With the huge competition already existing in the marketplace, start-ups are struggling to make use of newer technologies to stand out in the competition. Skilled mobile app developers are now being hired by start-ups leading to the massive growth of the industry.
One of the new technology being used by start-ups is the blockchain technology which it has been popular since long due to its association with cryptocurrencies like Bitcoin. Now, however, this technology is being used in the mobile apps not only for making the transactions fast but also for keeping most important user information secure.
Why is blockchain technology being used by mobile app developers?
Though blockchain technology has been popular initially as a base for the stable functioning of every cryptocurrency, it is now being looked upon as a database that can be used almost any mobile app. The blockchain is a decentralized ledger that tracks the transactions between different parties that are shared with all the stakeholders. This makes the system very transparent and enhances app security as no fraudulent transactions can be made and no one can tamper with the transactions without the knowledge of the stakeholders.
Multiple areas can be integrated using this technology. Not only are digital transactions made more accessible by using new methods through blockchain protocols but any peer-to-peer transactions in the mobile apps proves to be a natural fit with this technology. Thus, blockchain helps in maintaining unalterable and dedicated records of transactions of any kind based on the needs of the mobile app.
Blockchain applications can disrupt the existing business models markedly by providing lower-cost instantized solutions. The blockchain protocols can make the digital transactions in business processes more accessible by using new methods. The manual, time-consuming processes can be automated with the use of blockchain.
The strong encryption underlying the blockchain technology will make blockchain stay for long, even if cryptocurrencies lose the race. This technology with its backing of many major financial institutions, real estate consortiums, healthcare organizations, and other industries that need to track transactions securely will stay in vogue in the coming years.
How does a start-up check whether blockchain is suitable for their application or not?
The start-up first needs to understand the process by which Bitcoin’s blockchain works. This helps in understanding the trade-offs that a start-up needs to make if they want to implement blockchain themselves.
The design decisions made for Bitcoin blockchain implementation will be valid for mobile app development projects of the start-up only if they are based on an implementation of peer-to-peer, pseudonymous electronic cash system. In other cases, the most likely chances are that the start-up requirements will be very different from the requirements of Bitcoin blockchain.
How will start-ups be using blockchain technology for their mobile apps?
It is most likely that the major use of blockchain in mobile apps will be to make mobile payments safe. With the use of blockchain in mobile apps, more mobile phone users will be able to trust the mobile banking using secure mobile apps.
An example of this is the partnership between the blockchain mobile payment company, TelCoin and telecom companies. Using mobile apps secure mobile payments can be made by people who have mobile phones but not bank accounts.
Other such examples of the use of blockchain technology in mobile apps include the company, landmapp, which will develop a service and mobile app that documents land rights and land titles using blockchain technology.
The basic purpose of the app is to reduce the costs for titles, mainly in the developing world, particularly Africa. The ShelterZoom app is based on blockchain and aims to build a service or mobile app that will streamline the way real estate offers are made.
Even big companies like IBM are harnessing the networking and identification capabilities of the blockchain. Using blockchain, the identities of people can be verified when they use services like getting a driving license or opening a new bank account. This will enable people to use a mobile app network and verify their identity using blockchain.
Is it easy to develop blockchain apps?
It is not a very easy task to incorporate blockchain technology in the mobile app development project, and it is still harder to make them secure. Skilled mobile app developers who are well-versed with blockchain app development are still lacking in the industry.
Thus, it is very important to set up the right standards and use the right tools for encouraging more developers to enter the field. Here are a few tips that can help start-ups in applying blockchain technology to their mobile app development project conveniently and make the blockchain app development easy.
Purpose and usefulness of blockchain for a particular business should be well-known
You need to be very clear about the need for a transaction and ledger model and its application to the business or industry for which the app is being developed. If the features of the app demand transparency, trust, and accountability throughout the network, only then blockchain technology needs to be applied.
Blockchain open source should be utilized to the max
Open source blockchain platforms that need minimum experience should be deployed for easy and quick blockchain based mobile app development. A few popular open source blockchain platforms available for facilitating the development of such apps are OpenChain, MultiChain, HydraChain, Eris, BigChainDB, Hyperledger, Stellar, etc.
Stay updated and maintain the relevance of technology
Start-ups need to ensure that the developers upgrade their skills constantly as new technologies evolve at a rapid pace. There is not only need of academic upgrade and training, but the developers also need to be active on social media profiles and panel discussions to stay updated.
Conclusion
The coming years will witness blockchain being built into countless mobile apps, ranging from retail to finance, supply chain and many other industries. This will provide highly secure mobile options for these sectors or industries. It is also predicted that a blockchain-based app store may even replace the Google’s Play Store and the Apple’s App Store as the primary way for searching, downloading, and purchasing the mobile apps.
Start-ups need to realize that for integrating blockchain technology for their mobile app development project, they first need to learn more about the blockchain and explore the abundance of helpful resources about this technology online.