BLOCKCHAIN is the most innovative part of the tech stack, known as the heart of most cryptocurrencies.
Are you facing security issues on the web and apps? Blockchain technology is there! It has the capacity to distribute identical copies of the database across the specific network. It becomes difficult for external systems to hack or cheat the existing system. As with today's market trends, we see cryptocurrency as the effective use of tech, Blockchain technology.
We can't even take it lightly as it serves a significant purpose in a wide range of applications.
If it is not clear yet, let's understand it much better.
What is blockchain technology?
It is a distributed ledger that has the capacity to store data of any kind. In the Blockchain's brain, you will find all types of recorded information about cryptocurrency transactions, NFT ownership, or DeFi smart contracts.
Blockchain technology is totally decentralized, which makes it unique as there are so many conventional databases that can store this sort of information. Instead of getting organized at a single location by a centralized administrator, think of it as present over multiple computers with several identical copies. And, yes, these aren't computers; instead, they are codes.
Want to know more about this protocol?
This Blockchain technology tends to make cryptocurrencies like Bitcoin work similarly to the internet makes email possible.
Blockchain technology is immutably unchangeable, where a transaction or file recorded cannot be changed. The distributed digital ledger, the digital record of transactions or data, has several use cases.
Know that immutable and distributed are the two major blockchain properties. Whereas the immutability of the ledger simply means that you can rely on it to be in the accurate context. Here, the distributed protects the blockchain from different network attacks.
Over the ledger where there is a transaction or record, you’ll find it stored in a block. The information stored in a block is majorly linked to the information of the block. And then, it forms a chain of transactions. For instance, blocks over the Bitcoin blockchain consist of around 500 bitcoin transactions. That’s where blockchain technology has got its name!
Blockchain technology being used by mobile app developers
With the rising competition in the market, startups rely on new technologies to stand out best among the crowd. Startups are now moving their steps ahead to catch new heights in the industry, and they are mostly relying on blockchain technology for it. This blockchain technology is taking the transaction speed to another level and secures the users' critical information. Infact, it has been in use for a very long time as it's associated with the cryptocurrencies such as Bitcoin.
How will start-ups be using blockchain technology for their mobile apps?
The startups need to know the process with which one can witness the performance of Blockchain's bitcoin. It will make understanding tradeoffs easy, which the startup needs to implement Blockchain.
For the implementation of Bitcoin blockchain, the designed decision will be good for the mobile app development projects of the startup, majorly if it's peer-to-peer.
Blockchain assists in securing mobile payments as per expectations. With the help of the Blockchain in the mobile app industry, more and more mobile phone users will be trusting mobile banking via secure mobile app usage.
With the help of an instance, the blockchain mobile payment company, TelCoin. It has now partnered with telecom companies. People who have mobile phones can now enjoy secure mobile payments with their mobile apps.
BRAND is leveraging the networking and identification caliber of Blockchain technology. With Blockchain development's help, it has become much easier to verify the people's identities on using the services. It can be either opening a new bank account or getting a driver's license. The Blockchain will help people use a mobile app network and verify their identity.
Benefits of using Blockchain Technology
Know that blockchain and its influence among businesses can get them several benefits. Now, it depends on whether they’re using a public blockchain network or permissible blockchain-based services.
Blockchain technology can create trust between different entities where it is nonexistent. These entities will then engage in business dealings involving transactions or data sharing. You can find its evident use earlier, which facilitated transactions among entities that didn’t have direct relationships to share data and payments. You can understand bitcoin and cryptocurrencies and how blockchain enables trust between the participants who don’t know each other.
Blockchain technology has proved its value when there’s a lack of a central actor who enables trust. Blockchain enables data sharing within an ecosystem of business where no single entity would be in charge. We can understand with an example of the supply chain when they need information from others in that chain, but no one is in charge of facilitating all parts. Therefore, Blockchain is the all-in-one solution to solve this dilemma.
Improved security and privacy
Security of blockchain-enabled systems is the major and leading benefit of this emerging technology. Blockchain stems from an unchangeable record of transactions with end-to-end encryption. This also shuts out fraud as well as unauthorized activity. Infact, data on the blockchain is stored over a network of computers and making it nearly impossible to hack. Blockchain can also address privacy concerns more than the traditional computer systems by un-attributing the data and acquiring permissions to limit access.
The blockchain’s nature is also to cut costs for the organization. It generates efficiency in processing the transactions. It also lessens the manual tasks, majorly aggregating the data and following the reporting and auditing processes. If you understand, the blockchain’s capability to streamline the clearing and settlement does the direct translation into the cost-saving process. Much more down the line, blockchain cut the costs by eliminating the middlemen, vendors, and third-party providers. These have traditionally provided such processing similar to blockchain.
Do you know blockchain can sufficiently handle the transactions faster than the conventional methods if you want to replace the remaining manual processes in the transaction's series? They can handle transactions in seconds or less. But time varies depending upon how quickly a blockchain-based system can process the transactions, considering a number of other factors like how large every block of data is and the network traffic. But experts have concluded the fact that blockchain is known to beat different processes and technologies in the matter of speed.
Blockchain technology is used for these applications -
Secure sharing of medical data
EMRs are important but come under sensitive private information for the diagnosis and further treatment in healthcare. It needs to be distributed and shared among peers, majorly healthcare providers, insurance companies, researchers, pharmacies. The patient’s treatment gets complicated by storing and sharing the data between multiple entities and maintaining access control via different consents. It has posed a significant challenge over keeping a patient’s medical history up-to-date.
The tendency to use blockchain for healthcare data management has recently grabbed a lot of attention in almost every industry. A single functioning prototype of a system that uses blockchain for medical data management has now been proposed. Companies are now focusing on the practical implementation of a system that uses blockchain technology and can also be integrated into clinical practice. They employ permission blockchain technology to organize the metadata and access control policy to encrypt the patients’ data. Such a combination triggers data security and privacy for data records.
NFTs utility has now started capturing peaks while leaving its footprint from digital to physical assets. Here, it turns the need for NFT marketplaces indispensable. The interest in NFTs has been increasing very widely and has started marching towards the crypto world while focusing on NFT. Crypto enthusiasts started approaching the NFT development companies to build the NFT marketplaces. It marks market hype as a huge business opportunity.
Ethereum is the primary decentralized blockchain technology to bring NFTs to the crypto world. Remember that NFT marketplace development on Ethereum is used for stability and reliability. Other existing Blockchain technologies will have virtual machines to support Ethereum.
Real estate processing platform
Real estate is the major asset class in the world you need to know. Commercial enterprises and real estate professionals are identifying the impact of blockchain technology to optimize retail and commercial property sales, streamline the payments and boost access to real estate funds and opportunities.
The most reliable and exciting way Ethereum provides to the industry is via the digital scrutiny of real estate properties. It is also known as tokenization. The digital assets can also showcase real-world assets like real estate, real estate funds, governance rights, revenue streams, and much more. When these assets get tokenized, they can be divided into more granular pieces. These are made accessible to a huge pool of investors and help raise capital. After this, the programmable Ethereum blockchain also enables the secure and compliant digitization of the transactions and processes around these assets. It also includes issuance, trading, and lifecycle management.
Use-Cases- A Newer Look at Business Applications
Cryptocurrencies: The beginning of Blockchain’s technology rise
Now, as you have got to know that the most well-known use of Blockchain is in cryptocurrencies.
It is also a controversial one. With crypto, you can understand digital currencies such as Bitcoin, Ethereum, and Litecoin. With this, you can buy goods and services. Crypto uses Blockchain to perform as a public ledger and an extensive cryptographic security system. Therefore, online transactions are always recorded and secured.
If we talk in numbers, there are an average of 7000 cryptocurrencies in the world, which also consists of a total market cap of around $1.6. Such tokens have been turning out to be popular over the last few years, and every bitcoin equals $60,000.
So many companies are turning towards the idea of Blockchain-based digital currency for payments. Infact in Feb 2021, Elon Musk’s company would be investing $1.5 billion into Bitcoin and accept it as the payment of their sold cars worldwide.
Whether digital currencies will be the future or not, Blockchain’s meteoric rise will remain pure hype. It is walking in the current headway of the fresh and high exploratory field and is showing the promise beyond just Bitcoin.
Beyond Crypto: Ethereum Blockchain
Blockchain technology, originally crafted as the super transparent ledger system for Bitcoin, has been associated with cryptocurrency for so long. Blockchain technology’s transparency and security have accepted growth in several areas. It can also be traced back to the Ethereum blockchain development.
What does an Ethereum Blockchain do?
It lets the developers generate the most sophisticated programs which can communicate with one another over blockchain technology.
The Ethereum project came into the limelight in late 2013. It was when Vitalik Buterin, a Russian-Canadian developer published a whitepaper proposing a platform with a single key difference of the execution of the computer code.
Currently, blockchain is challenging the status quo of innovation by enabling companies to experiment with groundbreaking technology such as peer-to-peer energy distribution or decentralized forms for news media.
Build your own Blockchain App:
If you want to develop an application that includes the major features such as mobile payment gateways, transaction interface, or something that needs the decentralization factor and the secured database technology, then I bet nothing can win better than Blockchain Technology here.
For instance, if you want to include Blockchain technology in your application, you need to hire someone who has in-depth knowledge of its various components here. It includes programming languages, networks, blockchain platforms, and many other processes, such as front-end, back-end, QA for distinct mobile platforms, and many more.
Blockchain use cases are likely to reap the greatest rewards, and have a long way to go!
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Avneet Kaur, Senior Consultant- DAM, is goal-oriented and focused professional with 6.5 years of experience in the field of training and content strategizing. Skilled in people management, she is living life with a mission of implanting seeds of "I Can". With a keen interest in badminton, she loves to spend time in nature and is a travel enthusiast!