Blockchain is driving future on its shoulder or at least contributing a great deal. Since blockchain became popular in 2017, it’s been a critical factor in several emerging technology trends.
If you’re in mobile apps and software development, it is beneficial to keep up with the upcoming or latest technology. To stay competitive in an already heated industry adoption of the newest working models or platform is sure to give an edge over others if you’re solely into mobile app development.
In 2018, mobile blockchain was trending among the top, and many industry giants took a queue and started leveraging this technology.
Just like any other new born technology blockchain, too is merging with the existing ones. It already has disrupted finance management and is more than ready to take the mobile app development with a storm.
A Secure Ecosystem
Blockchain didn't just bring security it also brought along transparency. Each transaction is recorded on the blocks, making tracking of information more comfortable for a user. Blockchain's impenetrable layer of defence is a result of using cryptography. A potent encryption method that stores data on interconnected blocks. Every block records the address of the previous block, the present and a timestamp. Once stored, no one can alter the data as it is protected by a cryptographic hash.
It signals that any personal data of mobile app user will be kept safe. Blockchain encryption is purely sophisticated, and that sophistication makes decryption without authorization key next to impossible.
Transparency with a Complex Ledger System
On blockchain network, only an authorized user can change or view the data, without any possibility to temper the previous one. Blockchain's digital ledger records every, and a user can see that anytime, minimizing any chance of spammy transaction or fraudulence in the information recorded. What else? This digital ledger uses computer networks, which is continuously parsing and transmitting data. So, whenever there is a change in the data or information, the same is applied to the block or ledger holding the data. The said feat is a garnering appreciation throughout the globe and business are taking advantage to grow and enforce higher customer satisfaction level along with a higher degree of transparency.
Mobile apps can widely benefit from blockchain here. At the moment, most mobile apps use a server-client system. The user phone acts as a client while the data end is the server that sends information to the client or user phone on demand. The network connecting both ends get severely stressed when there is a large number of clients using the server network. Blockchain network can help reduce the stress by a considerable margin and granting quicker information display.
Reliability in App Development
Blockchain's strong and yet dynamic structure allows the mobile apps to rely on it. Also, preventing system against any possible crash. As the app data is stored on numerous blocks interconnected via a blockchain network, it protects the system from any form of data tampering. It's easy to work with, all thanks to blockchain being open source, hence offers a cost-effective and easily developable approach.
Even after so much of development in blockchain vertical, there are still a lot of skeptics who question blockchain’s credibility and security.
Settling the Debate
First, any data on the blockchain is secured through cryptographic encryption, making fraud or data tampering mathematically impossible. Second, a blockchain network user has two keys; public and private. The public key is visible on the network while the user safeguards the private key. To create a transaction user has to combine both the keys, which is also called a user's 'digital signature,' to verify and record the transaction on the blockchain network.
In the past few years, there have been a few cases of blockchain getting hacked, but those numbers are very less compared to the conventional data breaches. A lot of researchers have begun to explore and find vulnerabilities or security weaknesses in the network, which has been named smart contract bugs. Generally, the smart contracts are automated cryptocurrency facilitating programs running on blockchain networks, and exploiters managed to figure out smart contracts, just like any other softwares, contain bugs. These bugs can further be explored to reap personal benefits.
The cases are indeed worrisome but definitely not alarming given how young blockchain is. Not to forget, blockchain truly gained traction only a couple of years back, so there's a whole world for improvement. On top of that, this technology makes everything running on it faster, reliable and transparent, plus the security is a bonus.
Loopholes will always be there, and when people create software and systems, one mustn't forget there are still someone smarter. So until the world has talented people working things out, technology will turn out to be better. And blockchain has been called the crucial agent of the fourth industrial revolution by several experts; the least that can be done is to put faith in science and use what is available for the best.