5 ways how blockchain technology will transform the mobile app industry
“ Everything will be tokenized and connected by a blockchain one day” — Fred Ehrsam
Few highlights to understand how Blockchain technology is being adopted worldwide:
- There are 28 million blockchain wallet users worldwide — put up by Statista in 2018.
- Blockchain technology could save banks between $8–12 billion annually –put up by Silicon in 2017.
- Blockchain market globally is expected to be worth 20 billion by 2024.
- Average investment in blockchain projects was found $1 million in 2017.
The blockchain technology which was nowhere to be found a decade back has now tightened up its roots in different sectors. Be it healthcare, banks, retail sectors or ventures dealing with complex supply chain management projects, they all have started acquiring the power of this technology. How? By building decentralized apps that can host the capabilities of secure data storage & quick monetary transactions between two parties without involving extra intermediaries.
However, the technology hasn’t fully stowed inside the market as many people are still dubious about placing their trust & investment structure inside such disruptive technology. For them, Quantumsoftech — blockchain app development company has jotted down 5 ways to make enterprises understand how this technology will be a plus for the mobile app development industry. Let’s roll further!
- Preserving intellectual property
Intellectual property is a crucial part of the enterprises, as it’s intangible, it requires a detailed eye to protect it from duplication or breach. The mobile app is one source that contributes to the intellectual property of the businesses. Blockchain will be the watchdog for the digital assets as it:
- Stores the data & credentials in small packets called nodes into different hardware system of the enterprise which makes the hacking & data twinning — impossible.
- Its strong encryption easily identifies which data is original and which is not.
Hire blockchain developers who know how to lay security components into your apps.
2. No more in-app purchase issues
The task of making payments via mobile apps is still somewhat inconvenient & non-trustworthy. Inconvenient as it requires constant credit card credentials, non-trustworthy as it’s hard to place trust on different payment gateways except for few leading ones like PayPal. Also, various fee in the form of the bank transfer fee, credit card fee, app store fee & more is charged via customers pocket, indirectly. Blockchain in mobile apps will remove all these conditions as it:
- Will generate app coins that users can use easily to make the payments within the apps & will ultimately bypass the need to have credit cards handy.
- Will let users earn the coins as a reward from app owners for their continued usage & constant purchases.
3. Revamped advertising model with blockchain
Currently, mobile app developers in order to publicize & broadcast the apps to the masses are using cost-per instalment advertising campaigns which includes the number of intermediaries or middlemen who gets the share from the sale proceeds which results in less return to the developers. But with blockchain in apps, the campaign will change into cost-per retention strategy where all these middlemen will be eliminated & users with continued usage of the apps will win the coins as rewards which will help them in their in-app purchases.
Thus, developers will get a larger share of sales, customers will get free tokens to make purchases and apps will churn out more sales & reach.
4. More & more participation from people of remote areas into e-commerce activities
Although mobile apps have spread like a volcano in remote areas, there are areas that still lack access to bank accounts or to personal credit cards. This situation creates a hurdle as people residing in remote areas cannot participate in e-commerce purchases & transactions since they don’t have card credentials & ability to pay the exorbitant bank charges or fee associated with payment transactions. But with blockchain in apps:
- The apps will have digital wallets that will generate the tokens or coins as a mode to payment. The users can utilize these coins whenever they want to continue with a transaction. The coins/tokens will have some valuation decided by the owners of the app.
- This way, the people placed in remote areas will have an easy time in making e-commerce transactions, take loans, send money to friends and family without having the payment card essentials & paying the additional service fee.
5. The approval process of different apps will be faster
We currently know Google play store & Apple app stores are the trending and top two stores that houses volumes of apps. We also know how tight & strict the task of app approval is on such stores, especially for new developers who had to meet strict guidelines to get their app on such stores. But apps that house blockchain in their system will be considered & approved first than those apps that lack security & ledgerized system.
We are here to make your hack-proof mobile app!
Blockchain integrates the different computers to maintain, update & secure apps in a ledger format — so that any hack can get noticed by different servers connected. Quantumsoftech is a Gen Z blockchain app development company that helps businesses in building dApps, e-wallets & smart contracts to result in accuracy of data & transactions.
Our team of blockchain developers utilizes the latest tools & resources to turn a white storyboard into a profitable business app. We consult, prepare prototype, develop & maintain the dApps after gaining timely insights from this large industry. Whether you have travel, e-commerce or healthcare related requirement, our blockchain development services deploy best-in industry methods to formulate a mobile application that’s a mirror image to your business.
Shout out to our blockchain development company right now!!!
