The Blockchain Technology
Cryptocurrency is something that would change the future. It is purported to change the way we transact business online. The underlying technology that is used in the exchange of cryptocurrency is the blockchain technology.
What is Blockchain Technology?
Without getting overly technical, blockchain technology provides an avenue to encrypt sensitive data and the only people who can see the data online are the ones that are involved in the transaction. This makes online transactions much safer than ever before.
For instance, if you want to sell some of your bitcoins, for example, you can transact with a potential buyer using blockchain technology and it will ensure that the buyer will not only receive your bitcoin, you will also receive its worth as well.
So How Does This Technology Benefit Mobile App Development?
Now that you have a brief overview of Blockchain technology, how does this provide benefit to mobile app development? Well, here are some of the things that you can expect:
1. It Offers Improved Security
There are many e-commerce and m-commerce apps out there already, but there is always this nagging feeling of insecurity when it comes to online transactions.
I mean sure, you can use your bank’s application to transact online, but how sure are you that your data will not be compromised?
Blockchain technology will ensure that any application that makes use of this will have a vastly improved security over other measures.
The reason why it is called Blockchain is that it offers a series or “chains” of interconnected data known as “blocks”. Each of these blocks possesses data and each corresponding block has a timestamp for another block as well.
The sensitive data will then be encoded and stored in what is known as the Cryptographic Hash, which makes alteration or tampering of the data virtually impossible.
2. It Improves App Reliability
Blockchain technology can also make any app more reliable as well. You see, the technology itself is quite stable as it is hosted by many dedicated servers and other related hardware.
Furthermore, any information that is encoded using this technology will have zero risks of getting tampered by a 3rd party. Since Blockchain is hosted in multiple servers across the world, any change in the data blocks can be seen immediately, which will then be acted upon accordingly if something is amiss.
3. It Offers Simplicity
When compared to other concepts that offer the same functionality, nothing can beat blockchain technology in terms of simplicity.
Because of how easy it is to implement blockchain technology in mobile app development, doing so will not only mean that it is cost-effective, but it can also save a lot of time for both the developers and the clients as well.
4. It Offers Frequent Updates
Due to the nature of the blockchain technology, expect to see frequent updates. If you are building an enterprise app, this will become more beneficial for you since the technology constantly gets updated with the latest security measures and protocols in place.