We can see that from past few years many renowned companies and industries taking their chances by keeping themselves involved in developing mobile applications using Blockchain technology. This is because of the advantages and security blockchain provide.
The unimaginable rapid growth of Bitcoin and several other cryptocurrencies that function with the help of blockchain technology are the main reasons for the success and growth of the market.
These are the reasons why app developing companies are highly interested in developing apps based on Blockchain technology. Is this really going to change the future of technology? How exactly this change is taking shape? Let’s find out!
Enabling Cross-border Transactions
Cross-border transactions are not a new topic to this generation. The cross-border transactions or payments came into existence since the evolution of the establishment of banks.
These transactions via banks are very sluggish and it became difficult for people to wait for that long. With the help of blockchain applications, transactions are instant and painless. This happened because blockchain eliminates intermediaries that exist in other ways of sending money.
The Introduction of Smart Contracts in Transactions
When the discussion is about the advancements in the capabilities of applications developed using blockchain, smart contracts is the one that sits on top.
We have seen rapid growth in the adoption of tokenized securities, but smart contracts are the predecessor to security tokens.
There will be many more blockchain applications of smart contracts in future, but there are a few main sectors to include like business, healthcare, and sports.
The world was in severe need of an organized reach for transferring and decoding data. Before, for transactions, the process used to be a client and server side systems. This indicates that the phone and the mobile app would act as clients, and a server located at center will allocate the necessary data upon requests.
This causes heavy trafficking on the gateways because millions of users will jump in to get access to data wirelessly. Blockchain technology delivers the most advanced storage facility and data streaming to enhance this situation.
As it runs with the help of a computer network, it changes every time, it is automatically updated and transmitted to the other machines in the network.
With the implementation of blockchain in mobile applications, following advantages can be achieved:
- Resolves users issues regarding in app purchases.
- Improves advertising model.
- It helps in app transactions to become transparent.
- Improves reward programs.