Blockchain has left its mark on many industries since its first appearance as a cryptocurrency in the financial sector. From simplification to automatization, blockchain technology offers the ability to record and distribute digital information. When applied to digital currency, blockchain technology comes with versatile characteristics that provide layers of security, transparency, and convenience.
When considering blockchain integration for your business, or introducing new blockchain-based products to your customers, or investing in blockchain application development, there are many factors to keep in mind. This trending technology has the potential to massively impact how your business operates. If you’re considering the benefits of hiring a blockchain developer to design and implement this technology for you, then this article can help you get fully prepared for what to expect, especially if you’re aiming for blockchain mobile app development.
What is Blockchain Technology?
Appropriately titled, “blockchain technology” refers to “blocks” of digital information that are connected as “chains” and stored in a public database. Three important concepts are integral to the blockchain, which are blocks, nodes, and miners.
These blocks, nodes, and miners are mainly used to validate and execute digital payments, smart contracts, and the transactions of virtual wallets. Blockchain offers “smart insurance” because it eliminates the need for a centralized database. Instead, blockchain relies on decentralized databases and therefore can handle real-time activity, different payment scenarios, and smart contracts.
Blockchain Technology – Why Blockchain Mobile App Development is Unique as Compared to Other Technologies?
1. Digital Wallet Apps
With the emergence of cryptocurrency, digital wallet app development has gained enormous popularity. Blockchain plays an essential role in security and fraud and theft prevention when integrated into cryptocurrency-based digital wallets.
2. Digital Blockchain Application Development For Digital Apps
Digital apps support a wide range of industries including hospitals, educational organizations, government agencies, and retailers, and that’s just the start. Digital apps are in high demand because they provide secure methods of personal identification, recording transactional histories, and directly contacting users with important alerts and notifications. When digital apps are developed using blockchain-based technology, they succeed at reliably and securely storing confidential information.
3. Enhanced Advertisement Model
Previously, all mobile app developers had to exercise ingenuity to succeed at reaching the widest audience. This effort took into account the “cost-per-involvement principle”, which assesses the ROI of any given advertising campaign before it’s launched. Thanks to blockchain application development, evaluating “cost-per-attention” associated with the cost-per-involvement principle has never been easier. The data collecting capabilities that come with blockchain work in the background as users spend time using the app. As the app rewards users with digital coins, which further incentivizes users to spend more time on the app, the blockchain technology A.I. is able to collect even more valuable data.
4. Streamlined Google Play and iTunes Approval
Android & iOS are the two major market players who decide whether your mobile app will be approved for sale and distribution on their respective platforms. At present, the submission processes to get into the Android and iOS app stores are cumbersome. However, blockchain mobile app development enables developers to submit and get app approval quicker. This is because blockchain based technology apps are afforded a separate user-ranking method and decentralized public ledger, which makes the process fair and transparent.
How Does Blockchain Application Development Benefit Businesses Across All Industries?
A healthy percentage of government agencies, financial institutions, retailers, and educational organizations use blockchain based technology app solutions, and they have already reported the advantages they’ve been experiencing. These range from post-trade settlement capabilities to digital asset creation. Using the tested architecture of Ethereum and other platforms, blockchain’s unrivaled programmability enables businesses to develop robust, customizable networks and applications at scale.
1. Automatic Execution
Using programmable transactions, blockchain technology streamlines businesses’ processes, which enables real-time clearing and settlement.
2. Digital Asset Management
Blockchain rapidly creates and manages digital assets and instruments.
3. Production Grade
A compliant blockchain platform can be built and launched at scale with zero downtime.
4. Trusted Business Networks
Blockchain technology uses authorized networks only when sharing business logic to provide you with easy and customizable governance.
5. Advanced Security
Blockchain comes with tamper-proof data coordination methods and granular security controls to mitigate risk.
Some Technologies Used to Develop Blockchain-Based Solutions Include:
1. Blockchain Application Development Platform
Hyperledger, Ethereum, Tierion, Solc, Truffle, Etherscan, Remix, Mist, MultiChain, EOS, Stellar, Cosmos, IPFS, Minter, NEO, and Credits.
2. Tech Stack
When and How Should You Use Blockchain Application Development For Your Business?
Many sectors deploy Ethereum blockchain based solutions due to the versatility of how they can be used. Businesses across several industries including retail, manufacturing, healthcare, and financial have launched blockchain for the intents and purposes of addressing recurrent problems that they’ve been struggling with, and once deployed, blockchain has solved these problems. Undoubtedly, blockchain technology offers measurable value compared to other technologies. Blockchain also has the core capabilities to solve enterprise problems seamlessly.
The best advantages that businesses achieve with blockchain application development include:
1. Decentralization in a P2P Network
From compliance to communication, every business operation functions in a centralized way, which isn’t necessarily ideal. By integrating decentralized mechanisms via blockchain technology, your business can bring all communication into a “cook-proof” system so that it’s unhackable.
2. Improved Efficiency and Speed
The traditional method of recording and managing business transactions involves a time-consuming process and is prone to human error that can often require third-party mediation. Automating and streamlining these processes with blockchain-based solutions make recording transactions much more efficient and much less prone to errors. Blockchain uses a single digital ledger for record-keeping which can be shared among participants, and thus, you don’t need to reconcile multiple ledgers.
3. Cost Reduction
Reducing costs is a priority for most businesses. When blockchain-based solutions are incorporated into your business operations, you can eliminate the need to engage mediators and third-parties if disputes arise. Also, you won’t have to oversee redundant operational transactions to fulfill your contracted agreements. It doesn’t matter whether or not you trust your trading partners, because you can trust the blockchain technology you’ve put in place to catch fraud, theft, and breaches of contract for you.
4. Improved Traceability
There are many challenges associated with tracking goods, products, and items through their complex supply chain journeys. But when blockchain technologies are in place, recording these kinds of exchanges becomes easy and error-free. Never lose sight of where an asset came from, where it’s going, and every stop it makes along the way by establishing a blockchain-based audit trail. When blockchain records historical transaction data, you can check and verify asset authenticity in real-time with the click of a button to prevent fraud.
Interested in learning more about how your business can benefit from FTx Infotech’s blockchain application development? Contact us to schedule a 30-minute free consultation with our experts. We have extensive experience in blockchain application development for businesses of all industries. If you would like to discover all of the services and technologies that FTx Global offers, we invite you to visit our website.