WHAT IS BLOCKCHAIN AND WHAT IT MEANS FOR MOBILE APP DEVELOPMENT?
Blockchain technology is challenging the status quo in a radical way. By using math and cryptography, blockchain provides open decentralised database of every transaction involving value (money, goods, property, work or even votes) creating a record whose authenticity can be verified by the entire community.
What exactly is Blockchain?
It’s a decentralised public ledger where every transaction is recorded and confirmed anonymously by members in the network. Multiple copies are kept across millions of computers, so it’s difficult to change something without anyone else noticing. That’s what makes it so secure.
Think of it like Google spreadsheet. The data in the blockchain is automatically stored in packets of information called blocks. New blocks are linked to older blocks, hence it’s named blockchain.
The chain is continually updated so everyone has the same copy. Any slight change causes an error in the entire network. So, if someone were trying to change a transaction record, they would have to hack every single computer on the network and change the same bits of information everywhere at the exact same time.
This is why blockchain is considered so secure.
What does it mean for mobile app development?
Blockchain will be built into innumerable mobile apps. In fact, several companies are beginning to use blockchain applications. In the world of finance and financial technology, blockchain apps are the turnkey.
Perhaps the biggest uses of blockchain in mobile apps will be for making mobile payments. If an app concept depends on peer-to-peer currency transactions, blockchain technology could be an evident fit. With increase in blockchain technology, it is evident that mobile app development will continue to grow side by side.
Are you looking to jump on the Blockchain bandwagon with a futuristic mobile app? We can help! Contact us now.