Businesses embrace innovative technologies in recent times. Most of the organisations adopt these technologies in order to survive in the market.Blockchain technology is the most reputed technology which makes equal pay,especially as regards status for distributed global ledger.
Blockchain is used for recording transactions in a decentralised database. It has gained more popularity across the world and it is one of the most familiar name. If people are aware about blockchain, then they might have a brief idea about bitcoin.
Bitcoin is one of the best crypto coin, as it provides a unique platform for a decentralised digital transaction. Now-a-days all the operations are done through mobile, bitcoin also provides mobile operations benefits for their users. It is impossible to stop the mobile economy, whereas it is expected that it may raise beyond $6.3 trillion in the upcoming year 2021.
Blockchain technology helps to solve all the complications associated with mobile applications. Drastically this technology has evoluted the mobile operations and many of the industries have a great impact by it.
Blockchain app approvals and transparency
In the present scenario most of the population uses android phones. As there are some lack of facilities like payment methods, there is an issue of in-app purchases. It involves slow or complicated issues.
If the user makes the payment through credit card there may also be major chances of fraudulence of transactions. And in the end 3/4th of the payment may be received by the developer.All the issues in in-app purchases can be solved by blockchain as it uses a decentralised model.Blockchain eliminates the credit card payment process.
Smart contract system
Due to its peer-to-peer architecture there are chances of misrepresentation of information.Timestamps,values and ownership are used as basics of smart contract system.
Blockchain technologies support the concept of Stakeholder and business parties. In comparison with the current process, smart contracts become effective.
In 2017 payment technology market transaction value has increased to $3 billion and in 2019 it has increased to $6 billion. It makes sure that the transactions are done safely without any malpractice as it is based on blockchain.
Security and scalability
Cryptographic hash is used in blockchain technologies to encode the data. To maintain privacy about the information a series of interconnected blocks are used by the cryptographic hash. The system enjoys a complete healthy balanced system because more information can be added into blockchain technologies.
Blockchain for remote areas
As we know many of the rural areas are under developed.most of the people in rural areas may or maynot have android phones ,they are not yet accessed to banks through the internet. For the people in remote areas who have internet access they can establish their own mobile wallet as blockchain makes it easier.Tokens and coins are utilised asper the user.
Our team from Ac market has developed an interesting infographic with their creative ideas on Blockchain in the Mobile Application market.