Since the first public Blockchain allowed bitcoin transactions, Blockchain technology has made significant progress towards improving the business process across a vast range of App Developers UK industries. In all the excitement surrounding blockchain technology, the question of utilising Blockchain within mobile apps gets a lot of interest.
We get many inquiries from our partners, who are eager to use this tech's full potential. We'll look at some of the benefits and disadvantages of using blockchain technology in the mobile market.
What's unique about Blockchain?
In short, Blockchain is a distributed digital ledger allowing data to be automatically replicated among independent nodes. All nodes are equally part of a consensus verification process on each node before new data blocks are added to the chain.
This absence of central oversight has made the Blockchain extremely profitable. In instances where there's no trust between people, Blockchain is the perfect solution to store an unbeatable, secure record of all transactions, which are easily accessible and auditable by all parties.
Blockchain's Application to Mobile App Development:
Blockchain technology is steadily impacting the development of the mobile apps sector. Many industries are embracing it to guarantee a safe environment, provide secure access to your data, and provide security and transparency for payments.
Blockchain mobile applications have already revolutionized the world of industries such as Finance and Banking, Insurance, Healthcare, Supply Chain Management, and IoT.
It's typical in the financial and insurance industries to have multiple signatures on different documents or contracts. In this scenario, blockchain-based applications confidently allow an essential database to be used. Additionally, they provide safe access for many users.
Pros and Cons and Blockchain for Mobile Application Development:
A recent survey on Blockchain by Deloitte across seven countries shows that half of the respondents (1000plus businesses) intend to invest between 1 and 10 million dollars on blockchain solutions this year.
Let's examine the benefits of this explosive technology that businesses who invest in Blockchain are betting on.
As we've previously discussed that a blockchain is an open ledger. This means that to function, it relies on several independent nodes and does not require a dedicated central server or authority. The nodes manage the transactions, and there are no middlemen needed.
The result is that businesses profit:
- A higher profit margins
- Lower operating costs
- Faster transactions
Can it stand up to the test when we consider Blockchain's distributed nature through the mobile lens? A blockchain-based 100% mobile application would turn the tablet or smartphone into a node, but with some obvious adverse effects.
Blockchain vs Mobile Storage:
Mobile devices are naturally limited in the amount of data they can hold. Blockchain mobile apps can quickly take up all available space on a tablet or smartphone.
The size of Bitcoin's blockchain has exceeded 3300 gigabytes. The more extensive the chain, the more space it will need on mobile devices in March 2021. It's up to you to calculate.
Blockchain is akin to Mobile Performance:
Although the latest smartphones can compete with middle-class PCs, which make up the majority of nodes in the typical Blockchain, we must admit that most smartphones on the market need to be equipped with sufficient power to allow for the correct function of the Blockchain.
In addition, the battery capacity could create another issue since constant connection and processing activities consume a phone's battery quickly.
Secure and Immutable:
Every block of data that makes it onto the Blockchain is checked by every node that is part of the Blockchain. A time stamp and encryption for each new data block make the blockchain database impervious to attacks.
Data immutability will likely be a viable option for mobile applications, but an extended verification could render the entire exercise pointless. Additionally, many smartphones have biometric authentication today -- an already self-sufficient security feature.
In addition to providing every person in the system with instant access to their data and information, Blockchain does not allow App Development UK companies to alter the information in a particular node and not be recognized.
While not exposing personal information, Blockchain technology lets you determine what data was altered by whom and at what time. This implies that any data manipulation can be observed by anyone who is a part of the network. This means it's not possible to falsify transactions or data.
If an application requires greater transparency and control over data, the Blockchain is the right technology to utilize.
Efficient & Rapid:
Many financial institutions develop and deploy mobile applications to help them streamline their operations and improve customer experience. The traditional management method involves a series of processes and checks when dealing with transactions.
Blockchain technology means you don't need a mediator to complete transactions; it permits you to automatize and streamline the process. The technology allows mobile apps to facilitate quick and efficient operations 24 hours daily.
Not quite. Blockchain technology is still finding its way into the world of mobile. A digital wallet application is an ideal way to manage the transactions made with cryptocurrency. Take a look at the applications for mobile wallets.
It is essential to understand that mobile wallets are not an app that runs on blockchain technology. In reality, wallets only connect to blockchains, which operate on desktop computers, just like one would imagine.
You'll be amazed to discover that most applications function in this manner. The server is the one that generates the numbers as well as the algorithms. Most mobile apps retrieve information from a server and allow you to use this data to interact.
Conclusion: Future of Blockchain-Integrated Mobile Apps
Although there is yet to be a clear argument for developing a mobile-first app-based blockchain system, such solutions could add value to blockchain-powered systems by providing the ease of mobile-based interfaces.
A few of the fascinating applications to integrate mobile apps with blockchain-based applications include:
- Wallet apps to manage the transactions of cryptocurrency
- Digital identity to access services such as bank accounts that are new driver's licenses, utilities
- Land titles and documentation of land rights
- Mobile gambling
- Apps for trading in cryptocurrencies and more
Do you plan to create an app with blockchain-based distributed features accompanied by a mobile app, or would you like to determine the advantages of integrating a mobile app and Blockchain? Tell O2SOFT an App Development London company about it, and we'll conduct an audit to help determine the bottlenecks and potential to develop a project at the Blockchain and mobile cutting edge.