The blockchain industry is growing faster. It has shown that its potential is far beyond the decentralized transactions. The technology has transformed the face of multiple industries such as health-care, education, real-estate etc. With the time, its gaining popularity among the developers also. More and more websites and applications based on this technology are being introduced. And, if we talk about the usage of this technology in the mobile app development industry, without any doubt, it’s making this industry more powerful. But, how? What’s the need of Blockchain in the Mobile App Industry? And, how it can be used in mobile apps? Let’s check it out.
The Need of Blockchain In Mobile Economy
What Are The Issues of Mobile Economy?
The mobile economy is undoubtedly a rapidly growing industry and as per the stats, it is expected to be of worth $6.3 trillion by the year 2021. the Application stores are flooded with the millions of apps and developers along with the users are getting access to better facilities yet, there are multiple issues that mobile app industry is facing. Like other centralized systems, this industry incorporates the multiple intermediaries between the mobile app developers and the customers.
These all entities sure help in distribution, discovery and also the financial transactions but, at the same time, it prevents transparency. And, that results in causing situations like inaccessible in-app purchases, malware-plagued downloads, data leaks, security threats. These things will have an adverse impact on the user experience as well as on the performance of the mobile app and ROI (return on investment).
How Can Blockchain Help To Solve These Issues?
Along with its decentralized, distributed and secure ledger feature, the Blockchain technology can change the way the mobile app economy works. It has the potential to make the end-user experience seamless and enticing. If it’s applied accurately, it can easily solve the following major issues of the mobile app economy industry.
Through a developer reputation system, the app approval process can be made global and more transparent using this technology. On the public ledger, the reputation system can be directly linked to the financial transactions and will also be available for the investigation. This technology helps in streamlining the app approval methodology and helps users to download the app as per the ranking.
This technology has the potential to revamp the advertising procedure by reducing the middlemen and establishing a new CPI campaign. Focused on Cost Per Attention (CPA), this campaign can help the app developers directly reward the consumers to spend time on their mobile apps. The developers can also measure the time spent on the apps by users. Also, it helps users in storing their earning in the e-wallet.
This technology helps users to spend their CPA reward without any need of credit card or payment solutions. It is also expected to empower the developers to gain get 85% instead of 70% of transaction value by reducing the middleman.
Blockchain Application Development Empowering Mobile App Industry
The usage of this technology is practically endless. Multiple organizations are harnessing its power and offering blockchain solutions that mean it has proved that it’s worth implementing for not only improving the security level but also, for quality control and tracking of items. If you know how to code it properly, there’s no shortage of its utilization. But, the query is what and how we can use it specifically for mobile apps.
There are a large number of the exchange markets on the web and where there is a cryptocurrency, it becomes obvious to have a mobile application for Currency exchanges, asset trading, mining etc.
Whether you’re using an android application or an iOS one for selling anything, if the app does allow the payments with Bitcoin or any other cryptocurrency, it needs Blockchain.
Electronic wallet applications
Any electronic wallet application that permits the storage and the spending of the digital money surely needs this technology.
Apart from the stocks, there are applications that have potentials of tracking the rates, delivering the real-time information about trades, sending notifications and list portfolios of currencies.
There are applications (like fold) that offer an opportunity to make payment for the services of big retailers using Bitcoin. This opens up multiple opportunities within the trading market on a huge level.
Its potential is yet to be explored. The usage of this technology should not be restricted to the financial sector anymore. The utilization and the potentials of smart contracts can really benefit a whole company.
For developing native apps on this technology, you can leverage the benefits from its few features. There would be no need for a generic web browser. Also, it will allow you to develop an optimized user experience.
The industry is still growing and developers don’t know where it and how it will end. But, it’s for sure that even if the cryptocurrency gets faded with the time, there’s a lot potential of this technology than just the finance. Hope, more development using this technology will be seen soon, especially in the mobile app development that would mark an era of more security and smarter solutions.
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Jitender Tanwar is a Digital Marketing Expert. He always like to research and learn new things. He is also a nature lover with keen interest in global culture and heritage.