What is Blockchain Technology? If you can’t answer this question, then you are undoubtedly unaware of current technological scenario. The blockchain is the new big thing, maybe as big as the internet according to some experts. It has taken the world by storm due to its revolutionary working principle.
Before going further, let’s see what blockchain is? Meriam Webster’s dictionary defines it as “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a vast decentralized, publicly accessible network; also: the technology used to create such a database.
You should understand What is Blockchain Technology?
Many people are calling it the next internet because of the way it functions. However, only time will tell how similar or different its journey would be to that of the internet. But one thing is for sure that it will increase the speed, transparency, security, and efficiency of transactions.
What is Blockchain Technology? Tech Reviews
It came into the limelight after the success of Bitcoin: a cryptocurrency which is a product of this technology. However, Blockchain has massive scope for its application in different sectors apart from cryptocurrencies. It is the prime reason why it is every industries’ first choice. In this article, we will sharply focus on its effect on the security of Mobile Apps.
Where Blockchain Technology Can be Used in Mobile Apps
Blockchain has multiple usages apart from peer-to-peer payments. Developers have a very optimistic vision regarding Blockchain to be a successful technology in mobile application. It is because it provides an unaltered database which makes the mobile apps secure than ever. Below are few areas of mobile app development in which blockchain can have a greater impact.
- Proving Identity
- To accredit the supply chain process
- Managing Property and Healthcare Records
- Transferring Money
- Anonymous Voting System
- Mutual settlement between financial parties
To extract maximum benefits out of it; it is important to understand blockchain’s basic functionality. However, it doesn’t mean that your app’s functionality should mimic that of Blockchain. Reports suggest that Blockchain will grow exponentially over the years. According to a study the global Blockchain market will reach around $ 7.7 billion by the year 2024.
Implementation of Blockchain Technology in Mobile Apps
There are many things which you must consider for implementation of Blockchain technology. First, you need to find out the features that require players to act on it. Incentive plans for players will motivate them to contribute to ensuring how safe the blockchain mobile app is.
Next implementation is in the transactions that blockchain will be looking after. It mainly consists of two activities.
- To arbitrate the ownership of shared resource value.
- To record multiple transaction data. For ex: – quotes, bills, bids or any payment specific.
One key point to remember is that you will be able to extract more benefits from the blockchain if you use it for a community instead of individuals. The notion of a community should be there while developing a Blockchain based app. You must consult mobile app firms which provide you with a better idea about the cost of app development and other key aspects.
How Does Blockchain Boosts Mobile App Security
Now an important question arises that how blockchain technology can help in mobile security? As described earlier, in the Blockchain technology the transactions are publicly accessible. Moreover, all the participants easily track the modification. These features help in making mobile data more secure. Below are the ways by which Blockchain helps in Mobile Security.
Blockchain allows its user to put their data on the decentralized system which everyone on the network can access in real-time. In Blockchain it is not possible to alter the original data without catching anyone’s eye. Thus, it makes data secure and transparent, eventually eradicating the need for a middle-man.
Securing Infrastructure – What is Blockchain Technology?
Blockchain offers the mobile application owners to move the core targets of brand infrastructure to a more secure area of the decentralized platform. It allows the app owners to store DNS entries which gives them more control over the domain. Moreover, it becomes almost impossible for anyone including the government to tamper or manipulate with the entries.
No matter how strong a password you set for your devices, there is always a fear that it might get leaked. Blockchain Technology helps us to get rid of this fear. With Blockchain, there is no need for the password to authenticate any device or transaction. The two parties involved in transactions usually make the payments through SSL certificate.
Moreover, the Blockchain network reviews everything and makes it visible and accessible to all, thus eliminating all the possibilities of its being fake.
What is Blockchain Technology? One of the significant perks of Blockchain technology is security. It is impossible for a hacker to shut down the entire system as storage of data is not in a server, but it’s in every block. Blockchain provides the user working on cryptography with private key encryption. This working mechanism of blockchain ensures that no one could misuse any data.
Challenges _ What is Blockchain Technology?
It won’t be a walk in the park if you’ve decided to use blockchain for your mobile app security. You will be facing many problems like testing & distributing the app and validating the data. According to experts, it is easier to conduct testing on a non-distributed platform than on a distributed one. In a distributed platform the skills of a developer will be up for a test.
The developer might face many complications and obstacles while testing and debugging the app. In case if a developer encounters bugs like mandelbugs or heisenbugs, then it will surely add to his miseries.
Conclusion & Reviews by LTR_ What is Blockchain Technology?
With a plethora of benefits, blockchain will continue to rule the field of mobile app development. Many developers will adopt and explore new possibilities with Blockchain app development Services. Developers will keep working to utilize the Blockchain technology at its best to enhance the security of mobile apps.
As Blockchain is still in its nascent stage, it is imperative to use this technology wisely and to keep in mind the challenges and complications one must face while using it. The bottom-line is that the future of mobile apps is “secured” with blockchain technology.