Blockchain: Applications beyond Cryptocurrency
When you hear the term “Blockchain”, the first thing that comes to your mind is “Cryptocurrency”. It is quite obvious as blockchain was introduced to the world as the technology behind cryptocurrency. Those who are not very technical would even consider blockchain and cryptocurrency as synonyms.
However, let us break the ice and learn more on a blockchain. It is true that blockchain is the technology behind cryptocurrency but its applications are much beyond the cryptocurrency. Yes, you read it right. Cryptocurrency is just one mere application of blockchain and it can be utilized for other industry solutions to make them more secure, transparent, fast and reliable. Blockchain is the most trending technology at present and so is mobile. The smartphone revolution has connected people from different parts of the world via the internet. You must have used various mobile applications to ease out your tasks, play games, social media and whatnot. The hottest trend right now is the intersection of blockchain and mobile i.e. blockchain-based mobile apps.
“If you are thinking that blockchain based apps will only be paid apps then give it a break!”
Blockchain can be implemented to develop an application of any genre. Now, you must be thinking that why to use blockchain when the current technologies are efficient. Once you learn the benefits of blockchain based apps, this question would no longer exist.
Impact of Blockchain on Mobile App Development
Blockchain comes with a bouquet of advantages and it definitely outshines the conventional apps.
Power of Decentralization
The one big thing that blockchain stands itself apart is the decentralized nature. There is no single control or centralized server. The data is distributed over several servers on the network. Thus, the fear of ofsingle point failure does not exist with blockchain.
Another perk of being decentralized in nature is the open source development platform. This makes blockchain based mobile apps to be developed by anyone on the decentralized network. The openness lets great apps to be built and thus enticing a large number of users to utilize them.
Highest level of Security
As the blockchain holds a distributed database, the data will be stored on various servers instead of one single server. Thus, unlike conventional apps with a centralized server, the chances of the hack are almost non-existent in the blockchain-based apps.
Along with minimal chances of being hacked, another security aspect is that the data once entered cannot be altered. The blockchain is a distributed ledger that is immutable. Hence, the inability to alter the data once entered in the blockchain-based app and less prone to hacking makes it more secure than the conventional centralized apps.
Transparent and Protected
Blockchain is a public ledger, which means open to all. You can view the ledger that shows the public address users and the transaction between them. There is no central authority to handle the transactions and the nodes on the network verify each one of them. This showcases supreme transparency and leaves no scope for tamper.
There are three different types of blockchain: public,permissioned and federated. The public is as the name says open to all;permissioned, as the name says, will require permission to enter the blockchain and federated blockchain can be considered as a hybrid of public andpermissioned where a few superior nodes govern the network.
The type of blockchain can be chosen as per the level of protection required for the solution.
The blocks are added to the blockchain only after being successfully verified by the nodes. It all works on an algorithm leaving behind the chances of any trivial error. The users do not have to worry about efficiency when using a blockchain based mobile app. It includes smart contracts that execute only when the condition is fulfilled.
Along with being efficient, it is easy to trace the transactions on a blockchain. The easy traceability makes it convenient for an audit trail. This, in turn, prevents any kind of fraud and maintains the authenticity of data.
“With so many advantages of the blockchain-based apps over conventional apps, it definitely justifies its need.”
Realworld examples of Blockchain based apps
If you are still wondering that blockchain based apps are still on an experimental level then wake up! The technology has progressed well and we have apps developed in healthcare, retail, real estate, etc. industries.
Remme (secured authentication), AIGang (digital insurance), Amadeus (travel), Tallysticks (account), Steem (social media) are to name a few. Of course, there are many other apps present in the market that eases out the processes like supply chain, payments, etc. which was not efficiently done by the conventional apps.
Thus, we have conveyed that the use of blockchain is not just limited to cryptocurrency. Its application is various other sectors like healthcare, supply chain, retail, etc. can bring a great revolution in how we see things today.