Blockchain is one of the most promising technologies for the last few years. In the initial stages of its inception, it was used in terms of cryptocurrency and was perfect for the financial industry but later it moved to different industries. The technology is perfect for business based on secure data exchange and transactions. With this innovative technology the principles of transparency, data protection, integrity and decentralisation become achievable for startups and big corporates.
A mobile app has been transforming in a regular manner. Several innovative advances have been observed in the mobile industry, thanks to the progressive technologies coming up. With the growth of business transactions through mobile apps several industries trying to harness blockchain technology for completing their processes. Blockchain development is making a big impact on tech-driven mobile solutions. This technology is in touch with various modern industries like healthcare, banking and mobile app developments. Offering complete transparency, this innovative technology, has an impact on the mobile application industry.
Key Benefits of Blockchain Based Application
1. Growth in Digital Wallets:- Digital wallets have gained huge popularity all because of rising in cryptocurrency. People prefer paying money through the digital wallet and its popularity is growing at a rapid pace. Not just because of the huge rise in cryptocurrency popularity, it is liked by people because of the safe and reliable environment it offers for payment. All this is possible because of blockchain.
2. Digital Identity:- All blockchain users have unique identities. This is possible all because of the personal data registered on the private blockchain or public connection. Blockchain-based digital identity is secure and reliable. It is mostly used for personal identification in organizations where data security is a must like banks, government offices, and hospitals. Building digital identification apps has become feasible for industries like education, banks, and insurance by outsourcing Mobile App Development Company in India.
3. Resolve In-app Purchases:- Most of the people today own a smartphone, but many of them are unable to make in-app purchases because necessary payment methods are missing. Moreover, there are demotivating factors like app store fee, card processing fee, gateway fee and bank transfer fee. These fees eat a huge portion of the purchases. To deal with it blockchain facilitates paying using app coins. This helps developers to get a bigger share. Users will also find it simple to make in-app purchases, as they are free to use app coins for the payment. This also removes the need for including all processes regarding credit card payment.
4. Streamlined App Approval:- Currently, the two app stores, that is, Google’s Play Store and Apple’s App Store give approval to an app for sale in their respective stores, or reject it otherwise. Currently, this approval process is found unfair on numerous occasions and it seems to be cumbersome. But with the inception of the blockchain model, the app approval becomes streamlined, as it would be done through a transparent developer system. A unique user ranking approach and public ledger will be implemented for different developers. This makes the app approval process fair as well as transparent.
5. Remote Area Reach:- People staying in under-developed parts of the world, where they have digital devices like smartphones, but lack access to financial systems like bank accounts, personal credit system and many more. Blockchain will ensure that with an Internet connection, users would be able to set up an online mobile wallet. Here, the users can store tokens or coins to use on later stages. This will allow people staying in remote locations to actively perform online transactions like E-Commerce shopping, money transfer, and paying bills without concerning about hefty charges regarding services by banks.
Wrapping Up:- Integration of blockchain into mobile apps will be a great factor to boost productivity and improve efficiency. Establishing interactions on every level by app developers using blockchain will become common in the future. If your business has a mobile app and you want to integrate blockchain technology with it, simply Hire Mobile App Developer for best results. Share your business requirements with them and get the desired business results. They are experts to integrate blockchain technology within the app.