The concept of Blockchain was first discussed in the year 2008 October, to use it in developing Bitcoins, with the motive to serve as a platform by P2P money transactions without the intervention of banks. Bitcoin became an answer to the most common problem of trust.
The blockchain technology gives us the confidence to believe the outputs of the system without trusting any performer present in it.
People and institutions who have trust issues among themselves, and people who are staying in different countries, and living under different legislative systems, and who people who have no commitments, agreements or legal connection, can now communicate over the Internet without having the need for trusted third parties like banks, Internet platforms, or other types of payment modules.
However, the Bitcoin white paper are not a sudden fall, and P2P networks aren’t new to the world of technology. These are rooted from very early stage of history of the computer and Internet, sitting on years of research to know about computer networks, cryptography, and game theory.
The Bitcoin white paper sorted out the issues of centralized information storage and data management. All computers in the network have a similar copy of the ledger of transactions, which serves as a single point of contact.
Saving information across a P2P network solves problems arising from the vulnerability of centralized servers while using various other cryptographic methods to protect the network.
Thoughts around cryptographically received P2P networks which has been extensively discussed in the different evolutionary stages, mostly in theoretical papers, since the 1980’s.
However, before the evolution of Bitcoin, there has never been a practical execution of a P2P network that helped to avoid the double-spending issues, without taking help from the trusted intermediaries assuring value exchange.
Considering the ongoing situations, we can say that the execution of Blockchain in the mobile application market is still in the early stage, the chances of popular mobile app development platforms can unleash the complete capabilities of this path-breaking technology are endless.
So, without wasting time, let’s look at the advantages of Blockchain in the world of mobile app development.
- Enhanced Data Protection
- Greater Data Transparency
- More Secure Mobile Payments
- The Protection of Mobile App Infrastructure
- The End of Traditional Passwords
- Improved Product Traceability
- Increased Efficiency and Speed
- Reduced Cost Per Transaction
Considering all the above advantages one can say that Blockchain technology will have a huge impact on mobile app development. Apart from those blockchain also offers transparency, competence, and security to developers.
If you wish to know more about the details and benefits of ‘Blockchain In Mobile Application Market’, please check out the infographic developed by AC Market.