Blockchain technology is at a rapid phase moving forward with enormous growth and this technology is trusted by many renowned industries and experts. It has launched recently but the trust it gained is immense and undoubtedly appreciable.
Taking forward this technology into designing and developing mobile applications. It is a great initiative when situations around us are getting modernized day by day. The inclusion of these two will give profitable results in the coming future.
Blockchain technology is an open ledge and it is completely decentralized. It assists in processing digital transactions like Bitcoin, Litecoin, Ethereum, etc.
It discloses the digital data, but that data cannot be duplicated or forged. This resulted in the data having its owner.
Blockchain has stepped into various other industries as time passed some of them are healthcare, banking, finance, insurance, and real estate.
Now, experts and many industries recognize the capabilities of blockchain technology. Everyone is in belief that blockchain has the potential to create an impact in the development of the mobile app industry.
Blockchain technology advantages
Blockchain technology has several advantages and it has the capability to act as a channel to process transactions for various industries like Healthcare, Government, Travel and Hospitality, Financial Services, Retail and CPG.
Financial Services: Blockchain technology is offering its services in the financial sector, this technology has been executed in many innovative ways.
Healthcare: Blockchain has a major role to take in the healthcare field by increasing the privacy(personal and financial), security and interoperability of healthcare information.
It has the potential to defend various interoperability obstacles in the sector and ensures secured transfer of healthcare data between the institutions and people involved in the process.
It eliminates the interference of a third-party and also minimizes the additional costs. Blockchain technology assures the safety of healthcare records in distributed databases by encrypting it and processing digital signatures to ensure privacy and genuineness.
Government: Blockchain technology has the ability to transform the Government’s operations and services. It can be a major part in improving the data transactional obstacles in the Government sector.
CPG and Retail: There is a great chance for Blockchain technology to implement it in the retail sector.
Key Challenges of using Blockchain Technology
The lack of apprehension and erudition about Blockchain capabilities and its functioning process are the major hurdles of implementing Blockchains technology in several other industries apart from the financial services sector.
The obstacles related to current legacy resource in organizations and lack of deep technical apprehension are the major problems in the adoption of Blockchain in the mainstream.
Impact of Blockchain in mobile application market
Statistics say that the mobile app economy is increasing at a rapid pace and this growth is not limited to days or months, the growth will be constant and it’s not going to stop in the future.
Most importantly when it’s considered to be the most valued (about $6.3 trillion) technology of the year 2021, and with the day by day growth in mobile app usage, there is an urgency for millions of more new apps to be developed in the future.