Impact of Blockchain in the Mobile Application Industry

Since the creation of the first public blockchain to allow bitcoin transactions, blockchain technology has made significant progress in streamlining business operations across a wide range of industries.

With all the buzz surrounding blockchain, the question of how to incorporate it into mobile apps remains an important topic.

This post discusses factors driving the adoption of blockchain technology in the mobile app industry, its benefits, and a step-by-step explanation of developing a mobile app that integrates blockchain technology.

What is Blockchain Technology?

A blockchain is a growing list of records known as blocks that are cryptographically connected. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Due to the architecture, data changes are not possible. It enables decentralization controls and eliminates the danger of data alterations by third parties with sufficient system access.

Blockchains are well known for their critical role in keeping a secure and decentralized record of transactions in cryptocurrency systems like Bitcoin.

The exciting aspect here is that, unlike traditional banking mechanisms, information regarding blocks and transactions is transparent to everyone.

For instance, go to bitcoin explorer to see the most recent information about all the cryptocurrencies on the blockchain.

Why are Mobile App Industries Implementing Blockchain Technology?

Initially, blockchain technology was well-known as a cornerstone for each cryptocurrency’s secure transactions. Now, every mobile app practically uses the database.

Blockchain is a decentralized ledger distributed among all stakeholders. As a result, the system becomes more transparent, and app security improves. No one can conduct any more fraudulent transactions or make unlawful changes to transactions without the consent of the stakeholders.

You may interconnect multiple domains using blockchain technology. Using new approaches such as blockchain protocols, you may make digital transactions more accessible. Furthermore, this technology is the best match for any peer-to-peer transaction on mobile apps.

As a result, blockchain assists in handling dedicated and unaltered records of all types of transactions based on the needs of the mobile app.

By providing lower-cost solutions, blockchain apps have the potential to disrupt conventional business paradigms. Blockchain protocols can make digital transactions more accessible in company processes by adopting innovative approaches. You can automate time-consuming and laborious procedures with blockchain.

Even if cryptocurrencies fail, blockchain technology’s strong encryption will allow it to survive for a long time. Healthcare organizations, real estate consortiums, financial institutions, and other industries that want to track transactions safely and stay current in the coming years can benefit from this technology.

Have a look at these ten amazing blockchain statistics that will enhance your prediction and confidence for implementing blockchain technology in mobile apps.

Advantages of Implementing Blockchain Technology in the Mobile Applications

Blockchain technology has changed the face of digital transactions by making them more accessible by utilizing numerous innovative approaches through blockchain protocols. This digital ledger system appears to be well-suited for mobile apps, allowing for seamless peer-to-peer transactions. 

Blockchain is now highly indispensable to mobile app development. It is ushering in the era of Mobile Blockchain by providing dedicated and unmodified records of transactions purely based on mobile app needs and lower-cost solutions and automating time-consuming activities.

Refer to the graph below to predict the advantage of developing a blockchain wallet app.

Source

Even though they cover a wide range of impressive features, it appears that a few of them are at the heart of why blockchain apps are becoming so popular.

1. Smooth Transactions

Even though delivering mobile financial transaction services is no longer an alien notion to the FinTech industry, challenges such as rejected transactions, commissions, and currency rates remain hurdles to the industry’s expansion. 

Customers can purchase cryptocurrencies with no further fees using blockchain wallet app login via mobile.

2. Advanced-Data Security Features

Security has been a big concern for banking and finance apps, with an alarming rise in data breaches. Mobile applications are vulnerable to man-in-the-middle (MITM) attacks during transactions. 

Blockchain-based mobile apps mitigate the likelihood of such assaults by utilizing decentralized data that assures that each network member has a record of all chains.

So, even if crypto fails, blockchain applications are here to stay.

Look at these 18 fine examples of enhanced cybersecurity at work due to blockchain integration.

3. Improves Transparency

We should develop blockchain technology to see all of their transactions. This reduces the risks of fraudulent transactions or manufactured information. Any fraudulent operations result in a durable and tamper-proof system.

Entrepreneurs may gain the trust of users and build solid relationships with them in this manner. Furthermore, the system can be adequately scalable to manage a large number of users simultaneously.

This feature is advantageous for operations and supply chain management in building a transparent supply chain system to enhance trust, efficiency, and speed.

4. Reliable

The entire blockchain technology system aids in preventing the system from collapsing. Blockchain is made up of data blocks stored in multiple places. So any mobile app that utilizes this technology is reliable and robust. 

It is more reliable because of this strategy, which retains blocks in numerous locations. Because blockchain provides a high level of trust, it is commonly employed in mobile apps.

5. Easy to Use

At first glance, Blockchain technology may appear complicated, but it is one of the most basic of all time. Due to its user-friendly features, you can easily design, convert and utilize it in the mobile app. It is also comparatively less expensive than other mobile development software.

You can take various online courses to learn how to design blockchain-based apps if you want to learn more about blockchain technology.

This feature of blockchain technology has made many industries implement their applications using blockchain. Here are some prominent real-world use cases of blockchain for your reference.

6. Highly Efficient

Many financial institutions develop and deploy mobile apps to run their businesses more efficiently and provide the best end-user experience to their clients.

Here are the top 10 use cases which define how blockchain can transform the banking sector.

As blockchain allows you to streamline and automate the process, you won’t require a middleman to make a transaction. This technology enables mobile apps to provide rapid and effective operations 24/7.

7. Addresses in-app Purchase Issues

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The method for making in-app purchases has always been a problem. Everyone has a smartphone, yet many find it challenging to make in-app purchases. And the issue is with the procedure. Users must pay with credit cards or other payment methods that they do not have access to.

Individuals’ personal information is at risk regardless of whether they have a credit card.  Not to mention the gateway fees, app store fees, card processing fees, and bank transfer fees. 

Currently, developers earn only a fraction of the total revenue earned through the payment made for the software under the present system.

However, when you use the decentralized blockchain architecture, you can pay the app store with app tokens, and the developer can receive more than 80% of the profits.

On the blockchain, app currencies will replace credit cards as payment methods. This makes in-app transactions easier for consumers. 

Furthermore, users can earn app coins through a reward system, whereby developers can compensate users for purchasing and using the app.

8. Easy Accessibility of Tools

Blockchain technologies and methods are readily available to developers. 

In addition, it is an open-source technology,  making it easier for you to make changes, leading to the effective implementation of blockchain.

Open-source software enables developers to create platforms as a decentralized application (Dapp), critical to the blockchain’s safety, security, and adaptability.

There is no central authority to mediate transactions in this decentralized model. 

That is to say; no one person has complete influence over what occurs. Direct peer-to-peer communication is both speedy and secure. 

It can even store data indefinitely, which cannot be changed but can be retrieved at any time and from any location. As a result, blockchain-based mobile apps can significantly benefit financial institutions and shipping and logistics organizations.

9. Secure Payments

Mobile apps are now used in almost every industry, including eCommerce, logistics, travel, banking and finance, and more. These apps have a money-transaction feature, which facilitates secured cutting-edge technology. 

The blockchain uses interlocked blocks to increase its security. As the blocks are interconnected, it is difficult for an intruder to get around them.

10. Decentralized Infrastructure

The decentralized system keeps track of all transactions in a public ledger, which anybody can access whenever they want. It increases transparency and reduces the risk of fraudulent transactions or incorrect data.

Additionally, due to its scalability, you can quickly grow the number of end-users if you design mobile apps using blockchain.

Example:

Contura Energy, a major coal supplier in the United States, has been relying on an antiquated letter of the credit system to conduct its international trade payments. 

A bank intermediary issues these letters of credit on behalf of the client. This serves as a guarantee of payment for buyers. While this approach is reliable, it is also labor-intensive, slow, and inefficient.

Contura Energy recognizes the significance of digitizing and automating their letters of credit procedure. 

However, ensuring confidence and verification between merchants and customers is a hurdle they encounter. They’re collaborating with AWS on a decentralized, blockchain-based invention that will make managing international trade payments more efficient, cost-effective, and risk-free. 

11. Provides Encryption

Because of the secure nature of blockchain, the encryption of blockchain technology is a significant security measure. 

Encryption on the blockchain prevents sensitive data from falling into the wrong hands and being misused or fabricated. It is impossible to modify or withdraw data from a blockchain, which is highly secure. Hence, all of the information is checked, submitted, and encrypted.

An algorithm is solved before the data is added to the blockchain. This fosters the security and the encryption of the blockchain. This ensures that security measures are in place before saving the stay.

John O’Rourke, CEO of Riot Blockchain, describes how the blockchain encryption mining network works.

How to Build your First Android App Infusing Blockchain Technology ?

According to a recent claim by the Harvard Business Review, blockchain will impact traditional banking, similar to how the internet impacted print and broadcast media.

Mobile app development is likely to drive blockchain adoption, making mobile blockchain a household term.

So, let’s look at how Android app development can be integrated with blockchain technology.

Step 1: Formalizing Ideas

The initial step in any business or product should be a conception or appropriate planning. The goal of your app should be to solve a specific problem.

You should also think about your needs and ensure that blockchain is a feasible solution for your problem, not just a modern and fashionable term that you want to include in your software.

Are you stuck with your approach?
Refer to Parangat’s Top 20 Blockchain Project Ideas for 2022. Sometimes, ideas ignite more ideas!

Step 2: Conducting Thorough Market Research

There are a lot of opinions out there, even though the blockchain industry isn’t yet saturated. You might try to find your niche by analyzing the current market, or you can get ideas from existing recommendations and solutions.

Step 3: Choose a Technical Option to Build an App

You can use any of these methods to create your App.

• Create private networks using blockchain software
• Integrate open blockchain networks like Ethereum or Bitcoin into your app.
• Link your app with cloud-based services like Amazon and Microsoft’s BaaS (Blockchain as a Service).
• Create your blockchain network on any compatible platform.

Step 4: Select an Appropriate Platform

If you want to start your network, you can pick one of these platforms as a starting point.

1. Ethereum allows you to create both a blockchain application and an ecosystem. Despite using the General-purpose programming language, Ethereum remains one of the most popular blockchain app development platforms.

2. Ripple is primarily aimed at financial applications. It permits quick, global monetary transactions at incredible speeds of up to 5 transactions per second by connecting customers with banks and payment providers.

3. Hyperledger Fabric is best suited for developing corporate technologies that promote data interchange within organizations.

4. R3 Corda specializes in authorized blockchain development. It is ideal for healthcare, commerce, trade, finance, and supply chain Apps because it is simple to integrate with old systems.

The platform you choose must complement your blockchain app and your development team’s programming skills. While some platforms allow Android app developers to construct blockchain apps using standard languages such as C++, Kotlin, Java, and JavaScript, others use uncommon languages such as Simplicity and Solidity.

Step 5: Chose a Programming Language

With so many options—C#, Python, Java, Solidity, Go, C++, Michelson, Plutus, Scilla, and Rholang, to name a few—you’ll need to think carefully about which is ideal for your project.

Your blockchain app’s tech stack must strike a balance between your needs and your team’s experience. Some languages are better suited for smart contracts, while others are better suited for asynchronous code. 

Step 6: Initiate the Development Process

Besides the languages and platforms, the development methods for blockchain-based android apps might differ depending on three other factors:

• What strategy are you employing for node interactions?
• What is your mechanism for reaching a consensus?
• Whether you’re using a pre-existing blockchain, a blockchain as a service (BaaS), or developing your own?

Step 7: Test, Deploy & Maintain your App

It would help if you guaranteed that your App runs smoothly and complies with all Google Play Store rules and regulations. Once the app gets published, you must begin gathering and analyzing data on its performance and user metrics.

Following the successful deployment of a blockchain app, maintenance becomes the most important service of blockchain app development. 

To meet evolving needs of the user and business and to support newer frameworks, libraries, and operating systems, your app must receive regular security and feature updates.

Your Takeaway:

Although there is no compelling argument for establishing a mobile-first blockchain system at this point, these solutions may add value to blockchain-based systems by providing the ease of a mobile interface.

Do you seek to evaluate the possible benefits of integrating a mobile app with a blockchain, or do you want to develop a blockchain distributed app with a mobile client? 

Let us know, and we’ll conduct an audit to assist you in identifying impediments and possibilities for implementing a blockchain-integrated mobile application.