App development process throughout decades has adopted many trending technologies to offer enhanced user experience. From minimalistic designs to blockchain-based storage and backups, there have been multiple stages of evolutions in mobile app development. Blockchain, on the other hand, has been expanding its coverage across multiple industries rapidly. In 2021, global spending on blockchain was estimated to reach $6.6 billion. However, by 2024, it is expected to cross $19 billion.
In this blog, moving forward, we are discussing some crucial but positive impacts of blockchain technology in mobile app development. We will talk about how blockchain individually and by leveraging other technologies has improved the performance and efficiency of mobile apps in the modern age. So, stay with us until the end of this blog to have some cool insights.
- Performance
Blockchain is known for offering better processing speed compared to traditional cloud storage. The speed of blockchain is measured on the basis of transactions it can process within a second. Also, there are multiple factors such as blockchain consensus or algorithms that influence the performance of the technology.
For smartphone apps, blockchain technology is able to offer improved performance and reduce the app loading time. Using this feature, top blockchain companies are offering more features to their server-based apps along with improved graphical elements.
- Security
Blockchain servers are made of millions of blocks and these blocks increase along with the size of the storage capacity. Now, each block has hashes, and to crack even one hash, approximately 10 minutes are required. In short, infiltrating a blockchain server is almost next to impossible and with the addition of advanced cybersecurity methods that organizations adopt these days, the attempt to breach the data will be caught quickly.
- Scalability
In the era when an average user uses at least two devices, it is crucial to ensure that apps are offering smooth scalability. Blockchain’s ability to offer fast performance makes it the most suitable solution for building apps that can work on multiple devices including smartphones, laptops, and tablets among others. The scalability feature of the blockchain can help apps in adapting various different configurations and offer the same functionality, speed, and security irrespective of any device the app is being used on.
- Transparency
Blockchain records every single activity done on servers along with the required data such as timestamp, user stamp, and more. Thus, it is super easy to track and find out if any modifications in the app codes are made or if any breaches are made to enter into the apps’ backend.
- Decentralization
Blockchain has also freed servers from single ownership for enhanced data privacy. Now, parties sharing the same servers will have ownership of their own data. This also gives them the freedom to share the data with parties that they want to.
Moreover, the decentralization feature of the blockchain has also made DApps a reality. Decentralized apps (DApps) are used to autonomously operate apps. These apps approve processes with the help of technologies such as smart contracts and can help in fastening process speeds like payment settlements, approvals, etc.
- Faster banking
Blockchain has given banks a significant boost by providing the sector with a secured ecosystem. The technology, with the help of smart contracts, eliminates the need for third parties as well. Thus, most of the processes such as payment approvals, insurance claims, international transactions, etc have become faster and smoother to get processed. Even in the case of fraudulent activities, it is easier to verify the authenticity of transactions by using permanent entries in blockchain ledgers.
- Better quality of hybrid apps
Hybrid apps, compared to native ones, are known for offering limited features and UI experience. However, blockchain’s capabilities are empowering the culture of hybrid apps as well. These web-based applications will be able to leverage blockchain technology’s performance and scalability to allow hybrid applications to offer the number of features and UI enhancements just as native apps.
Wrapping up
Blockchain has revolutionized the app development industry. The technology is helping top growing companies in building enhanced applications with qualities that we discussed above. However, the best part is that these apps are capable of staying competitive for many years to come as well. There are famous blockchain-based solutions already existing in the market. A few of these solutions are Gemini, Circle, Chain.io, and BurstIQ among others. These apps are known for their secured backends that are continuously evolving with time as well.
In the end, we hope that this blog on the impact of blockchain on mobile app development processes was an informative read for you. We recommend you to keep revisiting Business Read more often to find more of such informative and well-researched blogs. You can read about various trends in financial, technological, mobile apps, and other such industries.
