Blockchain emerged into the limelight a decade ago but, the investment on cryptocurrencies in millions popularized this technology. From being a decentralized and secure, digital alternative to banking transactions to becoming the open repository on accessible networks blockchain technology is shaping new hopes across industries.
In the mobile application development space, developers have vested attention on boosting security and minimizing risks by unlocking the benefits of blockchain technology.
If you are still wondering how this supposedly, ‘next internet’ technology will disrupt the burgeoning smartphone app development arena, below are some important industry research-based insights:
- Growth of mobile economy warrants collaboration of cutting-edge technologies like blockchain!
Excerpts from the recent GSMA mobile economy report 2018 reveals that over five billion people were connected to mobile services in 2017. The number of unique mobile subscribers is likely to surpass 5.9 billion, representing 71 percent of the world’s total population by 2025. The surging rate of mobile internet usage is one of the key metrics used in the research to measure the probabilities of further development to cast a wider digital web to deliver services and content.
In 2018, the growth of mobile development app market demonstrates the urgency for technological innovation and integrations to boost transparency and security of information, payment transactions, IP data and intellectual property. As per Statista reports, within the first quarter of 2018 Android app stores housed over 3.8 million apps and Apple’s iStore had over 2 million apps. With the sprawling growth of mobile apps, users of B2C and enterprise mobile apps saw a need for endpoint security solutions to ward off the impending risks of data thefts, malware downloads and illegal disclosure of personally identifiable information of users.
These risks gravely impact the performance and earnings of mobile app development companies. But with blockchain technology, these challenges can be addressed by leveraging its secure and distributed, peer-to-peer network feature that hosts a ledger of information.
- The global blockchain technology market is expected to cross two billion USD by 2022 in revenue with 51 percent as its annual CAGR between 2016 and 2022.
Findings from market research reports suggest a rising demand of blockchain technology in commercial applications. Players across industries and technology ecosystems are investing in the research and development of blockchain technology. In mobile app development arena, many companies are already using blockchain technology to simplify payments, money transfers, management of customer data and transaction records, app approvals, in-app advertisements, etc.
For a better understanding on the practical use-cases of blockchain technology below are some of the probable ways it impacts mobile app development:
- Better Mobile App Security: Mobile app data can be made more secure with blockchain technology by housing information on publicly accessible decentralized network. This prevents data from being manipulated or changed without grabbing the attention of peers in the network. Also, blockchain helps mobile app owners to have better control over the domain by moving DNS entries in decentralized networks. This way, data on mobile apps can be secured without the risk of interference by any third-party or governments.
- Serverless Storage Enhances Identity Protection: In blockchain technology, the data is stored in blocks and not on the server and the users are given private key encryption. This prevents hacking into the apps, identity thefts and misuse of users’ data.
- Password-free Sign-ins: Blockchain technology addresses the fear of the device infiltration and unauthorized access to apps even without the need for passwords for authenticating transactions or actions on devices and in-apps. The payments or any form of transactions are validated through SSL certificate and the secured blockchain network records and reviews all actions thereby eliminating the odds of risks.
- E-Wallet Payments: Blockchain technology can be applied in the development of e-wallet or e-payments apps as it maintains and provides a transparent view of the transactions made with digital money without central authority to approve it. E-wallets and payment applications represent nearly 50 percent of the overall blockchain technology market. The transparency, speed and cost-efficiency are primary factors driving the growth of this blockchain technology-based payment systems market.
- Eliminate Middlemen with Smart Contracts: Smart contracts are contacts converted into codes and stored in the systems. These codes will constantly be monitored in the open network in blockchain technology. This helps eliminate middlemen and regulators like banks and governments to transfer or receive payments for products or services. Smart contracts can help enforce rules, regulations and penalties without the need for lawyers or authorities to validate or enforce a contract.
Smart contracts are one of the popular applications of blockchain technology which is expected to grow at a CAGR of 80 percent between 2018 and 2024, according to a research data.
Blockchain is slated to transform the smartphone app development industry by creating a trustworthy and publicly accessible platform to foster communication and actions on mobile apps between businesses and their customers. Although it is in a nascent stage, blockchain in the mobile app development segment will grow in prominence owing to the advantages and conveniences it offers that are hard for businesses to resist.
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