Imagine a chain of inter-connected blocks of information, and this information is simultaneously updated across computer nodes in a global network. Such a scenario creates a distributed computing ledger. The new data added to the ledger is continuously verified in a decentralized set up where no single server or centralized authority controls computing. The network of “smart” electronic devices does the job autonomously without any third party interference.
The data you add to the ledger is incorruptible as it is protected by secret cipher codes using cryptography. The result is a system that ensures transactions can be conducted with a high degree of accuracy and safety. The technology called Blockchain is transforming industry and how individuals and institutions transact with each other.
How Would You Account for the Massive Popularity of Blockchain App Development?
Existing business models are costly to maintain. Blockchain successfully integrates every component of business operation cost-effectively. Through digitization, blockchain makes it possible for both companies and customers to access business processes more efficiently. The technology adds layers of protection that prevent financial frauds. The systemic risk of downtime and data loss is eliminated because blockchain functions like a distributed ledger where copies of each transaction are endlessly replicated. Blockchain apps overcome the drawbacks of time-wasting manual operations by automating processes.
Blockchain apps have revolutionized payment systems using cryptocurrency that bypasses the tortuous, and expensive operations, and restrictive environment familiar to the common currency. These apps can perform predictive analysis of the economy or the stock market with much better accuracy than manual data analytics. Blockchain eliminates corruption in governance using smart contracts and simplifies tax collection.
Blockchain-Based Mobile Apps That Have Taken Industry by Storm
The world is gradually and inevitably shifting to the cryptocurrency model of trading and transacting. Apps powered by blockchain are moving and securing digital assets like never before. Custom blockchain app development is fundamentally altering businesses, financial institutions, and governments by enabling data sharing, asset exchange, and contract execution.
- Cryptocurrency spending is increasingly dependent on electronic wallet apps that distribute, store and protect the currency.
- If you wish to be updated on movements in rates, cryptocurrency trading, market trends, and currency valuation, digital asset tracking through mobile apps is the answer. These apps are increasingly using predictive analysis to communicate emerging trends.
- In case you’re wondering if there’s an alternative to conventional payment gateways, there’s good news; retail apps are making it possible to trade and transact in cryptocurrency in a safe and secure environment.
- The smart contract has evolved as a much in demand byproduct of blockchain technology. Basically, a smart contract is a self-executing code that is increasingly driving automation across a host of mobile apps.
Why We Need to Build Smarter Mobile Apps on the Blockchain
The three advantages of blockchain – a decentralized network, unmatched transactional safety, and complete autonomy in computing – makes it ideal for adoption by individuals, institutions, and the government. Finance, banking and insurance, healthcare, logistics, and retail supply chains are just a few of the sectors that are significantly impacted by custom blockchain app development.
What Developers Need to Know in Developing Blockchain Apps
The apparent advantages of blockchain have fueled a massive demand for developing smarter mobile applications. But there are logistical problems. It isn’t easy to create a blockchain application from scratch, and it’s tougher making the app safer. Besides, there’s an acute shortage of developers having the skill sets needed for blockchain development. The developer seriously entering this field requires the right tools and better strategies.
3 Strategies for Developing Smarter Blockchain Mobile Apps
The path-defining combination of digital cryptocurrency, the Internet of Things (IoT), and the blockchain has revolutionized the payment ecosystem and multiple industries, and these augur developments that make blockchain technology even more important than the discovery of the internet. Here are three core strategies that ensure you develop blockchain apps the proper way:
Blockchain and Mobile App Development Strategy #1. Adopting the Transaction and Ledger Model of Development
In blockchain, the data is embedded in blocks that are interconnected using hash-linked chains, each block recording information that can’t be altered or modified in any manner. Cryptographic validation is the protocol that makes blockchain transactions safe and secure. So, if you want a system that assures transparency, fosters trust, and enforces accountability, you need to adopt Blockchain’s transaction and ledger model for app development. Anything short of that benchmark may give you an inferior app.
Blockchain and Mobile App Development Strategy #2. Don’t Build From Scratch; Use an Open Source Blockchain Platform
If you’re a first-time developer you could waste precious time going through the basics; zoom to top gear using the tools provided by an open source blockchain platform.
Blockchain and Mobile App Development: The Top 10 Open Source Blockchain Platforms
- Ethereum: An open-source Blockchain platform that simplifies the development of next-generation decentralized applications (DApps) and smart contracts. You can create a virtual organization (a DAO) where issues can be resolved through simple voting.
- BigChainDB: The distributed ledger is capable of storing a large amount of data, and is good at deploying blockchain proofs-of-concept (POC).
- Hyperledger Fabric: Hosted by the Linux Foundation, it is written in Go and is customizable for creating smart contracts. It runs across multiple networks and is scalable, flexible, and efficient.
- HydraChain: This is compatible with Ethereum programming and is useful in developing smart contracts with Python programming language. It is very fast in developing and deploying apps.
- Corda: This is an open source blockchain platform created by the R3 consortium initially targeting financial services companies. Safety of data and privacy protection are its outstanding features.
- MultiChain: This is a Bitcoin-based open source Blockchain platform that is customized for handling multi-currency transactions. It’s great for running and testing apps because multiple networks can be accessed at a single point. Multiple level access also makes it ideal for solutions implementation.
- Openchain: This is a free open source platform useful in creating apps that manage assets in a safe, scalable, and flexible manner. It has smart contract modules, and you can create multiple levels of access for control purposes.
- Chain Core: This is an excellent enterprise-grade platform that can be used to develop financial services starting from scratch. It can seamlessly handle any level of complexity involving currencies, securities, and derivatives.
- Eris: This is an advanced and free platform that allows apps to be run anywhere securely and cost-effectively. Its features can be activated and deactivated at will. It enables app analysis and execution following stage-wise protocols.
- OpenZeppelin: This is an open source blockchain platform with the advantage of operating a secure and audited code which helps reduce bugs before the app release. You get more freedom to develop smart contracts securely. Each module is capable of issuing tokens that define how the underlying system should be used.
Blockchain and Mobile App Development Strategy #3: Upgrading Skills Is Fine, but Changing Attitudes Is Equally Important
The Blockchain is a new and emerging field, and you’ll be busy acquiring hardcore programming skills. But equally important is to change one’s mindset to focus more on building efficiencies and improving scalability to make maximum use of distributed computing.
It is wisely said that if you wish to attain the peak of blockchain app development skills, you need to be a combination of a learned economist, an astute software developer, an incurable data geek, and a super-efficient auditor.
Adaptability is critical because the pace of change in blockchain app development is breakneck. It’s worth investing the time, effort, and resources in development work if and only if the speed of change excites, motivates, and energizes you.
The transparency, safety, and security of an incorruptible and decentralized database are making blockchain very attractive to a host of industries. Globally, there is a massive shift toward mobile initiated transactions that are pushing momentum for many businesses. This is the main reason why blockchain-based mobile apps are in huge demand. The International Data Corporation (IDC) predicts that by the end of 2018, more than $2 billion would be transacted through blockchain based apps. As a developer, your immediate priority is to incorporate blockchain into your latest mobile app to remain relevant in modern business dynamics.