What Does Blockchain Mean for the Future of Apps?October 31, 2017 - 5 minutes read
Image Source: MBN Solutions
Blockchain has stirred up a ton of hype. High-profile news outlets regularly publish stories on it, and the tech industry is rushing to leverage its abilities. The mobile app development industry is especially smitten with the technology. And no, we’re not just referring to FinTech developers.
Companies are constantly thinking of new ways to disrupt industries with the use of blockchain. But can blockchain live up to the hype? Will it really have an integral role in the future of mobile apps? Let’s find out.
What’s All the Hype About, Anyways?
Breaking things down to bare basics, a blockchain is a shared digital transaction ledger. It is decentralized, meaning there is no central authority. Essentially, transactions between two anonymous parties are validated by a network of other parties. The transactions are then recorded into the encrypted ledger.
Usually, financial transactions have to go through a number of middlemen. Blockchain technology allows for a secure and anonymous transaction that can be verified without the need for an institution to be involved.It gives autonomy over transactions back to the actual participants involved.
The blockchain disrupts the very act of the transaction, a fundamental aspect of every industry. This is what makes this new way of keeping records so versatile and easy to use in various scenarios.
A Day in the Life of Blockchain
Blockchain technology is already proving to be indispensable in various industries that have crucial roles in our day-to-day lives. You wouldn’t guess that blockchain could disrupt how the coffee shop next to your office gets their beans. But Bext360 is a company that is doing exactly that. With blockchain, Bext360 aims to fix the coffee supply chain so that coffee farmers are fairly compensated.
While you’re waiting in line for your latte, you browse your favorite social media platforms to find nothing but spammy headlines resembling tabloids. Unfortunately, this isn’t the first time either, is it? PUBLIQ‘s blockchain developers are creating a platform that fights back against fake news through verification of breaking stories.
You get home from work later that day to find an electric bill in your mail. Costs seem to be increasing every month. Hang in there, because LO3 Energy is hard at work to disrupt the supply chain of energy. Their developers in New York City dream of making community marketplaces where locals can buy and sell energy to each other at fairer prices.
After reviewing your energy bill, you realize it’s about time you started making extra cash on the side. But freelancing has proven to be precarious in your past attempts. Vanywhere is bringing security back to the wild west of freelancing through its skill-sharing platform where users can trade cryptocurrencies in return for expertise.
Of course, thinking about money reminds you of other expenses coming your way. The holidays are right around the corner, and you told your family you’d definitely be home to celebrate. Luckily for you, a company called Winding Tree is disrupting travel economics and reducing costs for customers by chopping out the middleman. Knowing this, you slip into a deep slumber easily with the knowledge that blockchain technology is there for you.
An Integral Part of the Future?
Okay, so the above scenario isn’t exactly a reality for the masses yet; many blockchain platforms are still hard at work bringing their vision to life. But all of these companies know that blockchain is inevitable, which is why they’re dedicated to leveraging it in a variety of industries.
Because it brings a level of security and confidentiality to transactions that is rarely found anywhere else, blockchain is poised to become ubiquitous in mobile apps. Many mobile apps rely on transactions, but a distrust has formed between customers and businesses due to cases of data misuse and identity theft through hacking. By giving autonomy of data back to the customers, blockchain technology will be the paradigm to re-establish this trust.
Tags: bext360, blockchain, blockchain app developer, cryptocurrency, fintech, FinTech app developer, FinTech app development, lo3 energy, mobile app developer, mobile app development, New York City app developer, publiq, vanywhere, winding tree