Blockchain technology has already made a huge impact on industries like healthcare, education, real estate, and the legal field. Slowly and steadily it is having a major impact on the mobile app development industry as well. Its decentralized architecture offers incredible benefits that practically all business domains can take benefit of, and the mobile app development services will be able to take benefit of these to meet the challenges which have become obvious in recent years.
It may seem that the mobile app revenue is virtually unstoppable, especially when reports claim it’s expected to reach $6.3 trillion by the year 2021. There are literally hundreds of thousands of mobile apps available in the play store, with more being developed all the time. But a few problems that have surfaced in the past few months need to be fixed if the industry is to continue experiencing the kind of momentum it has enjoyed up to this stage. Before we talk about Blockchain solutions benefits for the mobile apps, let’s find out some more interesting facts regarding this trending technology.
What exactly is Blockchain?
A Blockchain is a distributed digital ledger that records transactions in the form of blocks. All of these blocks are interconnected in the chain form and stored on different computers to meet proper security standards. The information is distributed and can’t be copied in any scenario. Apart from its usage in financial, & health institutions, it is in high demand among app development company to meet client needs.
What are the Blockchain Applications?
The Blockchain mobile app for Android OS allows users to securely share data and receive bitcoin as well as access information. Utilizing Blockchain applications in important functions like payment, escrow, and title can also reduce fraud, improve financial privacy, enhance the transaction speed, and internationalize markets.
What Challenges Mobile App Industry Face in Blockchain Implementation?
A. Resource Management
For the Blockchain technology, it is important for the Android App developers to ensure that they are familiar with the network demands and well-versed to handle remote and local queries. This is a huge challenge for them to manage different resources efficiently and effectively.
Another challenge faced during this innovative technology implementation is that all the hash functions operate in a determined manner. Meaning, no decision is made depending on the circumstances. In such a case, the development team needs to implement an Isolation mechanism to bring non-determined nature into their mobile app solution.
C. Low Performance
Last but not least, Low performance is a major challenge of Blockchain technology that developers often have to come-across. Especially when selecting the right Blockchain development language. This is because some operations with Blockchain are parallelizable, while others are not. Meaning, it becomes highly-significant to bring a development language that is versatile in nature.
Now, let’s jump to the core part of this blog post, i.e, the unveiling of the top benefits of Blockchain technology for the mobile industry.
What Benefits Blockchain Technology Offers to Mobile Industry?
1. Fix In-App Purchase Issues
One of the major issues faced by brands having a mobile app is the process needed to make in-app purchases. Most of the people own a smartphone, most of the people lack the process to make an in-app purchase because the different payment methods are missing. Even if paying with credit card available, the whole process seems suspicious, gateway fees, card processing fees, app store fees, and bank transfer fees. In the end, a mobile app owner receives about 70% of the complete payment. Using the Blockchain decentralized model, app coins will be used for the app store payment, and a whopping 85% will be received by the app owner. Making in-app purchases is also engaging for end-users because they have app coins to make the payment, which removes the need for paying through credit card.
2. Smooth Marketing Process
Advertising by the Mobile App development companies will be completely revamped under a Blockchain model. Currently, brands need to invest in paid campaigns and advertising to reach the target audience. The current advertising strategy involves a number of middlemen that receive a cut, reducing the amount a brand gets in the last. This approach will be replaced by a cost-per-attention strategy, which rewards end-users app coins for the time they spend on the app. All the middlemen’s cuts are removed, and users are rewarded with coins to make in-app purchases properly.
3. Digital Identity
All blockchain users have a separate identity. This is possible because personal data is used to register on the private blockchain or public connection. People prefer Blockchain-based digital identity as it is secure and reliable. It is mostly used for identification in organizations where data security plays a significant role like banks, government offices, and hospitals. Designing digital identification apps has become possible for industries like banks, education, and insurance by outsourcing mobile app design company in India. This has completely transformed the mobile industry.
4. Global Reach
Brands nowadays are expanding the business to under-developed countries, where they have smartphones, but lack proper access to the financial institutions like bank accounts, and credit system. But with the Blockchain integration, users would be able to implement an online mobile wallet. They can easily store tokens or coins to make use at the later stages. People staying in remote areas can easily do online transactions with mobile apps for E-Commerce shopping, paying bills and money transfer without paying any charges.
What Languages are Used in Blockchain Development?
Developers implement different languages to build Blockchain and some prominent ones are mentioned below:
Java is the most preferred language for Android App development and Blockchain technology.
• Robust support for OOP
• Memory cleaning
• A large set of libraries
Python is not only preferred for app development but slowly becoming popular for Blockchain development.
• Simple to learn
• Dynamic architecture
• Open-source support
• Efficient for Prototyping
• Easier and earlier entry to the market
• Enhanced Scalability
• No hassle of integration
Blockchain is rapidly transforming the mobile industry, the same manner it has made an impact on other industries. It is far better secured against cyber-attack than current technology can provide for because of its distributed architecture. It has the capability to do away with online payment methods, which are slow, complicated, over-priced, and suspicious with security issues. When all transactions are properly visible in the Blockchain public ledger, mobile purchases will be streamlined, secure, and without all the unnecessary processing phases, they will also become considerably faster. If you looking to integrate Blockchain with your mobile app, it is the perfect time to do so.