The adoption of blockchain technology is having an impact on numerous industries and is growing in popularity. Industry sectors affected by this technology already include healthcare, banking, real estate, and education.
In 2018, the global blockchain market was estimated to be worth 1.57 billion dollars, and by 2027, that figure is expected to have increased more than one hundredfold to 163 billion dollars.
It appears that the blockchain is now gaining traction in the industry of developing mobile applications. Mobile app and software developers are utilizing it to address various flaws because of its decentralized architecture.
Blockchain enables a safe and transparent payment procedure, eliminating the need for an intermediary, and supports digital currencies like Litecoin, Ethereum, and Bitcoin. Additionally, it permits you to maintain a visible and unchangeable record of digital transactional information and guarantees that there hasn’t been any data manipulation.
Let’s look at how blockchain is helping mobile app developers to better grasp how it is disrupting the market for mobile apps.
Increased Data Security
Security is a major concern for both users and developers of mobile apps. People tend to avoid using applications because they worry about privacy invasions due to the enormous number of data breaches that occur globally.
Blockchain-based app development can boost data privacy, making the apps more secure. Since every piece of data is encoded and preserved using a cryptographic hash, its encryption method is regarded as impenetrable. Furthermore, there is less chance of disruption being caused by third-party programs due to their decentralized nature.
Every transaction on the blockchain has a timestamp associated with it. It makes redefining operations and manipulating data nearly impossible. Both end users and developers of mobile applications benefit greatly from it.
Every transaction is recorded in the public ledger by the decentralized system, allowing anyone to follow them whenever they choose. Transparency is increased, and the likelihood of fraudulent transactions or false information is decreased.
As a result, the entire system is impenetrable. Additionally, because the solution is scalable, you can quickly grow the number of end users if you are using blockchain to construct mobile apps. Additionally, Blockchain ensures the security of mobile apps even when adding new features.
A mobile application’s stability can be increased thanks to blockchain, which has a solid infrastructure. Globally scattered and in synch with one another are blockchain nodes. As a result, it ensures that the same copy of the data is replicated across a variety of devices that are present in various situations.
The system is less likely to crash or collapse because of its decentralized structure. What else? Each block’s data is processed multiple times, making it more dependable.
While creating a new blockchain is undoubtedly challenging, doing so is quite simple. Complex technology requires more time and effort to implement and integrate, which raises the cost of developing apps and their maintenance costs.
Blockchain, however, solves the issue because it’s easy to create mobile-based blockchain applications. It allows you to provide your customers with a mobile app that is packed with features while saving time and ensuring cost-effectiveness for mobile app developers.
Developers get quick and easy access to blockchain tools and procedures. Additionally, because this technology is open-sourced, you can offer changes that might lead to better blockchain implementation.
It can even permanently store data that can never be changed and is always available for retrieval. As a result, blockchain-based mobile apps can greatly help shipping and logistics firms as well as financial institutions. For instance, a blockchain-based app for managing health data can constantly be updated and improved to ensure that its users are given accurate information about their personal health.
Addressing in-app Purchase Issues
Making in-app purchases has always included a process, which is problematic. Nowadays, practically everyone has a smartphone, yet many of them are still unable to make in-app transactions. And the procedure itself is the issue. Users are compelled to pay using credit cards or other unavailable payment options.
In addition, there are gateway fees, app store fees, card processing fees, and bank transfer fees to consider, even if a user has a credit card, in case personal information is shared. The developers only get a small portion of the money paid for the software under the existing system.
However, you can utilize app coins to pay the app store when using the decentralized blockchain paradigm. And more than 80% of the shares may go to the developer.
Because app currencies can be used as a form of payment instead of credit cards, blockchain will also make it simpler for consumers to make in-app purchases. Users can also obtain app coins through a reward system, as developers offer incentives for both initial and ongoing usage.
Develop the Advertising Model
Currently, in order to reach a wider audience, developers fund cost-per-installment advertising campaigns. However, there are numerous middlemen who receive a cut of the sales proceeds. The developer earns less as a result.
With the help of blockchain, this model can be replaced with a cost-per-attention model where users are compensated with app currencies for the time they spend using the app. Users will gain coins that can be used to make in-app purchases, so there won’t be a need for middlemen.
In Final Words
As mobile app-related issues are addressed by blockchain technology, you will be able to provide better customer support. It is anticipated that this technology will mostly be used for downloading, purchasing, and searching and will be able to replace the Apple App Store and Google Play Store.
Given all the advantages, you should use blockchain technology with app development to improve customer service. Blockchain can give businesses the digital transparency, consumer trust, and liability they need. You’ll be able to stay one step ahead of your rivals.
Everyone is aware of the promise that blockchain presents as a decentralized database, from freelance developers to mobile app development PixelPlex, a leader in the field. Blockchain-based apps will continue to expand in popularity as mobile transactions pick up steam in the upcoming years.