What Is Blockchain Technology And How You Can Utilize For App Development?

As soon as we talk about Blockchain technology, the next thing comes in mind is cryptocurrency. The Bitcoin is the most successful application of Blockchain technology. The Blockchain technology was created to serve as a public ledger for sorting all the digital transactions.

Let’s discuss the most common questions about Blockchain technology.

What is Blockchain technology?

The blockchain is an untampered digital ledger of economic transactions that can be programmed to record not just financial transactions but every online transaction.

How does the Blockchain work?

Let’s recall the key features before we get into the details:

• Blockchain keeps the record of all the data exchanges, this record is referred as a “ledger” and in the cryptocurrency world, each data exchange is a “transaction” and every verified transaction is added to the ledger as a “block.”

• It utilizes the distributed system to verify each transaction; peer-to-peer network of nodes.

• Once signed and verified, then the new transaction is added to the blockchain and cannot be changed.

Every time transaction occurs, that transaction is signed by authorized person. Those transactions might be something like “Allen is sending Barry 1 BTC,” it includes Barry’s address and the digital signature of Allen. This transaction gets added to the ledger of the Blockchain and also includes the timestamp and unique ID number. When the transaction occurs, it is broadcasted to a peer-to-peer network of nodes.

What is the idea of decentralization?

The Blockchain is decentralized technology. It is a public ledger that is used to record transactions across many computers so that the records cannot be altered. Decentralization means the network operates on the user-to-user basis.

How Blockchain enhances the security?

Blockchain technology ensures that your data is encrypted, which means that modification in data is impossible. Since the Blockchain is decentralized in nature, it does not rely on one central point of control. Instead of depending on a central authority to securely transact with another user, Blockchain utilizes innovative protocol across a network of nodes to verify transactions and records data in an incorruptible manner.

How to use Blockchains for mobile app development?

When it comes to mobile app development, Blockchain has contributed lot and made it possible to create apps that are free from fraud, data leaks, and security threats. Let’s discuss the benefits of Blockchain technology in app development.

The highest level of security

Blockchain technology uses the series of interconnected blocks, where each block includes transactions data and the timestamp for the prior block. The data is encoded as a cryptographic hash, if you want to edit the information of one block then you have to edit all the subsequent blocks. The total number of blocks can be in millions or even billions, it reduces the chances of fraudulent activities.

Reliable and tempered proof

Interlinked, decentralized, secure ledger and distributed nature of Blockchain’s hardware enhances reliability.

Relatively Simple

Comparing with other technologies, Blockchain is relatively simple to develop, integrate, maintain, and utilize in your mobile app.

Blockchain technology has lots of advantages, but it may not fit into every type of mobile app. For example, if your app only publishing contents without any active transactions then you don’t need Blockchain at all.

Some common types of Blockchain-based mobile apps

• Apps for exchanging cryptocurrencies can make things easier for asset traders and miners like stock market apps, such cryptocurrencies apps allow you to control your digital assets and trade with them.

• Electronic wallet apps that can store your digital assets and allow you to spend on transactions involve Blockchain technology.

• There can also be digital assets tracker apps to provide you the information about rates, cryptocurrency trades, market dynamics, and detailed information of cryptocurrencies.

• Retail apps allow their customers to pay through the cryptocurrencies are another type of Blockchain based app.

• Smart contract or self-executable protocols that respond automatically to some predetermined triggers is another benefit of Blockchain technology that can be used in mobile apps for driving automation.

Incorporating Blockchain into mobile apps requires in-depth knowledge of the technology and, many other things like network, programming languages, and various processes like front-end, back-end, and quality assurance for different mobile platforms, and so on.

Key considerations to interoperate Blockchain into mobile apps

• For the network options, you have two broad choices like ‘permissionless Blockchain network’ and ‘permissioned Blockchain network’. The permissionless Blockchain network boasts of wider and unstrained access, while the permissioned Blockchain network is a closed network ruled by accessibility constraint and regulations.

• Generally, there are two categories of Blockchain based apps, that are apps for cryptocurrency and apps for smart contracts.

• The mobile app developers have to choose between 25 Blockchain platforms including open-source, public platforms, and private platforms.

• Apart from traditional programming languages like C++, Java, Python, and so on. Developers need advanced Blockchain specific languages like Simplicity and Solidity.

The Blockchain technology is going to serve the app developers as the best tool that is capable of carrying their apps to the next level. The apps based on Blockchain technology can drive innovation for the business process and at the same time enhances the security, efficiency, transparency for the customers. However, being a complex technology, it requires skill and expertise to have it integrated into your business apps. In the coming years the Blockchain being built into countless mobile apps, ranging from finance to retail, supply chain, and many other industries.

It is always important to maintain your applications and work for getting better over time with the valuable feedbacks from analytics concerning performance glitches, storage, and memory shortcoming, latency issues, and frequent crashes. Review your customers feedback because only your customer can give you the best suggestions for improvement.

At Fifium, we are developing the customer-centric apps for our customers. Our developers are highly skilled and experienced, they use the latest technologies and tools according to your requirement. So, if you are looking for the app development agency in UK, then contact us now.