Blockchain In Mobile Application Market [Infographic]

Blockchain technology has gained huge popularity in very less span and people started terming it as one of the most reliable and secure technologies developed in this century. Blockchain not only does it supports a wide range of functionality and applications, but it also offers the impenetrable security and automation which made this technology to sit on the top. Considering these factors, we can say that this technology has the potential to serve in complicated industries such as mobile app development. To get a detailed understanding of how blockchain will help in developing mobile applications, we first need to know the advantages that it can bring to mobile app development.

App approval

At present, there are two major app providing platforms available for the users and developers, Google play store and Apple’s App Store, and these two platforms have the authority to make their own choice regarding the approval of apps on their platform. Though the approval process is unpredictable, undisclosed, and complicated, and in several other scenarios these providers act completely unfair to newer developers. With the implementation of blockchain, apps would be verified and approved using a genuine developer eminence system and also by considering the ratings given by users. This keeps both app developers and users on side of profits.

No Middlemen
One of the most popular features of blockchain is its decentralized nature. When transactions processed they are recorded, and no single institution or organization owns the record. All related parties have access to the data and see accurately when and how a payment or transfer was processed.
This data is not stored at a single location, it is distributed across several computers, or nodes, across different locations which makes it less vulnerable to manipulations or hacking. The allocated, decentralized nature reduces the need for an intermediary middleman to transfer apps between developers and users.

Blockchain will solve in-app purchase issues
Even though smartphones are widely used in this generation, there are still so many users who lack the means to conduct an in-app purchases as they don’t have access to payment methods like e.g. credit cards. Even if a user has a credit card with him, this whole payment process is subject to the huge possibilities of fraud because to make a transaction users has to go through the app store charges, gateway charges, card-processing charges, and bank transfer charges. Because of so many steps involved in a payment, a developer will only get a share of 70% from the amount paid for the app. With the help of blockchain, apps reward coins will be used to make payment to the app store, and a whopping 85% share would then go to the developer.

Transparency
If transparency is absent in transactions, it becomes complicated for any app developer to implement a duty correctly and thus fulfill the idea. As we know blockchain is an open-source network and people consider it as genuine means to get access for everyone who is present in the network. They can swiftly and effectively find the record of all its transactions, private and financial information, and data in real-time.

Data Security
The primary advantage of the path breaking blockchain technology is that it keeps the applications in a secured and safe manner. Blockchain uses the most advanced cryptography. And the concept of this
technology is to design app in a way that it has the potential to offer the highest level of safety with the strengthened encryption.

By seeing the above mentioned points, we can come to a conclusion that the execution of the blockchain technology in mobile application development will have tremendous advantages. To give you detailed knowledge of “Blockchain In Mobile Application Market”.

Source: AC Market.Biz