As per the recent study of Accenture, banks and financial institutions can save more than $8 billion on their transactions every year if they use blockchain. Not only financial institutions, nowadays all types of industries consider the importance of Blockchain and want to implement it in their business operations to make their payment more secure and fast. 

While most of the organizations are adopting this latest technology for a plethora of scenarios, is it right for custom mobile application development? Let’s figure out the answer of this question through this blog but before that let’s look at some trending stats of blockchain:

Worldwide spending on blockchain solutions from 2017 to 2023

Now, here are some more stats of blockchain worth noting

• By the end of the year 2024, it’s expected that companies of all sizes will spend approximately $20 billion every year for blockchain technical services.
• Approximately 90% of the European and U.S. banks had started exploring the potential of blockchain by the year 2018.
• About 74% of tech-savvy executive team members say that they believe there is huge business potential in the blockchain technology.
• 23% of businesses worldwide expect to invest approximately $5 million to $10 million in the blockchain during the year 2020.
• Financial industries alone have spent approximately $552 million on the blockchain-powered projects.
• More than 20 countries have adopted or at least researched the concept of a national cryptocurrency.

All the above stats indicate that blockchain is on boom these days. But is it good for the mobile app industry? Let’s find out:

There are many pros and cons to developing a mobile application with this latest technology. One of the major advantages of blockchain is the security that it provides because a blockchain integrated application cannot be corrupted and is always transparent to the users. 

But, these traits of blockchain bring both challenges and opportunities. In this blog post, we will look at what makes this trending technology different. Also, when it makes sense to use blockchain when creating mobile apps.

Blockchain Bags many Big Players

Custom mobile app development is an expanding area of technology with many newer players and companies are using blockchain technology in their operations. Blockchain is not a short term or gimmick; there is even a state in the United States which is now accepting cryptocurrency as payment for its taxes.

In addition to this, technology leaders are embracing blockchain like never before. The technology giant, Microsoft is launching an enterprise-grade blockchain solution. On the other hand, LG is working on a blockchain-based project which is known as Monachain. Fujitsu also has a new technology than extending its blockchain functionality. Even recently, Facebook is planning something with blockchain technology as well. 

All of this interest of big technical giants seems to foretell that blockchains technology will definitely disrupt the mobile application development field. Blockchain provides many advanced features to the mobile applications, which will resolve many challenges and open up new opportunities for your potential customers.

How Is Blockchain Different From Other Mobile App Technologies?

Acting as a ledger data structure, Blockchain technology is mostly discussed in the context of transaction records and bitcoin, but it has many other important uses. The blockchain algorithm does something that other algorithms can’t.

It allows all kinds of digital information to be distributed to various platforms, but not copied. This is the architecture of a novel kind of internet. Apart from a backbone for bitcoin, custom blockchain development has many uses in this digital technology world.

There is not a single authority that is accountable for the management, storage, and organization of the crucial data with a decentralized app. Each and everything is stored on blocks, which later is distributed on a ledger, ensuring maximum transparency, traceability, and the inability to alter this in multiple forms.

This operates autonomously in various forms. However, as there is not a single owner of this process, all the changes are made by the consensus of all its stakeholders.

What are the Pros and Cons of the distributed databases?

Blockchain as a tool typically comprises a distributed database that consists of blocks of data. Each of these data elements possesses its own timestamp and links it to the previous block. Generally, these databases are readable by many but can’t be updated by any single user. It is a peer-to-peer architecture versus a client to server architecture. Then, all the transactions can be carried out in a secure manner without the validation of any third party.

A database that is distributed can be very beneficial in various ways. All the actions are then coordinated by transferring all the important messages from one application to another application or through the shared memory. 

It makes them much more accessible than any non-distributed channels. In addition to this, they perform and work best when it comes to any failures as it isolates parts of any particular network.

Like everything, there are minuses and pluses. One of the biggest disadvantages is maintaining particular data consistency in a distributed database like Blockchain. The current update in this area doesn’t automatically mean that this update is done through any particular system. For instance, in the case of bitcoin, changes that don’t occur all the time may allow its user to release it more than once in any case. This doesn’t mean that it’ll not become consistent. It will eventually, but it may be later. Consistency is one of the most important factors for a “healthy” chain.

QA Will Become Even More Complex

In the first place, you have to be pretty ready for the challenge and quality assurance. You don’t just test it on any computer; There is so much more involved in this process.

You have to be prepared in order to deal with some mistakes as some mistakes will even change his tested behavior. You should remember that you should try this on a large network with many nuances. When you decide to use this technology for all its purposes, you should plan for a higher quality guarantee period.

The Direct Value of Blockchain

Blockchains contribute a lot to the development of more efficient and effective business processes. This adaptation is at the root of its challenges is the essence of being useful as a book. There are both disadvantages and advantages of working with this new technology in developing custom mobile applications. It is crucial to note that she is still in its infancy. Most of the present challenges are likely to become obstacles in the future.

Just like everything else, it is a process of constant evolution. Blockchain has shown its true value. The mobile application development revolution is already here, so it is the right time to wake up quickly.

Blockchain and Mobile App Development Go Hand-in-Hand

Like new technologies such as voice recognition, augmented reality, internet of things, virtual reality, robotics, artificial intelligence, and blockchain, a new term emerging in Industry- the age of cloud computing. We have also moved beyond various conventional digital technologies. Blockchain is not in its infancy; now it is like a baby. 

With various optimum quality tools, standardization and associations, it can grow and fulfill its potential of serving humanity through ways of transforming and uplifting. Some common examples are insurance, banking, currency exchange, contract management, voting, and so on. The blockchain technology reduces brokerage and maximizes data security and transparency, and the potential use of this technology makes it particularly attractive. 

If you do not understand how to incorporate the blockchain technology into your other mobile applications? Below I would like to mention some tips and tricks that can be a significant help in this area.

1. Learn about various blockchain-compliant custom mobile applications

Even if you are surrounded by many utilities, this technology may not suit every type of mobile application. Likewise, an application that publishes content without any active transaction interface does not need a blockchain at all. 

On the other hand, if you use an application loaded with a sports transaction interface, a payment gateway, or a mission database, it requires active support for secure and decentralized database technology, in which case blockchain is the right choice. 

Depending on whether you call so-called mobile app finance and security apps to turn the apps into collaborative supply chain management.

Creating an exchange program of cryptocurrency makes things quite easier for the miners and real estate traders. Most of the securities programs provide cryptocurrency programs. All these types of programs provide you complete control over your various digital assets and can be used to do business in many ways. 

These cryptocurrencies can also be used for different types of transactions and payments when blockchain is launched. In addition to this, electronic wallet programs also allow you to spend your money and digital assets on blockchain-related operations.

There are a plethora of digital asset tracker apps that endeavor to offer you updated information about the trades, rates, market dynamics and a portfolio of different types of cryptocurrencies. Also, there are many retail apps which is another type of blockchain-based mobile app which allows its customers to pay in terms of bitcoin or other cryptocurrencies. 

In addition to this, have you ever come across the term self-executable protocols or smart contracts?

These smart contracts respond automatically to some predetermined triggers that act as another facet of the famous blockchain technology. In addition to this, it can be used in mobile applications for driving automation.

2. Consider the main technologies

Integrating blockchain technology into mobile application development needs a comprehensive understanding of this latest technology and various processes such as blockchain platforms, networks, programming languages, front-end, back-end, and various mobile applications. quality assurance etc. Here are some things that you need to remember

While searching for various network options, you can think of 2 broad options: the first one os “unauthorized blockchain network” that supports bitcoin, Ethereum, and the second one is “authorized blockchain networks” that support various platforms like multi-channel. 

The former can be also used to extend unrestricted and wide access, while access restrictions & rules restrict the latter one that is why it is called a closed network. Moving forward with the 2 broad categories of blockchain-based mobile applications, one is smart contract applications and the other is cryptocurrency applications.

When you hire mobile app developers, you have to choose from 25 blockchain development platforms, including public and open, as well as various other private platforms. In addition to traditional programming languages ​​like C++, Java, Python, to name a few, mobile app developers can opt for more latest blockchain languages ​​such as Solidity and Simplicity.

3. How to Install Blockchain

There are a plethora of benefits to creating a mobile app for blockchain technology. Once you have dealt with the above, it is best to go through various practical steps of creating blockchain-based mobile apps.

You should choose the right consensus-based mobile app development approach. You should be well-aware that a mutual compliance policy makes sure the security and unlimited availability of blockchain technology. It is the right time for you in order to choose a consensus approach that best fits the role of the program. 

Elapsed time, proof of work, bet proof, round-robin can definitely be considered while looking for some alternatives that are simple. Therefore, you need to choose a precise method that is based on your programming requirements.

Design Architecture- I think you have chosen a perfect configuration for your design architecture so far. It is the right time for the blockchain using a hybrid, cloud, or internal design. Fortunately, you have a plethora of options regarding the operating system, processor, disk size, and memory. You just have to ensure the design architecture you choose depends on the mobile operating system platform that you are developing the mobile application on.

UI and Admin Panel Design- Now finally, it is time for you to create the Admin Panel and user interface. Using the programming language interface, dedicated application servers, and external database the task can be accessed easily. With this console, you can run the app easily and remember to plug it into the final analysis.

Let’s Wrap Up

From the above-mentioned discussion, it might be pretty clear that Blockchain development technology due to its secured and highly-advanced features are making a plethora of industries to create Blockchain-based mobile applications. Nowadays, many software development companies in India are using Blockchain as a major technology in their custom software solutions.

In the coming years, from finance to retail, supply chain and various other major industries, this Blockchain Technology will be considered as a crucial part of various mobile apps development. If you also want to implement blockchain in your mobile application, you can choose a good blockchain development company for your project.