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There is a famous quote by Jack Ma “Blockchain technology could change our world more than people can imagine”.
Well, this quote seems too realistic in today’s time. Back, when blockchain was introduced in 2008, nobody could ever think of the wave it will become to transform sectors and industries. Once the market saw the success of bitcoin, its fundamental technology “Blockchain’’ also gained so much attention from experts. Over time, firms realized it has vast potential and it is just the beginning that will open many new doors of opportunities and growth in the future.
It has changed the fate of many industries including health, education, banking and finance, and mainly the mobile app development industry. More and more ventures are taking their business ahead in the market by taking help from a trusted blockchain development company by integrating blockchain in their solutions. The adoption and implementation of blockchain are in full swing signifying the global blockchain market to grow at a CAGR of 69% between 2019 to 2025.
Let’s dive in to know more about what changes will be brought by blockchain in mobile app development that will be forward-looking.
Blockchain and Its Market Stats
Blockchain technology is progressive database management where data is stored in blocks that are joined together in form of a chain to share information firmly and securely. Decentralisation, Better security, and quick settlement are some of the key features that are helping blockchain to grow in this dynamic market. Businesses are already investing and seeking benefits with the help of mobile app development services by building more blockchain-based solutions giving a boost to the popularity of blockchain.
Reports say that the Global blockchain technology market was estimated at $1.11B in 2020 and is expected to grow at a CAGR of 87.7% from 2023 to 2030. The market growth will attract funding from different ventures to get mobile solutions compatible with future-prospective that will surely boost the technology in more and more sectors. But, what are the solutions that can be delivered by blockchain that will uplift the mobile app development sector?
How Blockchain can Resolve Major Mobile Sectors Concerns?
The fear of Data breaches, Cyber-attack, and Risky downloads are some of the key problems that are causing an issue for users in enjoying the smooth functioning of mobile apps. As a result, businesses also suffer from low Returns on Investment. Before, we jump further and decide how blockchain will change the game of businesses in upcoming years, Let’s discuss the major issues and their solutions built through blockchain.
When it comes to standing out in the market, every app wants to create a name against the competitors and have a great customer base. But how it can be made possible when there are millions of apps already in the play store? At the current time, publishers run various online ads across various devices to encourage the installation of the promoted app. The result is unsure and not up to the mark. Even if there is some progress and profit made by the mobile app developers, a huge chunk goes among the intermediates. How blockchain can change it? Blockchain can change the way it reaches your user and cuts the area for middlemen giving mobile app developers more control.
Risk-free In-App Purchase
In-app purchases mean buying supplementary content within the app. The user with the use of online payment or card payment method pays money to buy some additional things in an app, which can be anything. For example- users can buy a key that can open a lot of surprises in a game such as different attires for their avatars, swords, or some extra grenades, etc. Now, the problem is that it is quite risky to make the transfer of money to the app store when scammers are always on the move to target people. Furthermore, for app developers to get the payment it can be more time taking and complicated to reach them. To change this outdated system, blockchain can help by removing the need for third-party and paying the developers fairly and higher than the current payment.
Google and Apple store has tons of apps that are helping make people’s life at ease. In recent times the process of app sanctioning is taken care of by these two through various quality control assurance. To save and maintain their reputation Google and Apple store can’t compromise their standards, without these quality checks it may danger users’ mobile with bugs and malware or can be planted to capture user details in masses. The apps go through several processes to get published on the app stores, and even after having patience your app doesn’t need to get published, it may get rejected due to some security issue. Blockchain can fasten the app approval process by erupting a DRS (Developers Reputation System) the app approval can be made translucent, this way it will be easy and it will help in restructuring the process of app approval.
How Blockchain is Disrupting The Mobile App Development
By 2024, global blockchain technology is projected to collect $20 billion in revenue. Blockchain has proved itself from time to time and remained a hot topic of discussion at the global level. With the power that blockchain holds there are several ways that it can be used to influence user experience and uplift the mobile app development industry.
Security is one key point that no one wants to compromise with, people still get stressed over their privacy, and the fear of downloading an app that might cause threats and data breaches is still real. With Blockchain, you can take them under confidence that their data is safe under cryptographic hash, and is copied across different computer networks which help to reduce the risk of breach, alteration of data is not possible in blockchain technology which gives an advantage to both users as well as mobile app developers.
One of the key features of blockchain is “Transparency”. Blockchain records data in multiple computers making it unchangeable making it impossible to modify any kind of data. Additionally, when apps are integrated with blockchain It can improve transparency among stakeholders about mobile app security and increase data privacy. If the stakeholders modify, all other stakeholders will be alerted which makes it safe and secure from any tempering or fraudulent activities. Businesses are using this technology to strengthen their ventures by taking the assistance of skilled mobile app developers for hire.
We often use strong passwords, face locks, patterns, and what not to keep our data, credentials, and social media as well as make safe online payments. But still, the reports say one susceptible app downloaded on a million device create a lot of vulnerability across the user base. In such cases, Blockchain makes sure one party makes a payment to another with the help of an encrypted distributed ledger. Blockchain authentication is based on a protected identity authentication system that helps in eradicating any issue and need for a password.
With the help of a smart contract system, the decentralized network shared by everyone helps to validate, impose and effect digital transactions and send data in a trustworthy way without involving third parties. Smart contracts only work when the predetermined terms and conditions are met. With smart contracts, the modification and corruption of data become impossible which will make it safer to be used by businesses and customers due to its unified architecture. Any changes made or asked to be made will only apply when it will be approved. Firms are ready to hire blockchain developers to provide such solutions that are safer and more secure.
Blockchain has many features like security, transparency, and traceability of data. One key feature it has to stand out from other technologies is decentralization. The data is not under the control of any centralized body which can lead to data manipulation. Blockchain Technology helps to keep your data among numerous computer networks. This makes mobile apps secure from any attack once you implement blockchain in your solution. The best step for your business in current times is to hire mobile app developers who have expertise in building blockchain-based solutions and get one for you. When you will offer blockchain safety and security, it will be easy for your user to trust your app.
When it comes to your app, once you develop blockchain-based solutions with the help of Blockchain developers for hire, they can make sure to make it easy to track data for your customers in real-time. The entire Blockchain Technology is developed in such a way that any changes made can be visible to others, which means any activity that is fraudulent for your consumer or overlapping can be easily caught up which surely helps avert pointless distortion of data.
Updated Apps with the Latest Technology
There are already so many innovations waiting in line with the help of blockchain technology. Once you get your app developed with the help of a trusted mobile application development company, your app will be high-quality and future-proof as well as it will be easy to integrate more updates timely. Over the years, these updates will fulfill the rising requirement of users and create your application more powerful. After all, users also like to deal with such businesses which are working with the latest technologies to bring more innovations to the market.
Over the years, Blockchain has become a revolution that is changing sectors and industries and the way they used to carry out their operations. Unlike other technologies, blockchain is the fastest, most decentralized, and most transparent giving more reasons to rely upon it. Blockchain Technology is another new mobile app development trend that has significantly marked its importance in the eyes of experts. With the above-mentioned points, we believe it is in great interest for your business to implement blockchain technology in your solution that can activate invention and drive your growth.
It is time to leverage the power of blockchain with the help of a trusted blockchain development company and get a robust and scalable solution before this technology hits the billion-dollar market so that you can enjoy its advantage now and later too.
Rohan Singh is a Chief Executive Officer at SemiDot Infotech, Top rated multi award winning software development company providing a full suite of services and solutions to small, medium, big enterprises, product companies & new-age start-ups.
He has extensive experience working for multinational companies and know what it takes to take a company to the next level. He has a master’s degree in computer science. Rohan finds covering the tech world to be an exciting and engaging experience as each day brings new and groundbreaking technologies to explore and write about.