Many of us still misunderstand the concept of Blockchain, despite the rapid acceptance and impact of new technologies such as IoT, AI, AR, VR, and Robotics. Particularly in terms of mobile app development in Dubai and around the world.
Understanding the Blockchain Concept
A blockchain is essentially a product of immutable data governed by a decentralised structure, which means that data is not controlled by a single entity. The decentralisation of data ensures data security at all stages, and each data block is bound to each other by cryptographic principles.
“According to Statista, the blockchain market is expected to grow at a revenue growth rate of more than 23.3 billion US dollars by 2023.”
What can Blockchain do for the Mobile App Development Industry?
Why should the mobile device development market lag behind the rest of the industry, from healthcare to automotive to finance?
If you work in the mobile app development industry, you understand how critical it is to keep up with the latest technological trends in order to stay ahead of the competition.
With the adoption of blockchain, mobile app development is still in its early stages, and industry influencers are skeptical. However, a Blockchain Software Development Company in Dubai can assist by providing numerous hidden benefits such as increased efficiency, productivity, and performance, as well as improving the user experience.
The integration of blockchain technology can revolutionize the mobile app industry by enhancing security, enabling transparency, and offering a decentralized platform for app development. As a result, Dubai-based companies that partner with a reputable blockchain software development firm can gain a competitive advantage and increase their chances of success in the market.
Blockchain technology would enable developers to create streamlined eCommerce apps that would allow buyers and suppliers to trade online without the need for any third-party intervention or payment of third-party fees.
Now, let us look at some of the advantages of blockchain technology in app development
Not only that, but blockchain has a lot more to offer the mobile app development industry. Let’s go deeper and discover the top advantages:
- Blockchain provides security
The initial benefit of the revolutionary blockchain technology is that it makes the applications safer. The technology can use the most advanced cryptography. This technology concept is designed in such a way that it can provide the highest level of security through enhanced encryption.
We provide a brief overview of how blockchain technology works in this section.
The technology provides a standard series sequence or other interconnected block string. Each block has the data and timestamp for another block of transactions. The information is stored and encoded in a cryptographic hash, which modifies every impossible block. Now, for the previous block, every neighbourhood has a cryptographic route.
- Blockchain Improves Reliability
In addition to improving data protection, technology can greatly enhance the efficiency of a mobile application. It is primarily due to the blockchain’s robust and dependable structure, which renders the network immune to any failure or crash. Blockchain also has multiple blocks that own the data in multiple locations, making it more secure.
The distributed design of blockchain servers and other related hardware prevents any unauthorised data modification. Millions are routinely available due to numerous data centres in various locations, with only a brief notification. All of these characteristics make the blockchain method suitable for enterprise mobile app development.
- Blockchain Increases Transparency
Security enhances transparency. Because blockchain technology tracks each transfer of funds, users can only track them when they want. The technology eliminated the possibility of any fraudulent transaction or falsified data. The blockchain protects the application and the entire system from tampering and fraudulent activity.
Blockchain technology can also assist entrepreneurs in gaining consumer trust. Users can transact safely through such applications while remaining confident in the security of their valuable data. Furthermore, the concept is scalable to manage multiple users at the same time.
The application of blockchain technology is not limited to any particular market. Blockchain technology, with features such as secure data storage and transaction, can benefit any business field. Healthcare, logistics, and real estate may emerge as the most significant benefits of future blockchain app development.
- Blockchain frees you from passwords
Even if you create a strong password for your computers, there is still some risk that it will be compromised. Blockchain technology helps us get rid of this fear. For Blockchain, the password to verify any transaction or system is hardly needed. Payments are typically made by the two parties involved in a transaction using an SSL certificate. Furthermore, the blockchain network reviews everything while making it visible and accessible to all, removing the possibility of fraud.
Benefit 5: Blockchain Promote Simplicity
Another significant advantage of blockchain technology is its ease of use. When it comes to simplicity, the blockchain has a significant advantage over the relative models performing identical tasks.
If the technology is sophisticated, it needs more effort, time, and money to integrate, maintain, and modify. In simple words, complex techniques contribute to increasing app development and maintenance-related costs. The blockchain will help companies rid themselves of higher costs by offering them a feature-rich mobile app
Benefit 6: Identity protection
Blockchain technology requires a high level of security. It is nearly impossible for a hacker to bring the entire system down because the data is not stored on a server, but rather in each block. Blockchain provides secret key encryption in conjunction with cryptography on the user’s work. The blockchain’s operation ensures that no data can be misused.
Benefit 7: Protect digital information that many users require
Encryption is a blockchain technology that is extremely complex. It is so complicated that no decryption key can be used to fool it. It lends itself to any system that needs to be presented to various users while also requiring verification of the organised information.
Multiple signatures on a single document or agreement are common in the legal and financial fields, for example. Through blockchain, this information can be accessed and edited simultaneously by different parties to communicate with each other. All that remains is to verify and configure the blockchain.
The Last Wise Words
Because blockchain technology has grown significantly in recent years, it has explored the needs of the market itself. Many of its innovations and applications will be available for free download in the coming years as mobile app developers integrate it into the global app development process.
You can hire a dedicated Mobile App Development Company in Dubai who has the advantage of incorporating blockchain art. We can see blockchain technology as having numerous opportunities and possibilities, particularly when combined with emerging technologies such as AR, VR, IoT, and AI. As a result, it is critical to complete your blockchain application with valuable feedback from analysts regarding performance errors, memory deficits, storage, latency issues, and frequent crashes.