Program
- Email Truesight
- Valid Brand Promises
- Digital Anonymity
Benefits Of Blockchain Technology For App Development
Let’s now check out the advantages of Blockchain technology and how blockchain platforms can assist in app development for your business.
1. Improved Speed and Highly Efficient
Blockchain automates the time-consuming process to maximize efficiency. Moreover, it resolves human-based errors with the assistance of automation.
The digital ledger offers a single place to house transactions. The automation and streamlining of processes also lead to efficient and fast results.
2. Enhanced Security
Blockchain uses advanced security as compared to other record-keeping systems and platforms. Security gets improved as every node has a transactions’ copy every performed on the network. So, if any malicious activity occurs, it will fail as other nodes will not allow his request to write the transactions on the network.
3. Reduced Costs
By using blockchain, businesses can lower their cost linked with 3rd party vendors. As this technology holds no inherited centralized player, there’s no need to pay for any vendor cost.
4. Better Transparency
Using blockchain, a company can opt for a completely decentralized network that doesn’t demand a centralized authority that in-turns enhance the system’s transparency.
5. True Traceability
Using blockchain, the organizations target building a supply chain that performs with suppliers and vendors. It was tough to trace items in the supply chain that resulted in varied issues in the past.
Drawbacks Of Blockchain Technology For App Development
We all know that blockchain will transform everything globally. Along with the advantages, we also need to understand its drawbacks. Blockchain needs various significant improvements before we can adopt it in our routine lives. Let’s check them out.
1. Scalability Issue
Blockchain networks arrive with scalability issues. When more nodes or people join the network, it becomes slow. So, the completion of transactions depends on the network congestion, which takes more time to accomplish.
2. Blockchain Solutions Consume Too Much Energy
Blockchain technology came with Bitcoin. It utilizes the Proof-of-Work consensus algorithm that makes the miners perform hard work. The miners are motivated to solve complicated mathematical issues. High energy consumption makes such complex mathematical issues not so ideal for the real world.
3. Users Are Their Own Bank: Private Keys
To access the information and assets, the user (storer) needs private keys generated while the wallet development process continues. That’s why to make blockchain decentralized; individuals should hold the caliber to act as their bank itself.
4. Expertise Knowledge
It’s not easy to implement and manage a blockchain project. It demands deep knowledge from the business to conduct the entire process. For that, the companies need to hire various blockchain experts that again result in an issue.
5. Blockchain is not a Distributed Computing System
Blockchain networks depend on nodes to perform perfectly. The nodes’ quality determines the blockchain’s quality. Blockchain is not a distributed computing system where the network doesn’t need the participation and involvement of the nodes.
Blockchain is a robust technology, and most companies have integrated it into their products. So, if you want to help your current product, you should use blockchain.
Decentralized applications are more secure than other sorts of apps. They offer transparent storage, rapid international transactions, and ensure that data stay modified. Well, this advanced technology is still developing, and one can apply it in a plethora of ways within his existing and new business.