Blockchain Technology: A Rising Trend In Mobile App Development Technology Let’s Talk

Blockchain, though invented in 1998, was reintroduced to the world in 2009 with the launch of Bitcoin. A decade ago blockchain was only associated with cryptocurrencies.

However, today blockchain has found its use in healthcare, real estate, finance, agriculture, retail, logistics, and more. In these industries, blockchain is helping to boost business efficiency and performance by streamlining and decentralizing business processes.

Most importantly, the blockchain trend is greatly influencing the mobile app industry. Developers are selecting blockchain app development, thanks to its decentralization and DLT features.

No other technology either AI, IoT, ML, AR, or VR offers the benefits of a decentralized, distributed, and transparent network. These features are unique to blockchain and have the power to bring revolutionary changes in app development.

What Advantages Blockchain Brings to App Development?

Firstly, blockchain decentralizes the app’s features and functionalities. Secondly, blockchain enhances the security of the app. Thirdly, blockchain facilitates P2P secure payments and transactions. Most importantly, blockchain offers immutable distributed ledger technology to store crucial app data.

Thus, blockchain resolves the major issues of conventional apps. What’s more, it establishes transparency and trust among parties by building a robust app powered by blockchain.

Let’s understand how the blockchain app development trend is the new sensation in the tech world right now.

Stats That Support the Growing Blockchain App Development Trend

Here are some remarkable stats that support the growth of blockchain app development.

• The global blockchain market size was $7.4 billion in 2022.
• It’s anticipated to grow at 66.7% CAGR.
• Therefore at this rate, it will reach $94 billion by 2027.
• Further, the global spending on blockchain apps was $6.6 billion in 2021 which will increase to $19 billion by 2024.
• Apart from this, 90% of American and European banks are investing in blockchain technology.

 

Why do Developers Choose Blockchain for App Development?

Blockchain is making revolutionary changes in the mobile app industry. It is not only enhancing customer experience but also offering high levels of security. What’s more, by integrating blockchain in mobile app development, developers can introduce unique features and multiply revenue.

Every mobile app requires a secure and efficient database. When we talk about the database, there is no database as secure and proficient as blockchain.

Blockchain is a distributed ledger technology that can record all types of data in blocks that are chained in chronological order. Being immutable, tamper-proof, and decentralized, blockchain offers several unparallel benefits to app development.

Here is why developers are using blockchain for mobile app development.

Efficient Database

Mobile app development requires efficient management of a huge database. Here blockchain can prove to be quite useful by offering its DLT feature.

Blockchain can securely manage and store large chunks of data in chronological order. The best thing is that being a tamper-proof database, blockchain maintains data integrity.

Security

Credit to the decentralized nature of blockchain, the developers can finally bring transparency into the app functions.

When we talk about security, blockchain saves apps from cyber attacks and data thefts. Blockchain is designed in a way that no one can hack into the DLT and alter the data.

Even if someone succeeds in doing so, the blockchain system will automatically correct itself. Moreover, it will mark the altered data as invalid.

Decentralized

Being decentralized there is no single authority controlling the app functions. It reduces the chances of app malfunction or downtime due to the lack of a single point of failure. Therefore, blockchain reduces app downtime and increases performance.

Cost-effective Solutions

As blockchain removes the role of middlemen from processes which reduces the overall cost of app development.

Moreover, with no intermediaries, the users will also have to pay less to use the app services.

Faster Transactions

Blockchain is best for recording transaction data and facilitating peer-to-peer quick payments.

Further, blockchain restricts unauthorized transactions reducing the chances of fraud.

The above points are the main reasons why developers these days prefer blockchain app development over traditional apps.

Benefits of Blockchain App Development

Blockchain technology has numerous advantages when it comes to mobile app development. We will examine some of the key benefits of blockchain app development.

Better Security:

Blockchain mobile app development provides a high level of security by spreading all information across interconnected blocks. Each block contains transaction-related information and is encoded in a cryptographic hash, making it difficult for hackers to change.

Therefore, this technology offers a safer and more secure environment for developers and consumers.

Reliability:

Blockchain technology offers a tamper-proof solution and provides a high level of transparency. Data stored in one location remains secure even if tampering occurs in another. Thus, it makes blockchain technology suitable for a wide range of mobile apps, boosting data storage.

High Transparency:

Blockchain technology ensures transparency by recording every transaction in the ledger, preventing fraudulent activity. Thus, this makes decentralized applications more trustworthy.

Return on Investment (ROI):

Blockchain technology offers a good ROI and is a cost-effective approach compared to traditional apps. It is ideal for organizations looking for a cost-efficient development approach.

Password Culture Ends:

Blockchain technology offers highly secure and incorruptible identity authentication, eliminating the need for passwords. It reads the user’s digital signature via public-key cryptography, making it a reliable authentication method.

Eliminating Middlemen in the Advertising Model:

Blockchain technology eliminates the need for middlemen in the advertising model, providing a cost-per-strategy approach. It involves an app coin reward system that gives back to users for the time they spend on the app, eliminating the need for any middlemen and putting money directly into the developer’s pocket.

Conclusion

The blockchain app development trend is going viral and is here to disrupt the mobile app industry. Blockchain offers unparalleled benefits like data immutability, enhanced security, secure transactions, efficient database, transparency, and decentralization that no other technology is capable of.

These benefits will change the mobile app landscape for the betterment of both developers and users.

Are you looking to build a robust blockchain app?

Contact our experts at Blocktech Brew who will help you build secure and scalable blockchain apps as per your business needs. Join hands with the best blockchain app development company to scale your business value with efficient apps.