Emerging Blockchain Trends for Mobile App Developers

The mobile application development community has always welcomed new technology and produced results that have awed mankind. New and powerful apps are already expected using Augmented Reality (AR) and Artificial Intelligence (AI). We can also anticipate advancement in mobile applications development in India with the most upcoming and happening technology, Blockchain.

Blockchain technology has scope for profound impact over a multitude of industries. Blockchain has already established itself for enhanced identity management, smart contracts, real-time IoT OS, and much more. Indian app developers need to hone this new skill to utilize the full potential of blockchain technology. Although being launched a mere decade ago, Blockchain is transforming worldwide record-keeping systems with its augmented security and tamper-proof tracking system.

In the current times, Blockchain is excessively used for handling cryptocurrency and stock markets. Although, the futuristic mobile development companies in India have already started investing in training and hiring new recruits for Blockchain application development skills. With the mobile application development industry’s precedent growth up to $6.3 trillion in 2021, Blockchain can be an answer to some major shortcomings Indian mobile app developers have been facing. Let’s have a quick glance at the emerging Blockchain trends for mobile app development:

What attracts mobile app developers towards blockchain technology?

Digital transactions have seen a huge spike during the pandemic. Every other app supports an in-build wallet or third-party payment gateways. Blockchain offers a stable base for digital transactions. It works on a decentralized ledger, meaning there is a copy of the database across a network of computers connected with each other and each block contains a timestamp for the prior block in the Blockchain. This provides utmost transparency while ensuring real-time, secure contactless transactions.

The impermeable Keyless Security Infrastructure (KSI) based encryption supported by Blockchain can be put to multiple uses by app developers. This eradicates the need to use a one-time password every time a transaction has to be made and has no risk of being tampered with by the fraudulent. Apart from mobile application development, Blockchain is set to expand in real estate, healthcare, voting, insurance, currency exchange, etc too.

Specialized Digital Wallet Apps

The finance market has seen a huge surge in investments given the trend of cryptocurrency. App developers are busy developing digital wallets specifically designed to facilitate cryptocurrency transactions. Figures speak for themselves. There are around 17.5 million digital wallets in 2021 as compared to 9.2 million in the previous year. App developers in India and around the world are looking for the most innovative ideas while engineering standalone wallets or integrating such with other utility apps.

Empowering Smart Contract System

Blockchain has opened up a new path for secure and authenticated legal contracts while completely removing the middleman. This is more economical and quicker too. It is wholly based on decentralized network distribution and data security by cryptographic techniques. Each block in the blockchain holds a copy of the record containing all the crucial information like ownership, timestamp, and value. The entire chain is always updating in real-time. Any chances of data manipulation are out of the question and even if an attempt is made it is detected instantly. This is a smart new way of signing legal contracts between two parties. Mobile app developers are looking to embed it in mobile apps to ease the job.

Creating Unique Digital Identity

We are all familiar with Aadhar cards. It is a unique identity system carrying basic information for an individual. Similarly, Blockchain provides a facility to create a unique but digital identity for a person. Every participating node in Blockchain is identified as unique and any person owning that node can update their personal info to be used as unique identification proof. So the idea lies in developing a mobile app for digital identity registration. It can later be used as a valid identification document where the need be like in banks, voting, educational institutions, etc. As it is digital, mobile app developers can come up with a feature for auto updation of all the information in the forms through this unique ID.

Developing Stock Trading App

We are all familiar with Aadhar cards. It is a unique identity system carrying basic information for an individual. Similarly, Blockchain provides a facility to create a unique but digital identity for a person. Every participating node in Blockchain is identified as unique and any person owning that node can update their personal info to be used as unique identification proof. So the idea lies in developing a mobile app for digital identity registration. It can later be used as a valid identification document where the need be like in banks, voting, educational institutions, etc. As it is digital, mobile app developers can come up with a feature for auto updation of all the information in the forms through this unique ID.

Improved advertising tools

App developers are paying hefty amounts for promotion as it is cost-per-installment based advertising. Also, they have to pay a middleman, mostly the app stores, to reach a larger audience. This significantly cuts into the profit margin of the developers. This can be easily replaced by a cost-per-attention approach, rewarding users with coins/points for the duration they spent using the app, which can later be used to make in-app purchases.

Summing-up:

Apart from the few sample prospects of Blockchain in mobile app development that we discussed here, a lot more is still possible. We can all hope that Blockchain will help overcome all the security issues and delayed transactions the mobile application world has been facing. It is set to revolutionize the mobile app development industry. App developers are keenly working to build Blockchain into all sorts of mobile apps, ranging from finance to medical, logistics, retail, and many more. One can only assume that Blockchain-based app stores will be the new trend replacing Google’s Play Store and Apple’s App Store in the process.