There is a lot of confusion about blockchain technology, just like any other new technology, but is all that hype justified, or is it just a tech bubble about to burst quite soon?
The Blockchain market is supposed to hit $20 billion by 2024, according to Blockchain statistics. In 2018, global investment in blockchain technology was $2.1 billion, rising to $2.7 billion in 2019. Sixty-nine percent of banks are now experimenting with blockchain technology, and some have even announced savings of between $8 billion and $12 billion annually.
All these things point towards blockchain having a brighter future. In this blog, you will get to know about how blockchain technology can benefit developers of mobile apps and improve users’ mobile app experience.
Distributed Management and Control
There is no single point of failure due to its distributed architecture. It is controlled by a distributed organization operated by a massive global computer network. The distributed network functions as a server that provides clients with a service.
If your network supports your customers, it means that your mobile apps act like a client who accesses the server. Thanks to its distributed nature, the mobile app is less likely to crash when you use blockchain technology to build it.
Security is another benefit of decentralization. This provides power in the hands of multiple blockchain participants by removing a centralized entity from the picture. Each transaction is tracked by various nodes on the network in a distributed ledger and checked. To make your economic transaction even more reliable, the blockchain even provides encryption and validation facilities.
To restrict access to individual users, app developers may also use private blockchain technology. Best of all, for this, you don’t have to include peer-to-peer decentralization network capabilities. Until accessing rights, Private Blockchain forces users to authenticate their identities. Developers of apps can also limit the amount and types of transactions that a user can make.
Are you concerned about getting your data into the wrong hands? If so, blockchain is for you, then. You don’t have to worry about your data being stolen or tempered, with only authorized users allowed to access your data and make changes to it.
Moreover, the improvements made to ensure transparency and reduce the chances of fraudulent transactions can be seen by any blockchain participant. Since it uses a computer network that transmits data continuously, everyone is told about the changes as soon as the changes are made to the ledger or block.
Developers of mobile apps can take advantage of this and build confidence and make their mobile apps more transparent while simultaneously improving customer satisfaction. App developers can address network congestion and load balancing problems by implementing blockchain as well. This also enables them to transmit data more quickly and deliver an outstanding user experience.
The impressive architecture of blockchain makes it an ideal option for mobile applications. Not only is it more robust, but it also delivers on fronts of scalability and versatility. The probability of data leakage is much lower as the data travels through several blocks connected to the blockchain network.
Small Learning Curve
We usually stick to tried and tested instruments and technologies as mobile app developers. Were you sure of why? Since we hate complex instruments and innovations’ steep learning curve. First, before you can take full advantage of it, you need to spend time mastering various alternatives and functionality offered by the tools and technologies.
With blockchain technology, this isn’t the case. It is clear and easy to understand, which helps software developers to try their hand at it. Thus, it has become a preferred option for many software developers as they can quickly learn it and provide a cost-effective approach to app growth.
As cryptographic encryption secures blockchain data, it would be difficult for hackers to hack it. A blockchain network uses both public and personal keys. Users have private access, while on the network, the public key is available. The user requires both keys, which are known as the digital signature, to make any transaction.
To validate and document the transaction, a digital signature is used. When debugging software, all of this will support app developers.
The rate at which blockchain technology is developing is mindboggling, much like the mobile app industry. The creation implies that every few months, we could see regular updates come out. The updates help developers keep their mobile apps up-to-date and ensure that their apps follow all current expectations and meet companies’ potential needs.
Also, to optimize mobile apps, blockchain software developers exchange user data. Data sharing helps developers to improve and enhance the user experience of the app continuously.