Mobile app technology is one of the fastest-growing technologies ever. The app development technology has gained new momentum with the new entrants in the market. Internet of Things, Augmented Reality, Virtual Reality, and Artificial Intelligence are major technologies that are tapping the world with creative entries every new day. In the list of components, blockchain is the strongest member.
In recent years, blockchain has gained impressive growth. Crypto, Bitcoin, Ethereum, etc. are prevalent terms that are giving the world a reliable alternative for centralized currency. Blockchain has its stronghold over the development apps. Blockchain has its presence over the wide spectrum of industries, where the mobile application is the premium class with the full scope of innovation. No innovation in the mobile app development services stays limited to a particular industry.
One innovation benefit almost multiple industry. Distributed ledger systems, P2P payment architecture, and KSI (Keyless security infrastructure) are the enticing part of the blockchain. With all these features, blockchain welcomes the path for a new future. For any Mobile app development company it’s a highly lucrative affair to build blockchain enables apps and hack-proof, leak-proof, and decentralized systems.
Before researching how blockchain technology is benefitting mobile app development, it is important to understand the meaning of blockchain.
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Understand blockchain
There is a major misconception around the world, that blockchain is related only to cryptocurrency. Bitcoin and Dogecoin are generally considered synonym terms for blockchain capabilities. If you are a technical person and know enough about blockchain development services, you can skip the paragraph. Else, it is really important to understand the concept of blockchain technology.
Blockchain is not just limited to digital currency, but also spreads to every scale of the industry. Blockchain technology permeates different industries and is therefore considered the future of mobile app development. Common blockchain homes are hedge funds, security, healthcare, transactions, and media industry, etc.
Definition of Blockchain
Blockchain is an innovative system of recording information, which makes it almost impossible to breach the information. Blockchain is the digital ledger for transactions, which is decentralized in nature hence available on the networks of computers. Each block in the blockchain keeps many transactions. Once a new transaction is completed, the duplicate record of that transaction is available in the ledger of participants in the network. This decentralized ledger is maintained by multiple participants in blockchain technology and is therefore known as distributed ledger technology.
Blockchain is the DLT type, where the transactions are recorded with the immutable crypto signature known as hashing technique. Using blockchain, people can make transactions over the network without middlemen. Blockchain deals are secure and recorded, where computer code can ensure the breach-proof security of the data.
Blockchain can be understood with the simple example of Google Docs. When we share Google Docs, it shares the same copy with multiple people. Every participant has permission to see edits being done in real-time. This is a simple example of the distributed network channel. Blockchain is many times more complicated than Google Docs, but it is an apt example to understand.
How does the blockchain work?
Blockchain works as the ledger, which is highly secure in nature. The data once entered into the ledger cannot be changed. Each block shows a new transaction on the ledger, whereupon the companies and individual both can verify the transaction.
Blockchain development services consist of three components:
- Block
- Miner
- Node
Block
Blockchain consist of multiple blocks, where each block has three elements.
- Data inside the block.
- Nonce: It is a 32-bit whole number, which is randomly generated while creating the block. This next generates the hash header of the block.
- Hash: Hash is a 256-bit number. Nonce creates the cryptographic hash when the first blockchain is generated. Block data is signed and stays tied with the hash and nonce unless mined.
Miners
Miners are blockchain programmers whose work is to create new blocks. Every block has its own unique has and nonce. Alongside, blockchain is connected similar to linked list data structure and hence contain the reference to a hash of the previous block. As the chain grows, the mining becomes too complicated, ensuring improved security.
Miners of the blockchain make use of special software for solving the complex mathematical problem which generates the hash. Hash and nonce combinations are hard to find, because of their difference in size. The nonce is 32 bits whereas Hash is 256 bits, which proposes almost 4 billion possible combinations, need to be mined before setting the right one. Once the miner gets the right nonce-hash combination, the golden nonce is then added to the blockchain.
Offering any change to the block somewhere earlier in the chain requires the re-mining of all the blocks to access that particular block. This level of complexity makes the blockchain more complex and harder to break because of the need for great computing power. Whenever any block is mined successfully, all nodes accept the modification and the miner gets the reward.
Node
Node facilitates decentralization. Blockchain works with the distributed ledger system where the nodes are connected to the chain. Nodes are an electronic device which manages the transaction copy and helps in network functioning.
Read Also: Blockchain App Development Cost and Features
Benefits of blockchain for mobile app technology
Blockchain is receiving more momentum through mobile application development. The importance of the blockchain in mobile app development increases due to its safe and secure technique. Blockchain development companies use blockchain for providing reliable solutions.
Let’s understand why you should hire blockchain developers with blockchain expertise. Global brands such as HTC, and Facebook are working with blockchain and in coming years, popularity is going to increase. Here are few major benefits of blockchain to mobile app development:
Security
The major benefit of blockchain-enabled mobile app development services is the use of advanced cryptography hashes. Blockchain is built with interconnected blocks, where each block has the Meta about transactions. The information is encoded using the cryptography hash, which makes it really difficult to enter the block. Complex encryption and advance cryptography augments security of mobile apps.
High level of reliability
Along with the security, the blockchain ensures the reliability of the mobile app. Mobile app development is benefitted from the reliable infrastructure of blockchain app development services. High reliability of any data is achieved with the redundant copy of data at multiple places. The same is followed in the blockchain.
The Nodes are distributed across the globe, where the copy of the data is stored. The same information is replicated over multiple nodes located. The decentralized structure mitigates the risk of crashing. The block data is processed across multiple locations which make it recoverable hence increasing the credibility of android app development solutions.
Transparency
The transactions in the blockchain are transparent. These transactions can be seen by anyone in the chain. The availability of the transaction for every node eliminates the possibility of fraud and fabrication of the information. The entire blockchain-enabled ecosystem developed by mobile app development companies are
Simplicity
Blockchain is quite a difficult infrastructure that is harder to break. Mobile app development companies want some mechanisms to be simpler and faster for implementation. Blockchain development solutions are simple to implement with mobile apps. When the technology is tough, it takes time for development, but the implementation must be easier for a better scope of integration.
Simplicity enables cost-efficient mobile app development while offering feature-rich mobile apps.
Enterprise-ready apps
Open-source technology always welcomes changes. The tools available for developers are available, which developers can access. The open-source process and tools contribute to the enterprise-ready apps.
With the increasing popularity of blockchain, governments are willing to work with blockchain for storing data. Data once modified cannot be altered later. Blockchain development services enable enterprise app development with all required features. A huge enterprise like Bank of America is using developing blockchain solutions for secure infra whereas FedEx is benefitting from better supply chain management.
Decentralized infrastructure
Blockchain is distributed ledger enabled with the huge network of computing devices. All nodes in the chain parse data collaboratively to verify the transaction. Any alteration is shown to all the nodes, where they can reject or approve the change. The distributed nodes are servers for the clients where mobile apps are clients with improved data storage and communication network.
Secure payment
With the decentralized P2P network, the android app development solution offers reliable mobile payments. Any top-notch Blockchain development company lavishly utilizing the power of peer-to-peer payments for application development because it is more affordable to maintain.
Alongside, thousands of devices along with the nodes eliminate the chance of losing the data in case of any downtime. It is impossible that all nodes crash at once. The high-level security associated with the mobile app gives developers more confidence.
Protection of Mobile App Infrastructure
Developers can save DNS entries on the decentralized platform. Blockchain entirely mitigates the breaching risk of mobile apps. Blockchain-enabled android and iOS app development solutions offer the developer a distributed and transparent DNS, which leverages full control over records. These records cannot be altered without permission, where the complex infrastructure of the blockchain disallows even the government to get into the system without the consent of parties.
The distributed platform uses KSI (Keyless Security Infrastructure) for storing the data in form of a crypto hash. For verification, the hashing algorithm is run, where any alteration of data can be seen in real-time. The original hash always stays in other blocks, which helps sense the modification ensuring maximum protection of the android app development solution.
End of Traditional Passwords
Earlier technologies used to have the password mechanism for enforcing security, blockchain mitigates the need for a password and almost vanishing this traditional approach. With the help of blockchain mobile app Development companies, app developers can validate the users, transactions, and devices without even asking for the password.
Blockchain-based authentication is made upon immutable, irrefutable, and highly secure ID verification systems. This system uses digital signatures which are based upon the public key. The private key acts as the master password for unlocking the digital assets available. It eases the transaction process for mobile app users.
Read Also: Cost to Develop A Cryptocurrency Exchange like Binance
Product traceability
Blockchain mobile app development services can record everything in a way, which can easily be tracked. If there is an issue, that issue can be resolved by finding out easily. The whole infrastructure is built in such a way that gives ease of access to a particular block for verifying the authenticity and preventing the fake exchanges or misrepresentation of the actual data.
For supply chain management, you can keep eye on the entire lifecycle of the product from manufacturing to sales. Alongside the end, users can also use mobile apps for accessing the transactions. They can access details on their android or iOS app development solutions for product details, serial number, quantity in inventory, and shipment notification.
Increased speed
Blockchain first handedly discards the third-party mediator for transactions. The automation of the entire process fosters efficient and fast transactions. Blockchain-based transactions are considered 10 times faster than traditional banking transactions.
The traditional banking system takes time in completing the transaction, whereas blockchain solutions finish the transaction in a jiff. The technology is available 24*7, which reduces the transaction processing time taken throughout the day.
Encryption of multiple users
The encryption technique is so complicated which stops anyone from tracking the system without using the decryption key. This can be granted for the need of multiple user access. It directly influences the level of mobile app development services.
Secured digital wallet
Digital wallet apps are so much in talk nowadays. The boom in cryptocurrency and skyrocketing growth of blockchain wallets gave a new sense of temptation to millennials. There is an increased demand of crypto-based wallet, which is breach-proof in security.
Smart contract
All the information including timestamp, ownership, and values are noted in the block, which makes it an intelligent contract system. It supports the contract between businesses and customers with P2P architecture. For smart contracts, you need to hire mobile app developers who are well-versed with blockchain technology. Unlike real-world legal procedures, blockchain smart contracts are secure and cost-effective for real-world tasks.
Conclusion
Above are few prominent advantages of blockchain app development that can drive innovation to your business. The enhanced level of security and transparency is not available in any centralized infrastructure. Blockchain is heavily ready with mobile apps for wooing the customer and catch eye attention like magicians.
Blockchain is a powerful technology, therefore it is essential to reap out is benefits for powerful mobile apps. Hire mobile app developers with some implementation knowledge, as blockchain implementation is an easy task, but still requires the right set of knowledge and expertise.
