How is the Mobile App Development Sector Being Disrupted by Blockchain?

Blockchain technology is developing and gaining popularity every day. It has highly disrupting the mobile app development sector. The following industries have already been transformed by technology:

Medical services, finance, real estate, and education

The corporate sector is being forcefully dominated by technology. Its success has also changed several industries. Also, start-ups and large corporations are embracing new technology in response to the intensifying market competitiveness.

New technologies are catching up with industries; blockchain technology is one of them. It has been around for a while because of its connection to cryptocurrencies. Therefore, to create a blockchain-based app, you must contact a blockchain app development company in India.

Now let’s explore how blockchain is helping mobile app developers to grasp better how it is changing the market for mobile apps.

Key Trends and Statistics on Blockchain Technology

The market for blockchain technology was estimated to be worth USD 10.02 billion in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 87.7%. We have covered How is the Mobile App Development Sector Being Disrupted by Blockchain?

Global investment in blockchain solutions is anticipated to increase from 4.5 billion dollars in 2020 to 19 billion by 2024. Almost 60% of respondents mentioned a budget of at least one million dollars for the distributed ledger technology, which was indicated as investment intentions for blockchain by the great majority of questioned worldwide corporate executives.

One of the first industries to invest in blockchain was the banking industry, which now accounts for around 30% of the market value of the technology.

The Advantages of Blockchain Technology for Mobile App Development

• Highly Reliable

The robust architecture of blockchain may boost the stability of a mobile application. Blockchain nodes are synchronized and dispersed globally. As a result, it ensures that an identical copy of the data is replicated across various devices in various situations.

• Easy to Use

Although it may appear difficult to use, blockchain technology is not. You can grasp the complete topic if you comprehend its methods.

It is incredibly user-friendly and straightforward to use. In comparison to other mobile development software, it is also quite affordable.

• An Element of Security

Mobile applications are used across a variety of businesses. Whether it’s money, e-commerce, travel, or banking. Every business apps come with several payment gateways. They thus require the most remarkable technologies.

Consequently, a blockchain software development company will provide the most effective alternative to make all apps secure and safe.

• Better Transparency

Every transaction in the decentralized system is recorded on the open ledger and is accessible to anybody at any time. As a result, transparency increases, and the likelihood of fraudulent transactions or false information reduces.

• Smart Contracts

The provisions of a contract are automatically carried out by smart contracts, which are computer programs. They are stored on a blockchain network, ensuring they cannot be tampered with or altered. Smart contracts can be used for various purposes, such as verifying a user’s identity’s authenticity, tracking a mobile app’s usage, and executing payments.

• Micropayments

Micropayments are small payments that are usually less than a dollar. With traditional payment systems, micropayments are impractical due to high transaction fees. Blockchain technology, however, has introduced micropayments, allowing users to make small payments easily.

• Blockchain-based Advertising Model

Developers now support cost-per-installment advertising campaigns to reach a larger audience. Yet, several intermediaries receive a cut of sales revenues. The developer thus earns less money.

With the help of blockchain, this model may be replaced with a cost-per-attention model where users are compensated with app currencies for the time, they spend using the app.

To Sum Up

Blockchain-based applications will continue to become increasingly popular as mobile transactions speed up in the coming years. The potential that blockchain holds as a decentralized database is understood by everyone, from a blockchain app development company in India to independent developers.

By partnering with MAADI, you can leverage the power of blockchain and create innovative applications that can transform your businesses. Read on Skills to check when you hire blockchain developer in 2023

With our expertise in blockchain development and experience in delivering successful projects, we provide customized solutions to meet specific requirements and ensure that the app operates seamlessly.