If you have not been living under a rock for the past couple of years, you must’ve heard about the Blockchain Technology. And if you are like most people on earth, you think Blockchain is a synonym for Bitcoin. (I hate to break it to you – You’re wrong).
So this article is for you if you are curious to know about blockchain and how this amazing technology can solve security issues in mobile application development. So without further ado, let’s get started.
What is Blockchain?
The blockchain is a technology that serves as a public ledger for storing a growing list of records in a distributed form.
Let me explain this with the help of an example. Suppose you gave me $100 but you don’t trust me and you want to keep a record of this somewhere. In order to document this loan, we decided to record this transaction on a piece of paper. Then we both sign it in order to validate it and to ensure that neither one of us try to make fake records.
In Blockchain technology, the place where such data/transactions are stored is called a Block.
So, the block is the information holder and tons of blocks are interlinked to one another in order to form a Blockchain. Each block also holds a unique hash (H) for its identity in addition to the information (I) and the hash of the current block is dependent on the hash of the previous block. This is done in order to ensure that no one is able to tamper the data from a block without getting caught.
Where Blockchain Technology can be used in Mobile App Development
The mobile app industry can utilize Blockchain technology for storing data securely due to Blockchain’s transparent and immutable nature.
But before we discuss this further, let’s go ahead and look at some interesting facts about the mobile industry:
● GSMA mobile economy report of 2018 shows that over 5 billion people are connected to its service.
● The number of unique mobile subscribers is likely to surpass 5.9 billion that would count 71% of world total population by 2025.
The surging rate of mobile internet users clearly shows the growth in App Development Industry in the coming years.
In 2018, it appears that growth of the mobile app development market is unstoppable and it is expected to become valued at about 6.3 trillion USD by the year 2022.
As per Statista report in 2018, Android app store has over 3.8 million apps and Apple app store had 2 million apps.
The growing mobile economy shows the urgency for innovation and integration to boost transparency and keeping the personal data of the users’ secured as the massive data breaches in recent times of multinational corporations like Uber and MyFitnessPal clearly shows how ineffective the current technologies are in securing the data.
In order to counter this, mobile app development companies like Arctouch, Unicsoftetc., etc. have already started using Blockchain technology for:
● Money transfers
● Management of customer data
● Transaction records
● App approvals
● In-app advertisements, etc.
Let’s have a look where we can utilize blockchain technology in the mobile app development industry:
Infrastructure Security: The mobile app data can be made more secure by storing information on the publicly accessible decentralized network. This will prevent it from manipulation or changed without getting attention from peers. It helps the mobile owner to have a better control over there domain by moving DNS entries in the decentralized network.
Password less sign-in: The fear of the device infiltration and unauthorized access to apps even without the need of passwords for authenticating transactions or actions on your devices and in-apps is prevented by blockchain Technology. The transition is validated by SSL certificate and the secured blockchain network records and reviews all the actions thereby eliminate the odd of risks, so the payments or any form of transition are safe and secure.
E-wallet Payment Or E-Payments: As blockchain technology is a decentralized system it can be used in E-wallets apps because it can maintain and provide a transparent view of the transactions made with digital money without the central authority to approve it. The transparency, speed, accuracy and cost-effective are the factors that can drive growth.
Without any doubt, Blockchain Technology has the potential to transform the mobile app development industry by creating a trustworthy and public accessible platform to promote communication and actions on mobile apps between business and customers. But since it’s in a nascent stage at the moment, the majority of the people are afraid to try it out.
What do you think about this wonderful technology? Do let me know in the comments section below.