Mobile apps have become an integral part of smartphones and, consequently, human lives. Apps cover almost every need of ours, be it shopping, buying groceries, listening to music, paying bills, etc. The best part is that we can complete all of these chores from anywhere in the world, even when lying on the bed. Many of these apps require payments for enjoying various services. We need to enter personal details, bank info, and other sensitive information while making online payments using the mobile app.
At this point arises the question of security. Mobile apps need to offer impenetrable protection to their users and safeguard their personal and sensitive information against unauthorized accesses and cyber attacks. Blockchain integration in the mobile app development process is considered a trend expected to revolutionize the online shopping experience with great security. Top mobile app development companies are looking forward to integrating this trend and making their in-app transactions more secure. In this post, we’ll be discussing how blockchain in mobile app development is paving the way to a safer environment for the users and its other benefits.
Perks of Blockchain Technology in Mobile Apps
Blockchain technology is a decentralized, distributed, digital ledger made of a growing number of blocks. These blocks contain records of transactions, a timestamp, and a hash of the preceding block. Hash is a cryptographic code that is generated or created by a unique algorithm. So, in other words, we can say that a blockchain is a growing record of a list of transactions called blocks that are linked together through cryptography. Let’s see how this technology enhances security and makes the app more reliable for users after integrating into mobile apps.
#1 Excellent Data Security
One of the main advantages of using blockchain technology is the security it provides through cryptography. Blockchains are carved to give the best level of protection thanks to the cryptography, which adds the most impenetrable encryption to the data transfer. It makes the history of transactions or any recorded data unalterable due to cryptographic hashing. Every block, along with the transaction data, houses a cryptographic hash of the preceding block.
Even if attackers succeed in altering the hash of a particular block, it would be next to impossible to alter every block’s hash as each of them is unique. Therefore, integrating such a technology in mobile apps opens the door to a more secure payment method for customers as their sensitive information remains protected.
#2 Blockchain Technology Adds To The Transparency
Blockchain technology in mobile apps provides greater transparency to users while making in-app purchases or other transactions. If any change is made in transaction data or blocks, which is next to impossible in the first place, it can be viewed by the user. The transaction, once done or recorded in the system, cannot be altered by anybody.
Moreover, if multiple users are involved in the system, every user’s transaction is visible to all of those involved with the system. But the details of the one who made the transaction are not disclosed; only the transaction history is visible to every user involved. This is how blockchain, as a distributed and decentralized system, improves transparency, and provides a secure passage to carry out transactions for the user.
#3 Better Reliability and High-Speed Transactions
Blockchain technology in mobile app development provides a secure environment for the users and a reliable one. Many of us have seen that while making payments, sometimes the payment gateway crashes and takes a lot of time on several occasions due to overload or problem from the servers side. Many times these types of payment gateways take time because centralized third parties lead them.
Blockchain solves these problems quite efficiently as it is a decentralized and public ledger. Moreover, there is no centralized third party, and it is completely autonomous. This blockchain quality makes these mobile apps reliable as they are under no pressure. Thus they don’t require any permissions. Also, due to the same reason, they are the fastest payment system.
#4 Minimising Transaction Costs
A considerable amount of money is wasted when developers are involved in a payment gateway that operates or runs under the control of a centralized system. This is because there are various third parties, including banks that manage transactions and records. A significant amount is spent by the mobile app on these intermediaries every time a transaction is made, such as merchant processing fees. But blockchain, as we know, is a decentralized system that requires no third-party or intermediaries; therefore, the transaction costs are cut to a large extent. Thus this is another advantage of blockchain that offers swift and secure payment gateway to its user and cuts transaction costs for the mobile app provider and the users.
The integration of blockchain technology in mobile app development promises a safe environment to users to carry out transactions through blockchain-powered electronic wallet apps. Electronic wallets are not the only examples of blockchain in mobile apps; digital asset tracking apps and retail apps are examples of this trend. A lot of research is being carried out in this field, and it’s expected that in the coming years, we’ll see blockchain being involved in fulfilling more needs of users via different types of mobile apps.