Blockchain adoption, though highly appreciated, was initially regarded as a speculative eon in the past. But today, it can be largely said to be just where the present-day web was in the late 90s. As it stands, the introduction of the disruptive technology is charting new territory in advancing the understanding of even the average mobile app developer of the potentials and possibilities that its adoption could bring to the industry.
It is evident that players in the mobile app development industry are anticipating a more vigorous and purposeful future of a new age of development that will involve the use of numerous blockchains aimed at redefining governance, power, relationships, and roles, and enabling a new flow of value, as well as improving a frictionless value exchange.
While imagining new opportunities, app builders
are taking it upon themselves to adopt the blockchain technology and integrate it into their actual app development processes. This is basically done with an aim of tackling more ambitious problems that can even cut across mental, regulatory, and organizational boundaries. Thanks to the polymorphic nature of the blockchain, mobile app developers can now be able to proffer better solutions to users’ needs through various multiplying ways.
Currently, there are various industries that can benefit from the use of this disruptive technology to enhance various processes. Some of these industries include banking and finance, government, healthcare, real estate, and energy sector. In terms of activity and thinking, mobile app developers are tipping the financial sector to be the most viable industry for this technology. However, it is important to know that there is more to what the blockchain technology can do than just enabling financing. Below are some helpful tips about how this is going to be done.
Improve financial business processes
Ultimately, blockchain is designed not to involve central players (middlemen or third-party agencies) in the equation and this is where the technology mostly centers it value on. By cutting out financial middlemen, people are allowed to engage in transactions without banks. The technology managed to revolutionize money by giving the distributed ledger (previously held by banks) to everyone on the network. While everyone gets to know what is transpiring on the ledger, as regard transactions, it is, however, impossible for anyone to tamper with the transactions taking place on the ledger, thanks to cryptography.
With the innovations brought about by this disruptive technology, app developers are now adopting the blockchain to improve business processes by enabling them (businesses) to streamline transactions even more effectively. Ranging from regulatory compliance and fund transfer to asset movement and contract management, it is evident that developers will continue to adopt these innovations to transform the use of this disruptive technology. Already, some mobile app developers have begun using this technology to modernize many outdated financial systems by reinventing blockchain to improve financial deployments based on new usage models.
Other areas of development
Evidently, app development companies will continue to use the blockchain technology
to build and develop something new. As a matter of fact, the banking and finance sector will not be the only industries to benefit from the disruptive technology. Mobile app developers will be faced with the tasks of building various applications for various companies in virtually all industries.
Enhance government services
With blockchain, users will no longer need to physically perform certain obligations or governmental processes. Thanks to its embedded trust component, people can be able to prove themselves online. Basically, they will no longer need to go to an office to make physical transactions, such as motor vehicle registrations, property ownership registration, licensing, land registry etc., as these activities could be effectively performed right on the blockchain.
The healthcare sector is another pivotal industry that is set to benefit from this disruptive technology. With blockchain, app developers can create functional applications that will enable individuals to access their medical records without having to go see the physician. Also, the use of multi-signatures can be effectively adopted at this point. This is a technique that will involve a group of authorized people to sign off before transactions can occur. Without this, access won’t be granted to anyone to access a client’s medical record.
As an efficient form of data encryption, people can use the blockchain to share their own data in an anonymous and private manner. When it comes to aggregating data of this sort, it is important to note that permission can only be granted to those with full rights to do so. This can help to improve accuracy as only the blockchain can verify and record patients’ activities.
Expand the scope of IoT
One area in the app development industry that will morph this disruptive technology into better innovations is the Internet of Things (IoT)
. Ultimately, developers will have to work out ways by which numerous smart devices can be connected to serve the needs of numerous global applications. Developers will need to focus most of their attention on building interactive applications with the integration of both IoT and blockchain into mobile app development. Such innovation can go a long way in helping to improve transportation, data collection, and many other processes in several industries.
While some experts are speculating that the introduction of blockchain technology could serve as a threat to existing business models, many other professionals are of the belief that this technology will even help to further strengthen business processes. To them, this will only begin to change when companies and enterprises begin to explore the potentials of this disruptive technology.
So, rather than edge out companies that have little or no value to add in the supply chain, app developers are adopting blockchain as part of their development process to enable these businesses to find the right opportunity to explore its (blockchain’s) potential thereby providing more value for growth. Back