12/02/2019

Blockchain In Mobile Application Market | What is Blockchain?

We are going to discuss the Blockchain In mobile application market. Why it is important in a mobile application. This century has witnessed so many advanced technologies that changed our way of living. As we are habituated to modernization and machines in our day-to-day lives increased the demand for more and more new technologies. The people are appreciating accepting new technologies like never before.

Blockchain In Mobile Application

One of the best examples for the advancements in technology is, From using a remote to operate and control devices. We reached a stage where all we have to do is give voice commands; modern technologies has grabbed a sweet spot in our day-to-day lives.

The growth of Augmented reality and IoT technologies increased rapidly in the past decade and now a guest has joined the club. I.e. Blockchain Technology.

Blockchain- The revolutionary technology influencing several industries remarkably was first time used for Bitcoin.

Bitcoin is nothing but a form of virtual currency (Cryptocurrency) that can be used as an alternative or replacement for fiat money for trading. And the technology used behind the huge success of cryptocurrencies is known as Blockchain.

One of the most common misapprehensions of people regarding Bitcoin and Blockchain are one and the same, however, that is not the case.

Developing and operating cryptocurrencies is only one of the applications of Blockchain technology and apart from Bitcoin. There are so many other applications developed using blockchain technology and ruling the market.

What is Blockchain?


To keep it a simple way, Blockchain can be defined as a data structure that stores transactional data and while guaranteeing security, transparency, and decentralization.

You can also consider it as a chain or data stored in the series of blocks which are operated by no single authority.

A blockchain is an allocated ledger that is totally open to any and everyone on the network. Once data is stored on a blockchain, it is impossible to change or copy it.

Every transaction on a blockchain is sealed and secured with a digital signature that proves its originality. With the use of encryption and digital signatures, the information secured on the blockchain is hack-proof and cannot be altered.

Blockchain In Mobile Application Market


Blockchain technology enables all the network holders to be in an agreement, known as consensus. All the information saved on a blockchain is recorded digitally and has a similar history. Which is available for all the other network participants as well.

This increases transparency and decreases the chances of any illegal activity or replication of transactions is removed without the interference of a third-party.

In order to get to know about blockchain better. Just take an example where you are looking for an alternative to transfer some money to your relative who lives in a different location.

The most common option that comes to your mind is a bank or via a payment transfer application like PayPal or Paytm.

Infographic Blockchain In Mobile Application
https://acmarket.biz/blockchain-in-mobile-application-market/

This alternates requires the involvement of third parties to process the transaction and this needs an extra amount. It is nothing but transferring fee.

Moreover, in these scenarios, you cannot guarantee the security of your money as there are many chances a hacker might enter the network and steal your money. In both cases, it is the user who losses. This is where Blockchain helps and becomes handy.

Instead of going for a bank for transferring money, if we use a blockchain in such cases. The process becomes much smooth, painless and secure. There is no need of paying additional charges as the funds are transacted directly by you and this eliminates the need for a third party.

Moreover, the database blockchain is fully decentralised and is not limited to any one location. Which means that all the data and records stored on the blockchain are public and decentralized.

Since the data is not stored in a single place. There’s no chance of manipulations or alterations of the information by any hacker.

How Does a Blockchain Work?


Every block in a blockchain network has some data along with the hash of its previous block. Hash is nothing but a distinctive mathematical code that belongs to a particular block.

If the data stored in the block is changed or copied. The hash of the block will also need to be modified. As there are millions of blocks present in the network so it becomes impossible to modify the data.

Using Blockchain for Mobile App Development


Even if we are enjoying the extensive range of technical benefits, chances are there the technology might not indulge with every sort of mobile app. Apart from that, for an app that only publishes contents without any transaction interface. They might not need blockchain at all.

On the other side, if you use an app continuously that executes sports transactions, payment gateways, or any other thing that is related to transactions requires the help of defence for its database, in this scenario blockchain is a perfect choice.

To know more about this, check out the infographic developed on ‘Blockchain In Mobile Application Market’ by AC Market.

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