Blockchain is currently at the top among the new trending technologies that came up in recent years.
It is a remarkable innovation for our ever more digitalised world.
Blockchain is mostly known as decentralized network, typically developed as an open-source software, although not always. The network stores all its transactional data in segments, or blocks, that are interconnected with one another. This feature prevents any data tampering.
How does blockchain play into the mobile app development industry?
These days, many start-ups are considering getting a mobile app built on blockchain technology just to be part of the hype train.
However, developing applications on a blockchain network isn’t simple nor cheap.
Blockchain powered apps provide high level of privacy and (if they are written well) security, which can be an overkill for most apps you casually use day to day.
The super high security standard is pretty much only needed in sectors like asset management, commercial insurance, digital voting and perhaps health care.
The privacy aspect coupled with private payments is necessary in investigative journalism, where reporters face getting their payments withheld after criticising a powerful government.
It is also required in industries that operate partially or fully in the shadows, like gaming, gambling, adult entertainment and casinos.
Currently, there are two major categories of blockchain technology apps:
- Cryptocurrency-oriented mobile apps: They deal with cryptocurrency value transfers, such as crypto wallets and trading platforms.
- Blockchain-oriented mobile apps: They provide software solutions and data processing such as inventory management systems.
We still have plenty of work ahead to merge these two categories and provide real-world solutions on blockchain.
The team from acmarket.biz has developed an interesting infographic on blockchain in the mobile application market, which you can see below.
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