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Blockchain Technology Trend for Mobile Apps Explained

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Blockchain Technology Trend for Mobile Apps Explained

When Satoshi Nakamoto released Bitcoin in 2009, the world became aware of blockchain technology. Many people ascribe blockchain and cryptocurrency to be the same thing. Now everyone is talking about Bitcoin’s underlying blockchain technology as the most potent tool, from financial fields to healthcare to media and even running government operations, that can be used in many diverse range of sectors. The uses of blockchain are practically endless.

Blockchain is a shared, distributed public ledger of records arranged in data blocks interconnected and distributed on multiple computers. The ledger keeps a record of all transactions concluded across the peer-to-peer network. Apart from peer-to-peer payments, blockchain technology is used for mobile app development. The primary reason for the growing popularity of blockchain is its unchangeable nature of each and every record in the database.

Benefits of Blockchain Technology for Building Mobile Apps-

First and foremost is the inherent transparency of a blockchain. No transactions between any parties are hidden or obscured to any members of the network.

  • The security that’s used in blockchain technology is simply the best, as it leverages some of the most advanced cryptography in existence
  • It is a platform that completes transactions without involving a third party and works as an infrastructure that provides authentication and notarization.
  • Build greater trust with customers leading to better sales and client satisfaction.
  • The chances of financial fraud and systemic risk are reduced by using blockchains.
  • For supply chain management, the blockchain technology offers the benefits of traceability, cybersecurity and cost-effectiveness.

It may appear that the mobile app economy is virtually unstoppable, especially since it’s expected to become valued at about $6.3 trillion by the year 2021. Whether it's an Android or iOS application, if it allows payments with Bitcoin or any other cryptocurrency, it requires Blockchain.

Blockchain provides a new underlying technology for those mobile apps to be built on, introducing substantial differences and important features. Here’s a list of sectors where blockchain technology can be used for building mobile apps:

  • Medical Services
  • Smart Assets
  • Insurance
  • Distributed Cloud Storage
  • Banking And Finance
  • Transport And Logistics
  • Digital Identity
  • Fintech
  • Online Shopping Portals
  • Management
  • Jewelry Business
  • Gaming
  • Digital Voting
  • Elearning
  • Travel Industry
  • Healthcare

Final Thought-

Many blockchain enthusiasts also say the technology will work best not as a new system within the private enterprise, but in its pure form an open-source, publicly accessible platform powered by a global network of users. Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and reduced fraud.

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