The infusion of Blockchain technology in mobile app development is a disruptive combination beyond Bitcoin and cryptocurrency. Blockchain is known for its decentralization, transparency, and security capabilities, ensuring every data is enclosed with immutable blocks. Blockchain in mobile app development is emerging as a boom, particularly in apps of banking, trading, healthcare, digital wallets, etc. In short, where data management and transactions are the major concern, Blockchain will get your back.
In the US, the Blockchain surged from USD 7.2 billion in 2023 to an impressive USD 325.6 billion by 2033, achieving a robust CAGR of 46.4% over the forecast period (2024-2033). This remarkable growth of Blockchain is highly noticed to embrace the business potential. Blockchain applies to the financial industry and has been extended through diverse sectors, including real estate, healthcare, education, and Government.
If you are interested in building unique apps, you must find a trusted mobile app development company that is also a top-rated blockchain development company to ensure your app will be developed with next-level expertise. However, if you decide to build a blockchain-based mobile app, you must know the possibilities of using Blockchain in your app.
Surprisingly, every mobile app development company Chicago that provides diverse services are comparatively affordable and exceptionally talented in their work due to qualified resources in diverse tech niches. In this blog, you will discover how blockchain technology can embrace the potential and security of mobile app development with real-world use cases.
5 Use Cases of Blockchain in Mobile App Development
Blockchain in Payment & Transaction
Blockchain is prominently used in transferring secure payments across borders. It provides a simple and well-encrypted exchange of money with saving records of transaction history in the form of a digital ledger. Blockchain technology is way faster than the traditional payment process, reducing time from days to hours and saving unprecedented costs. With higher transparency, Blockchain draws out intermediaries in the payment process because it delivers pro-level authentication using an immutable and decentralized process system.
Blockchain Smart Contracts
Smart contracts are built-in programs with predefined principles in code. The self-executing system will help proceed faster when the specified condition is met. Based on predefined conditions within the code, action is performed automatically without intermediaries or middleman validation. Moreover, Blockchain smart contracts are the epitome of transparency, trust, and efficiency in data transfer or transactions.
Blockchain Incorporated With IoT
IoT has emerged as the revolution in the tech industry, helping devices and apps seamlessly connect to exchange a diverse range of data. Due to the higher level of connectivity, the surge of security concerns was the major bottleneck and obstruction in redefining the efficiency of IoT functionalities. Thanks to Blockchain technology, which helps to improve security measures within IoT-based devices and software. As IoT devices and software contain numerous data in their databases, a protective layer of Blockchain technology is a bliss to prevent hackers from stealing data. Smart gadgets like smart home devices such as Alexa, Smart thermostats, wearables, connected cars, healthcare devices, etc, are very common examples of IoT devices that contain blockchain technology to ensure security and transparency.
Blockchain In Mobile App Security
Mobile app development with blockchain security is the ice on the cake. Blockchain technology can improve mobile app security, including data protection, data transparency & validation, protection of infrastructure, replacement of passwords, smart contracts, and digital payment via mobile apps. It ultimately reduces unauthorized accessibility, identifies threats, and manages vulnerabilities using robust cryptographic encryption, immutable data records, as well as consensus mechanisms. Whether you want to build an eCommerce app, healthcare app, or anything in between, features like online payments, Digital Identity Verification, loyalty programs, etc, are the most prominent use cases where Blockchain can protect transactions.
Blockchain & NFTs
Non-fungal tokens, or NFTs, are one of the trending topics in Blockchain technology. The recent surge of NFTs brings ultimate demand for digital items like GIFs, videos, art, music, and other digital content, files, and creatives that sell in Blockchain via mobile apps, ensuring the protection of intellectual property and copyrights. Moreover, NFTs are called blockchain-based tokens with immutability and transparency, encouraging NFT owners to invest and sell their digital items securely with encrypted algorithms. In the government sector, NFTs can play a vital role in turning their paperwork into creative digital items like confidential softcopy documents, educational degrees, birth certificates, death certificates, etc.
Let’s Wrap Up
Blockchain in mobile app development increases the potential to perform efficiently and securely. Incorporating Blockchain with diverse technologies is relatively possible, whether AI, IoT, Cloud, or anything else. Blockchain technology possesses exceptional futuristic features like data decentralization, immutability, transparency, and security, helping app developers lower cybersecurity risks and vulnerability issues.
With the association of mobile app development companies in Chicago specializing in enterprise-grade technologies, you can build perfect mobile apps with feature-rich functionalities and well-versed 360-degree security protection. Blockchain is emerging in diverse business operations across industries, including supply chain, logistics, accounting, and finance. Let’s leverage the power of Blockchain and transform your efficiency and security to the next level.