Blockchain technology is a universal online database that anyone, anywhere, with an internet connection, can use. Contrast to regular databases which are controlled and operated by central figures such as banks and governments, a blockchain doesn’t fall under any single person or entity.
Blockchain is the decentralized technology network that helps in the transaction of digital currency such as Bitcoin, Litecoin, Ethereum, etc.
And with an entire network looking after it, cheating the system by faking documents, transactions and other information become near impossible.
This fusion of this blockchain technology into mobile apps will increase the processing speed and it also ensures the safety of users’ information.
It’s foreseen that blockchain technology has the potential to replace Apple’s App Store and Google’s Play Store and be the main choice for installing, purchasing, and searching.
Advantages of Blockchain tech
Blockchain technology has multiple uses and it has the capability to serve in several other industries like Healthcare, Government, Travel, Hospitality, Financial Services, Retail, and CPG.
Financial Services: Blockchain technology has already been serving the financial services sector, this technology has been executed in many creative ways.
Blockchain technology eases and organizes the whole procedure related to asset management and transactions by giving an automated trade lifecycle where all the users will gain access to the accurate same data about a payment.
Healthcare: Blockchain has a very important part to play in the healthcare field by maximizing the privacy (personal and financial), security and interoperability of healthcare information.
It demolishes the involvement of a third-party and also eschews the overhead costs. With Blockchains, healthcare records can be safely secured in allocated databases by encrypting it and executing digital signatures to guarantee privacy and genuineness.
Government: Blockchain technology keeps the potential to revamp the Government’s operations and services. It can be a major part in enhancing the data transactional hurdles in the Government sector.
CPG and Retail: There is a great opportunity for Blockchain technology to be applied in the retail sector.
This comprises of everything from assuring the originality of high-value goods, averting, fraudulent transactions, finding stolen items, allowing virtual warranties, controlling loyalty points and organizing supply chain operations.
Travel and Hospitality: The execution of Blockchain can completely transform the travel and hospitality sector.
It can be implied in payments, saving important documents like passports and other ID cards, reservations and handling travel insurance, loyalty, and rewards.
Impact of Blockchain in the mobile application market
If we look at the statistics, the mobile app economy is rising day by day. It’s not going to stop in the future, importantly when it’s supposed to become valued at about $6.3 trillion by the year 2021. There will be an increase in the usage of mobile apps in the future.
Advantage of blockchain implementation
With the implementation of blockchain in mobile applications, the following advantages can be achieved:
- Resolves user’s issues regarding in-app purchases.
- Improves the advertising model.
- It helps in-app transactions to become transparent.
- Improves reward programs.