In the recent decade, blockchain technology has been playing a significant role in the optimization of business processes across an extensive range of industries. There’s a great hype surrounding this technology; still, businesses need to explore its true potential.
Blockchain technology has been steadily affecting the mobile app development industry. Many industries are adopting this technology to enable safe access to data, offer secure payment transactions, and ensure a reliable environment. Blockchain mobile applications have already modified the landscape of different industries like Healthcare, Finance, Supply Chaim Management, Banking, IoT, and Insurance.
For instance, financial and insurance sectors frequently use different signatures on multiple docs and contracts. In this scenario, blockchain applications offer a mission-critical database in an authentic way. Most importantly, they ensure protected access to multiple users.
Let’s deep dive into the advantages of blockchain technology in the mobile phone industry and why businesses need to invest in it.
Rapid and Efficient:
Many finance organizations design and create mobile apps to enhance their customer experience and aid their business operations. For transactions, a traditional approach to handle these applications incorporates different steps and verifications.
Using blockchain technology, you don’t need any third party to get involved and complete a transaction. The blockchain technology enables you to automate and streamline the process. It empowers mobile applications to support streamlined and fast operations around the clock.
Blockchain offers real-time information access to every party involved in a system. It means that when a single entity interferes with the data in a specific node, it will get noticed by all other parties. The data manipulation is visible to all the participants of the network. Blockchain enables users to see what information was altered, when, and by whom without exposing personal data. Thus, there is no chance of faulty transactions or data.
Blockchain is the most appropriate technology to rely on when an app needs enhanced control over data and enhanced transparency.
Immutable and Secure:
Each block of information getting onto a blockchain is verified by all the nodes that participate in the blockchain. The encryption of each new piece of data and the timestamp make it impossible to hack the blockchain database.
This feature of data immutability finds its use in mobile solutions as well. However, most smartphone models already offer biometric authentication these days, which is a self-sufficient security measure.
Blockchain is a distributed ledger. It means for its operations; blockchain relies on multiple independent nodes. There isn’t any need for a central server or a trusted authority. Nodes control all the transactions, and there is no need for middlemen. As a result, the business gains the following benefits:
- Quicker transactions
- Lower operational costs
- Higher profits margin
When you look at the distributed nature of blockchain from the mobile perspective’, a blockchain technology-based mobile application efficiently turns a smartphone or any mobile device into a node. But there are some obvious downside effects too.
Mobile Performance and Storage:
Mobile devices have limitations on how much data they can store. If you download a blockchain mobile application, it eats up all the free space on the tablet or the smartphone. The bigger the chain, the more storage it will need on a mobile device.
Modern smartphones offer equal performance as mid-range PC. But the mobile devices available on the market these days don’t possess adequate power to support the efficient functioning of a blockchain. Battery capacity is another limitation. The contact connectivity and processing operations eat up the phone’s energy in no time.
Blockchain In Mobiles:
Despite a few drawbacks, the technology still finds its way into the mobile world. Take the example of mobile wallet apps. A digital mobile wallet application is a perfect solution to manage cryptocurrency transactions.
These wallet apps are not blockchain-based. In fact, such wallets only integrate with blockchain technology. Blockchain technology doesn’t alter the mobile app development principles; it just provides another point of integration. An application has the ability to integrate with a blockchain, and it then serves as a mobile interface into the blockchain.
What makes it different from a desktop node is that the tablet or smartphone having a blockchain integrated application doesn’t contribute to the operation of the blockchain. It doesn’t verify or store the blockchain data. Instead, the app displays the information or data that the blockchain offers through an API.
What Is the Future of Blockchain-Integrated Mobile Apps?
At present, there are not many evident benefits of developing a mobile-first blockchain system. But these solutions can add value to the blockchain-powered system by providing the convenience of a mobile interface.
If you want to develop a blockchain distributed application or desire to explore the potential of integrating a mobile app with blockchain technology, you can consult Xavor Corporation. We have a team of tech experts who will help you turn your idea into reality.