While you may or may not perceive Bitcoin and Cryptocurrency as speculative schemes but the technology that has adjourned beneath - Blockchain will stay on.

Top mobile app developers must see how Blockchain coiffures various mobile applications from retail, finance, supply chain and likewise and offer secure mobile options subsequently.

Modern technology allows people to communicate directly. Voice and video calls, emails, pictures, and instant messages travel directly from A to B. And they further helped in maintaining trust between individuals, no matter how far apart they are. But when it comes to money, people have to trust a third party to be able to complete a transaction.

See More: The Major Implementation Challenges in Blockchain

Blockchain technology is intriguing the existing state of affairs in a radical way by making use of math and cryptography. Open decentralized database of every transaction involving value like money, goods, property, goods or even votes, and the consensus achieved by a proof-of-work system is called Blockchain mining. It is easy to create a record and so that authenticity can be verified by the entire community. The future global economy can move towards one of the distributed property and third-party organizations may no longer be necessary.

There are innumerable advantages of Blockchain. Economists and financiers have predicted that Blockchain technology will be utilized to collect taxes in coming years. Apart from this immigrants will be using Blockchain extensively to send any amount of money to anyone and anywhere in the world, especially in the countries where people have limited access to financial institutions. All this will help in significantly reducing financial fraud cases. It will allow automatic execution of wills and contracts, or dated proof of existence for ideas, much like a patent.

Being unknown to its advantages not everyone will embrace Blockchain technology that easily. On one hand, it will make it difficult for public notaries to put financial regulations and on another hand, it will allow society to meet its needs more potentially and securely. But the question arises as to whether governments and financial institutions will embrace blockchain? And if they do, what will happen to the ones who don't do it?

What is important for mobile app developers to know about Blockchain?

Blockchain can be understood as an online register that secures online transactions at various locations. Each online register can be assumed as a block or link in the entire network that will essentially record all transactions. Every block in the chain is identified by a timestamp and links to the previous block in the chain. This ensures that every block contains unique data, which cannot be changed or tampered in any case.

Mobile Apps have soon started imbibing the benefits of blockchain in prominent financial institutions like bank and supply chain etc. IBM has encouraged a network using blockchain that will verify people’s identities via a mobile application and track when they open an account in a bank or while they are in process of acquiring a driver's license.

Blockchain will subsequently encourage money payments via mobile apps and people will not require making use of internet banking account for payment transfer. Telcoin, a mobile payment company will provide such mobile phones to users, but not bank accounts. Other companies like Landmapp in Africa and Suyo in Colombia have started incorporating Blockchain technology for bringing down the cost of land tilting and formalization of labor rights. They can subsequently create large databases in order to connect with the local governments. Similarly, Shelterzoom has created first ever blockchain based offer that can be integrated with real estate company websites and is soon in process of becoming a pioneer in buying, selling and renting properties.

Once you acquire a Blockchain wallet/ Bitcoin.com Wallet, you can request and send bitcoin or open source P2P money, a digital asset, with the help of a unique master seed. A mobile application essentially works to allow an easy peer to peer transaction without requiring a middle-man to manage the exchange of funds. You can select the most appropriate wallet depending on what you want to do with your wallet.

Running Over

Indian App developers even believe that Blockchain based app Store can eventually replace Google Play as Blockchain will become the most widely accepted digital wallet in coming times.

Financial services, property, Internet of things – smart sensors and smart appliances, smart contracts, healthcare, music, government and public notaries, vested responsibility and public value/community are some of the Blockchain applications that are going to take society in its stride. Blockchain can become a powerful business and overall functionality of society can be improved only if once all these standards adhere.