Blockchain: the Next Big Thing in Mobile App Development?
There is a huge surge in usage and popularity of Blockchain technology and several industries have been influenced and gained benefits. As the world has started to recover from the outbreak of COVID-19 outbreak, blockchain has given new stimulation for businesses to have a new perspective in handling new challenges. Blockchain technology which has already transformed several industries like finance, healthcare, real estate, education, etc. is showing signs to benefit more of others like mobile app development. Keep reading below to know more about the influence of Blockchain technology in mobile app development.
Impact of Blockchain in mobile app development:
Blockchain can be described as a decentralized ledger that tracks the transactions among various systems or units that are scattered among diverse stakeholders. In mobile app development, it aids in maintaining a clear process with the added advantage of secured mobile app security. It will not allow carrying any malicious activities as there will be only authorized updates with consent from the involved parties. Digital transactions can be made accessible and integrated easily with advanced methods employing advanced blockchain protocols. One-to-one transactions in mobile apps are made easier along with the handling of precise and unchanged records.
Blockchain technology can be a game-changer in the mobile app development process as it can offer cost-effective solutions. The usage of advanced blockchain protocols can make digital transactions easily accessible and automate tedious manual work. Blockchain is here to stay for much longer regardless of the result of cryptocurrency success as blockchain offers robust encryption modes. Several industries like finance, real estate, healthcare have seen the benefit of blockchain encryption in secured tracking of their transactions and keeping up with the advanced trends in the market.
Top Blockchain Technology Trends 2021
Central Bank Digital Currency (CBDC):
While bitcoin was the initial hype from Blockchain technology, the current trend is witnessing a surge of cryptocurrencies. Central Bank Digital Currency is making huge noise across the world as central banks are using these digital tokens instead of real money. Central banks of several countries have been introducing digital currencies and trying to push the trend for being beneficial in the future.
Blending with Artificial Intelligence:
Artificial Intelligence can create wonders in offering convenient services to users with high efficiency only if it has the access to big data. A huge portion of the big data is accessible to the mainstream and is used for research purposes. Hence, if big data needs to be employed without any flaws and reasonable cost then Blockchain is crucial. With the strong security aspect, Blockchain will be the best bet for businesses and big data providers to stay tension-free throughout the process. AI engineers can pair up with big data providers and develop complex Machine Learning algorithms with any goal to offer sublime service to the customers.
BaaS is listed amongst the highly popular Blockchain technology, it provides a third-party cloud-based infrastructure to the businesses who are employing blockchain technology or developing blockchain-based applications. Large firms across the globe are providing and using Blockchain-as-a-Service for enhancing the overall business process with support to comprehensive operations. With the quick processing of blockchain-developed apps, BaaS offers large benefits to both app developers and customers. Along with the quick adoption of blockchain technology, there is also an added advantage of a reduction in overall maintenance costs.
With the online world looking for added privacy and security at all modes, blockchain is the ideal solution. Maximum data privacy protection is achieved via Verifiable Credential (VC) & Self Sovereign Identity (SSI) that ensure the safety of credentials. Blockchain will ensure the tokenization of every person’s identity in daily life. This verification and tokenization of identity have been offering precise advantages in several segments like health care, financial, and many more.
Influencing video streaming services and social media:
In recent years video streaming services and social media are influencing users across different corners of the globe and becoming highly used platforms. Blockchain technology is becoming the future of these online user platforms. Customer data in some of the popular OTT video streaming platforms are recorded and stored using blockchain technology in a secured manner. Streaming of content over the online world has been converted to a more secure and convenient mode with this process. Users have experienced access to a trusted and quick assemble platform with the usage of blockchain technology. The main benefit of using blockchain in social media is that all the published user data will not be able to be traced or replicated even after removing them. Further, users can ensure their ownership and store the data with optimal security and flexibility. With the usage of blockchain, the ability of content authorization will be in the hands of the respective owners instead of platform creators or owners. Such benefits ensure that users are feeling trusted about their ownership and can manage their viewing abilities.
Increased data security:
As the online world observes evolving technologies, security remains a big concern for both developers and users. They always have a risk of break-in privacy as there are several instances of data breaches across the globe. With the usage of blockchain in mobile apps, there will be enhanced data security due to its encryption service where all the data is encoded and stored with security. There will not be any danger from 3rd-party services due to its decentralized architecture and advantage of every transaction having an attached time stamp. Blockchain is a huge bonus to both users and developers as altering operations and manipulations of data is almost negated.
Looking at all these cutting-edge blockchain technology trends, it is guaranteed that the future of Blockchain technology in the mobile app development segment is shining bright. Hence, make a smart move by associating with an expert mobile app development company in UAE like Brillmindz. They have achieved success in developing amazing blockchain digital products that are aiding the clients towards success in achieving maximum ROI.