Blockchain in Mobile App Development: Blockchain technology is one such technology, and its dominance in the business world has grown by the day since its first real-world application, 2009, saw the start of Bitcoin. This decentralized digital currency ecosystem made a lot of news. Initially thought to be limited to Bitcoins, this technology has proven its efficacy with time.
As a result, technology has emerged as a game-changer in just a few years, leaving no industry untouched. Based on its increased use and the size of Blockchain technology (Blockchain Technology – Complete Guide), the technology is poised to rule the digital world shortly.
Blockchain technology’s advancement and progression in the mobile app industry have created new opportunities for businesses and entrepreneurs. Without a doubt, Blockchain technology has the potential to disrupt a wide range of industries, from finance to healthcare to government.
As a result, numerous venture capital firms and large corporations actively invest in blockchain technology research and development to re-engineer traditional business models and practices.
Blockchain Technology's Impact on Various Industries
After that, let’s look at what it means for mobile app development in different industries to use Blockchain technology.
Audit and Assurance Industry
With real-time data access via read-only nodes on blockchains, blockchain technology has the potential to streamline financial reporting and audit processes. In light of this, it is crucial for audit and assurance businesses to keep abreast of advances and innovations in the industry. For example, several stock exchanges worldwide use a blockchain platform to enable the issuance and transfer of private securities, in addition to the financial audit and assurance profession.
Healthcare and Life Sciences
The potential of Blockchain in the healthcare industry is limitless, as the last few years have seen Blockchain disrupting the healthcare industry and accelerating the development of healthcare apps on a large scale. In addition, many healthcare organizations are capitalizing on Blockchain’s potential to secure or ensure the integrity of medical billing, electronic medical records, medical claims, and other records.
Resources and Energy
Energy supply companies, startups, financial institutions, and national governments have expressed interest in blockchain technology. According to Global Market Insights Inc research statistics, Blockchain technology in the energy sector is expected to grow from $200 million in 2018 to $18 billion by 2025. Ethereum, the second-largest cryptocurrency and a decentralized, open-source Blockchain, is being used to develop smart-grid technology that will allow consumers to trade surplus energy as tradable digital assets.
The Public Sector
Governments in various countries are investigating Blockchain technology to support asset registries such as land and corporate shares. Businesses, individuals, and governments can benefit from a Blockchain-based government model that allows them to share data and resources via an encrypted distributed ledger. Furthermore, a blockchain-based digital government can improve trust and accountability by protecting data, streamlining processes, and reducing fraudulent cases.
The Supply Chain
Blockchain is being integrated into the systems of several forward-thinking supply chains. With technology spreading like wildfire, the possibility of a universal operating system for all supply chains connecting the entire world in a wholly transparent and virtually incorruptible manner exists. Blockchain technology (Blockchain in Supply Chain | Track and Trace with Blockchain Technology) can improve supply chains by increasing transparency in resource movement, eliminating human error in the tracking process, and connecting goods with robust tracking methods.
Business Advantages of Blockchain Mobile App Development
Allows for More Secure Transactions
The blockchain-based apps aim to provide safe online transactions. Whether an Android app or an iOS app, blockchain technology allows users to avoid long wait times for secure transactions.
The most significant advantage of this technology is that it eliminates the need for intermediaries and bank staff to conduct seamless online transactions. As a result, it can help app users save time and money.
Banking, finance, and eCommerce are the industries that stand to benefit the most from secure and quick transactions. However, this benefit is not limited to these industries. Any B2B or B2C business that conducts online transactions can benefit from the secure transactions provided by blockchain technology. (Read more about What is a Blockchain and How Does It Work)
Decentralization and Transparency are Brought About
One of the most important benefits of blockchain app development is that it makes the process of transactions less centralized and more open. Take, for example, Bitcoin, a cryptocurrency that operates on the blockchain.
Bitcoin is a decentralized form of currency that can alleviate concerns about inflation. Moreover, because it has nothing to do with printed money, it is exempt from any cash circulation restrictions.
Bitcoin technology adds transparency to the system and allows app users worldwide to conduct secure online transactions.
Provides Increased Security
There is no match for bitcoin technology regarding the customer’s information security. It protects corporate data and transaction details with unrivaled protection.
As the name implies, transaction-related data is stored in a series or chain of blocks. This chain of blocks is now complicated to tamper with or damage to access the data. The additional encryption level increases the transaction’s security and resistance to cyber-attacks.
As data breaches and hacking incidents rise, blockchain can provide robust security for critical data.
Encourages Privacy and Integrity
Blockchain mobile apps’ advantages in privacy and integrity are self-evident. Furthermore, app users can easily verify the system and each transaction.
It can boost the user’s trust in the system and your customers’ trust in your business model. In summary, the blockchain provides decentralization while focusing on user transparency and privacy protection.
Optimal Usage of a Blockchain-based Mobile App for Android and iOS
iOS and Android app development tools, can take advantage of the benefits of blockchain technology as it grows. Here are some helpful hints for capitalizing on the opportunities provided by a blockchain.
Determine Your Goals
From the developers’ perspective, this point comes later, but entrepreneurs must identify the reasons or objectives before deciding on blockchain-based app development. It is preferable to find answers to questions such as
Does my Business Involve any Online Transactions?
Is financial functionality in the app required for my business model?
For example, does my company handle sensitive customer information?
Which objectives can I achieve by developing a blockchain-based app?
The answers to this questionnaire will assist you in creating the roadmap. In addition, the clearly defined objectives can assist you in developing the best blockchain-based app solutions.
Plan Your Strategy
Before development, the blockchain app, like any mobile enterprise app, must develop a proper strategy. The strategy should be consistent with your business model, users’ needs, market trends, and business requirements. The right system can help you create a successful app.
On the mobile platform, your blockchain-based app represents your company. Therefore, if you contact a blockchain app development company with a strategy, they can better guide you on how this technology can help you achieve your primary goals.
Ensure Correct Application
Platforms are also critical to the success of blockchain mobile apps. The top mobile app development company can use the features of specific platforms to enhance the app’s blockchain-related features.
It is necessary to identify issues while developing an app so that developers can solve them for Android, iOS, or both platforms.
Pay Close Attention to the Interface
Blockchain technology can be used in business apps built with both Android and iOS frameworks. However, to maximize the potential of such an app, you must focus on developing an interface.
Though app developers are also concerned with creating a user-friendly interface for your app, their focus is on the user experience rather than your business model. As a result, you must work with them to make it compatible with your business.
Examine the Available Options
You can choose between a public and private blockchain network for your app. It is a critical decision because, for a private network, the software must be run privately without any unauthorized access or assistance.
You can include trusted partners and peers in your private network and grant them access to the blockchain-enabled mobile app.
You can also use BAAS (Blockchain as a Service) provided by software behemoths such as Microsoft, Amazon, and IBM. The app development company can integrate your business app with the BAAS. In other words, a thorough examination of all available solutions in the thriving field of blockchain.
Use the POC method
The Proof-of-Concept (POC) approach allows you to test your idea while developing an Android app. With the help of POC, you can obtain information about the business outcome.
It is a low-cost but effective method for ensuring the success of data migration in your app’s project. However, before using this approach, you must define the success measurement criteria.
Concentrate on Development and Launch
Finally, your blockchain business app will be developed and deployed. An app is created using a platform-specific or cross-platform app development process. Expert app developers and advanced tools can do wonders for your app.
Following the development, your app is subjected to extensive testing before being released on the Apple App Store or Google Play.
A reputable mobile app development company can handle every aspect of your app’s development and release professionally.
Blockchain technology can potentially transform the mobile app development process for Android and iOS platforms. It increases the security of the custom app while allowing app developers to take advantage of platform-specific features.
Companies can provide a safe and pleasant user experience. Even though Blockchain is still young, it has the potential to change the way apps work.
SDLC, one of the best software development companies in the United States and India, believes in incorporating advances in futuristic technologies such as AI, AR, IoT, and Blockchain to deliver innovative and user-friendly app solutions.