The blockchain is up and coming technology of recent times and rightfully so. The main reason being that this technology offers features such as security and reliability like no other.
Not surprisingly, mobile app development services are embracing this technology like never before. For example, tech giants like Microsoft and Facebook have been merging blockchain into their systems.
Here are the 6 benefits mobile application development companies stand to gain from Blockchain Technology:
If anything, the most significant benefit the mobile app development community could derive out of the revolutionary blockchain technology is that it helps develop mobile apps that are much, much safer, thanks to the most advanced cryptography technology that blockchain offers.
Here’s a brief idea of how cryptography technology works and how blockchain is leveraging it:
When you use a cryptography script, the third parties viewing your text won’t be able to decipher it. The cryptography technique leverages the disciplines of math, computer science, physics, engineering, and more.
Commonly used terms in Cryptography:
Blockchain uses cryptography for wallets, transactions, security, and privacy-preserving protocols.
The following is an explanation of how Blockchain works to secure digital relationships:
The public-key cryptography of Blockchain comprises two pair of keys: a public key and a private key.
As the name suggests, the public key is freely available, but the private key is meant for the owner. And every public key comes with a corresponding private key.
A public key is used for encrypting messages between two people or computers securely. Anyone can use anyone’s key to encrypt a word, but once encrypted, the only way to decrypt the message is to use a corresponding private key.
Let’s say Malcolm wants to send some encrypted message to Wilfred. And this how it would work:
Public-key cryptography is one of the basic components of blockchain technology. It is used in wallets and transactions. When a user creates a wallet on a blockchain, it’s basically a public-private key pair.
When compared to other similar technology concepts, blockchain enjoys an upper hand in terms of simplicity. And, it’s especially easy to use when it comes to mobile app development. Not to mention, it’s cost-effective as well.
When we use sophisticated technology, we need to invest more time, effort, and money is not just integrating but modifying and maintaining the technology as well. Complex technologies increase app development and maintenance-related costs. The technology helps entrepreneurs get rid of higher prices while offering feature-rich mobile apps.
Blockchain is evolving at a rapid pace. This will usher in new developments, which, when adapted to the enterprise mobile app space, will help address future requirements and, at the same time, enhance customer services.
The technology behind blockchain is also available as an open-source technology. So we can expect blockchain app developers to readily share and use the technology to make the application more robust and secure. This way blockchain technology reduces the app development time and cost while developing advanced mobile app solutions.
4. No Passwords
You may have set the strongest password on your device, but still, there’s always a possibility of your data getting leaked. Blockchain helps get rid of this fear.
With Blockchain, there’s no need for passwords to secure your transaction or devices. The two parties involved can usually make payments via an SSL certificate. Additionally, the blockchain network reviews everything, thereby eliminating the possibility of anything fake.
5. Identity Protection
One of the best things about Blockchain technology is security. It’s highly impossible for any hacker to shut down the complete system since data gets stored in different blocks instead of the server. Plus, blockchain offers crucial secret encryption. This sort of working mechanism ensures that there’s no misuse of data.
6. Digital Ledger System
It’s easier to understand blockchain development when you look at it as a ledger. It’s a digital ledger, powered by an extensive computer network that does all parsing and data sending. When any information is changed, the change gets reflected on the rest of the machines that hold the same ledger, and the values adjusted at the same time.
Mobile technology calls for this sort of systematic approach as it uses both server-side and client-side development. Mobile networks generally feel burdened with lots of channels trying to fetch data wirelessly. This might lead to a loss of information. With blockchain technology offering developed storage and data streaming, this could be taken care of.
The rate at which blockchain technology is evolving is quite higher as compared to other technologies. So opting for blockchain is the best decision given that the technology will be going through a lot of software updates and will be offering improved services for your mobile application development.