Blockchain Integration in Mobile Apps: Building Trust and Security
The blockchain industry became a threat to the traditional cloud market within the last few years for all the right reasons. The technology has become the epitome of cybersecurity, data protection, performance, and transparency.
After Bitcoin displayed the possibilities of using this technology, Blockchain successfully infiltrated several industries including healthcare, mobile apps, fintech, retail, manufacturing, shipment, and many other industries.
A Statista report says, by 2024, the size of the blockchain market is expected to expand to a whopping $19 billion compared to the $6.6 billion market size in 2021. Blockchain experts are combining its possibilities with several other technologies including websites, mobile apps, AI, metaverse, etc, and in this blog, we will specifically talk about the possibilities that become reality when apps and blockchain fuse and become one.
App data security
Blockchain offers a decentralized server and secures the data using cryptographic algorithms. Whenever data is saved on a blockchain server, it is saved in the form of blocks and each block keeps a bundle of transactions inside it. To access the entire data, one will have to decrypt all of these transactions in all blocks which requires a massive amount of time.
Additionally, only users with authority can influence the data but even then, these authorities leave their traces such as timestamps and user information whenever they interact with a blockchain server.
As mentioned above, blockchain keeps a record of every tampering done into any transaction on the server. In case of anomalies, using these records it can be tracked what data has been manipulated, when did that happen, and who did it to fix the problem.
The loading speed of an app impacts its growth. According to Google, any app page that takes more than three seconds to load increases its bounce rate. And that is the reason why developers have been restraining the size of the app to make them load faster. Using blockchain has solved this problem.
The server allows app developers to build apps that load faster using blockchain technology. Blockchain also eliminates the need for third-party approvals using Smart Contracts. These Smart Contracts are a set of programs and rules updated on blockchain servers to scan and automatically approve or decline transactions.
Blockchain is helping software development companies build more trustworthy apps as it gives users the privacy and control they need to keep their data safe. The decentralized server makes it impossible for anyone to access or control data except the data owner itself. The data owner AKA the app user gets the ability to choose who they want to share their data with to keep their data safe.
No advertiser, marketer, or any other party that does not have the authority will be able to access the user data stored on the blockchain servers. These servers also keep a record of every action taken on the data including sharing it with any party; an action that leaves a permanent record.
Improved ratings and reviews
For app developers, blockchain is also a key that can improve their brand image. The technology, with its UI/UX standards and amazing performance, can attract good ratings and reviews on the app which ultimately helps the brand of the app owner as well. These ratings can influence an additional user base to make decisions faster to use the app.
Plenty of platforms like the Google Play Store, Apple App Store, etc publish app ratings and allow users to share their views. Having great ratings can be a great shortcut to help your app grow its user base.
Safer financial settlements
As mentioned above, blockchain eliminates the need for third parties to review and approve transactions using smart contracts. Once a transaction is processed, smart contracts review the transaction to identify whether it meets all requirements and regulations to approve it or not and within seconds approve or decline the transaction.
This ability of the server enables faster payment settlements. Now payments can be made across nations within seconds which previously took days to process. Users can claim insurance faster and settle their money within minutes.
App development is a complicated process and each phase of the development process is as important as the other. Whether planning the app, designing it, or building a prototype, an app development process is designed to make users’ lives easier. However, cyberattacks became a concern for the industry, and technologies to counter them got popular.
Technologies like AI, blockchain, smart contracts, etc gave developers the hope that was needed to make the app development industry safer. AI automated the app security part and provided developers with an eye that would continuously monitor the app data.
Blockchain was previously restricted to large industries due to the requirements of resources to manage the server. However, now, blockchain developers have made Proof-of-Stake (PoS) a common blockchain consensus that enables easy accessibility of the technology.