“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transa...
With the all-time high use of smartphones on a global level, mobile software developers have a lot to experiment with. So much so that small teams can often pitch their ideas through Kickstarter campaigns & crowdfunding and get the public support fairly quickly and easily. However, one aspect of mobile app development still remains fairly intact.
According to data, Blockchain technology’s market value will rise well above $60 billion by 2020. This indicates that numerous large enterprises and banks are already experimenting with active Blockchain implementation. Blockchain development became prominent in the heyday of cryptocurrency trade. Since then, it revolutionized the way companies deal with financial data and develop their businesses further. Let’s take a look at how Blockchain is disrupting the way we see mobile apps, as well as how it can be beneficial to the overall development process.
Benefits of Blockchain in Mobile App Development
1. Crowdfunding and ICO
Gone are the days of seeking investment funds before you can start the development of your mobile application. Since the introduction of Blockchain, startups and small development teams have been able to crowdfund their projects by means of cryptocurrency. Initial Coin Offering (ICO) started as a project aimed at creating new types of cryptocurrency on the digital market.
However, it quickly evolved into a crowdfunding platform where prominent developers can to pitch their ideas and get the funding they need. The Blockchain technology allows the ICO funding to take place since the monetary exchange falls under crypto jurisdiction just like Bitcoin or Ethereum does. This type of funding would be nigh impossible only a few short years ago, meaning that mobile app developers have nothing to lose and plenty to gain by relying on Blockchain in their development.
2. Industry Flexibility
Depending on the mobile application development field your team picks, Blockchain can be utilized in a number of ways. The technology can serve as a back-end file tracking system, a development support platform or as a specialized feature in your app.
You can create mobile applications that serve numerous purposes, including GPS tracking, personal finance tracking, banking applications, mobile browsers, etc. With blockchain as a baseline for your development, there are very few limits to what you can do. This is a great opportunity for young and ambitious developers to flex their creative muscles and create something new and unseen on the market beforehand.
3. Data Systematization
Mobile applications are naturally dependent on developer-side updates and ongoing support. After all, new features and bug fixes are what keep the users engaged past the launch of an application. Blockchain can assist developers in systematically fixing any potential errors in their code past the launch date much more conveniently.
The reason for this stems from the ability to implement blockchain as a data tracking technology. Every file that gets updated receives feedback or needs to be worked on can be tagged for further reference. Blockchain can be utilized in several ways in terms of further app refinement and even application localization efforts. The more your code expands over time, the harder it will become to track and iterate on, which is why blockchain becomes a necessity rather than a choice.
4. Security in Transparency
As we all know, information is wholly available on the internet for anyone who might want to know more about their favorite apps and developers. However, blockchain technology in app development allows the client-side coders to go a step further.
Introducing blockchain into a mobile app would allow users quick and easy access to development logs, update notes and the entirety of the app’s code whenever they feel the need. This type of trust, safety, and transparency is rarely seen in today’s mobile and web development in general. While it won’t let them modify any of the existing features, it will signal an extension of the olive branch from your side.
5. Safeguarding of Information
When it comes to the overall security measures of blockchain technology, very few systems can compare in complexity. There is a reason for the fact that 69% of global banks currently experiment with blockchain implementation into their in-house tracking systems.
Blockchain allows for encryption which can hardly be comprehended or cracked without the explicit permission given by the client-side administrator. This means that your mobile app will never face the risk of being hacked, modified or otherwise tampered with without your permission. It also means that any data or personal information provided to you by the users will not run the risk of leaking or going into the wrong hands.
6. High Return on Investment (RoI)
Since the blockchain technology is still fairly new and industries are pioneering new ways to implement it into their systems, the RoI remains fairly high. You won’t spend overtly high sums of money on blockchain implementation compared to other development methods or cloud platforms.
Instead, the limit to which you can develop and intertwine blockchain with your mobile app development remains solely in the hands of your team. As we’ve mentioned ICO funding before, it is worth noting that numerous teams managed to reach RoI of over 1000% in their development. It proves the point that blockchain is the perfect solution for startups and small development teams still in search of the perfect platform for their projects.
7. Internet of Things (IoT) Integration
As it stands, mobile apps are the perfect solution to IoT implementation. Just imagine being able to control your in-doors heating, security, lights and other quality of life features through a mobile app. With blockchain as your platform of choice, this is only the tip of the iceberg. Blockchain features an expansive ledger of data which can be used in IoT integration into existing systems.
While it will require you to develop your own peripherals or partner with existing product manufacturers, this is a small inconvenience compared to the market potential. All it takes for you is to come up with interesting and commercial applications for IoT through your mobile app in order to get the process rolling. Once it happens, you will be left with the development process itself which is a fairly straightforward affair with a great idea in the groundwork.
It’s easy to see the appeal of blockchain in mobile app development given everything we already come across on the app stores. However, true creativity will always be more noteworthy than an app that simply follows existing trends. Make sure to revolutionize the market with your mobile app if you intend to implement blockchain into it. That way, you will effectively pioneer a new approach to development which will be copied by others on the market. Once that happens, you will have succeeded in building an app with blockchain to back it up.
Elisa Abbott is a freelancer whose passion lies in creative writing. She completed a degree in Computer Science and writes about ways to apply machine learning to deal with complex issues. Insights on education, helpful tools, and valuable university experiences – she has got you covered.