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Blockchain- A worthy Asset For Mobile Applications
The emergence of Blockchain Technology came into the limelight after the success of Bitcoin. This technology is taking over the world as it is the most trusted all-in-one cryptocurrency. It is the foolproof technology to save our confidential data from the cyber threats. It can definitely become the next internet because of the way it functions and it would surely increase the transparency, security, and efficiency of transactions. The massive success of this technology has made it the prime choice for all the industries.
Blockchain Technology in Mobile Apps
Blockchain has multiple usages apart from the bitcoin payments. It can be a highly successful technology in the field of Mobile Applications because of its trusted network communication. Here are few areas of mobile app development in which blockchain can be proved fruitful.
1. Proving Identity
2. Simplify and provide Transparency in Payments
3. Manage Property, Healthcare records
4. Transferring and Transaction of money will be simple
5. A mutual settlement between financial parties
6. Anonymous Voting System
7. Domain Name System (DNS) / Public Key Infrastructure (PKI)
Suggested Read: Protecting Yourself And Your Business In The Coming Block Chain Era
By Jonathan Anderson, Chief Technology Officer Of IOT Security, Intel Security
Implementation of Blockchain Technology in Mobile Apps
A number of factors are responsible for implementing the Blockchain technology Most importantly one must have a planned approach which will motivate the developers in contributing towards this technology for mobile applications.
The Blockchain will be looking after the transactions, which includes two major points
1. To arbitrate the ownership of shared resource value
2. To record numerous data on the transaction like quotes, bills, payments of different things.
Blockchain will be proved more fruitful if aimed towards a community rather than individuals. Mobile app firms must be referred to get a detailed understanding of the cost of app development and other major factors as well
How Blockchain will aid in Boosting Mobile App Security
• Data Transparency
Blockchain provides a decentralized system wherein all the users can access the network. However, in Blockchain original data cannot be altered thereby making it a more secure and transparent system.
• Brand Infrastructure
Blockchain technology provides a more secure environment for the owners of mobile applications. It enables the brand owners to keep a check on the DNS entries thereby giving them more power over the domain. This technology makes it impossible for anyone including the government to manipulate or tamper the entries.
• Toss Out the Fear
We always come up with the worry of our passwords getting leaked. The Blockchain technology aids us is tossing this fear out as we do not require any password for the transaction or to authenticate any device. The two parties involved in the transaction make the payments through SSL ( Secure Sockets Layer).
• Security is the Key Factor
It is unfeasible for the hacker to hack the entire system as the data is not stored in a server rather it's in every block. Therefore, blockchain provides the users with private key encryption thereby taking care of their identity protection. This architecture of blockchain makes it certain that there can be no misuse of data.
Though blockchain is a secure form of communication network it brings in a number of challenges to be confronted. Many issues could be confronted like testing and distributing the app and the accuracy of data. In addition to this, developers may also come across bugs like mandelbugs or heisenbugs, that can add up to the adversity.
Conclusion: With a number of benefits it offers, blockchain technology will expand its existence in the field of mobile app development. Developers will keep on utilizing this technology to augment the security of these apps.
With everything coming up with its positive and negative, one must understand that adoption of blockchain technology would definitely be a challenge, although it's one of the secured forms of communication.
You may like: Blockchain to Revolutionize the Financial Industry
By Safwan Zaheer, Director, Financial Services Digital & Head of FinTech, KPMG US