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Blockchain technology in mobile app development
Blockchain became well-known primarily because of the Bitcoin cryptocurrency. But today this technology is much of interest to largest corporations and government institutions.
Blockchain is a distributed decentralized database where storage devices are not connected to a common server. This database stores an ever-growing list of ordered records called blocks. Each block contains information about the time and the previous block. When carrying out operations with the use of this technology, each transaction is recorded in the system as a new chain link, which automatically receives and contains digital information about the entire chain as a whole.
Notably, when developing a blockchain any database can be used as well as any programming language. In most cases C ++ is used; blockchain is just a data structure of a particular type.
Each of us at some time lost information. This earlier happened for example while uploading photos. Such a problem does not affect the blockchain directly, since absolute distribution solves this issue.
Of course, mobile blockchain apps could be very relevant in business. For example in transactions, workflow, contracts. Business appreciates security greatly and blockchain can become a worthy solution. Mobile app development for business has long ceased to be just a trend. The mobile apps market is growing rapidly, devices are becoming more functional and as a result business itself is becoming extremely mobile.
Blockchain has become synonymous with security. It’s an excellent solution for services whose users worry about data safety: medicine, insurance, law, etc.
How exactly does this technology make a mobile app better?
- It provides transparency of decision-making, helps establish trust between network participants;
- digitizes all processes (digital recording control);
- encrypts data;
- unifies the rules for all participants;
- ensures compliance with the rules and fulfillment of obligations by all network participants.
Spheres of use blockchain in smartphone apps:
- money transfers and payments;
- transacting mutual settlement;
- health monitoring;
- storage of databases, hacks and unauthorized changes protection;
- DNS / PKI (key and name storage services);
- anonymous voting systems, etc.
Using blockchain technology reduces the cost of:
1. Financial operations
Blockchain reduces the cost of maintaining transactions records significantly and allows ones without intermediaries. Any member of the system can verify the transaction authenticity.
2. Crowdfunding companies
Thanks to the blockchain technology possibilities it became feasible to attract investment in projects through the issuance of special analogues of securities – tokens placed through ICO.
3. Data storage
A decentralized blockchain-based database protects information from hacking and falsification.
Blockchain-based digital identity provides effective personal data management tools. The data owner will be able to determine its accessibility him or herself.
5. Contracts establishment and execution
“Smart-contracts” allow you to regulate and control the fulfillment of obligations under the contract.
6. Registration and verification of the authenticity of documents
All blockchain blocks’ data is always open to everyone. It’s easy to verify them and easy to track any change in information. Blockchain completely eliminates the need for a third party involvement.
7. Supply chain
Blockchain allows you to track the process of goods production for its compliance with the declared standards. Thanks to this technology it’s easy to confirm that the goods marking, date and place of production are genuine.
8. Intellectual property protection
Blockchain-based business apps make possible to monitor copyright compliance.
9. Registry management
Blockchain is a reliable way to store information about transactions, contracts, and everything else that needs to be recorded and verified.
Cons of blockchain implementation
- Blockchain systems performance is lower than that of highly loaded ones;
- Lack of developers;
- Infrastructure investments are required (security, private key storage system, smart contract code verification).
Talking about protecting a system or application we mean protecting data, a file, a document or a contract that is or will be saved in a mobile app. In blockchain, it is almost impossible to perform data spoofing. Thus, your users can be sure that attackers will not get any personal information. Today there are arise some situations when servers are hacked, which leads to a compromise of a large number of users. Using modern databases in conjunction with blockchain technology can solve this problem.
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