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Cryptocurrency

Blockchain In the Mobile Application Market

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Blockchain is one of the most popular and appreciated technologies of this century. This technology provides great speed and impenetrable security features. Entwining this technology in to mobile applications is an extraordinary thought, as everything in the world right now is revolving around apps. The combination of these two will revamp the mobile app industry.

What is Blockchain?

A blockchain, is a growing set of data and records, known as blocks, that are connected using cryptography. 

The blockchain is designed in a way that the data it stored cannot be altered or copied. Typically, blockchain controlled by a peer-to-peer network collectively sticking to a protocol for inter-node connections and approving new blocks. 

Once the data enters into blockchain, it cannot be manipulated or modified without change each and every block present in the network, and to do this it needs acceptance of majority of the network. 

Blockchain allows everybody to join and whoever joins gets the information about every other block and by using that mechanism we can identify and prove that everything in the blockchain is in order and nothing got cheated.

How Blockchain Works

For instance, let’s think three friends Taylor, George and Walter. Taylor has 100$. George has 60$, and Walter has 40$, Taylor and George are already their in blockchain so they both know about each other.

If Walter wants to join the blockchain, he has to provide the proof that he owns 40$ and on the basis of that proof Taylor and George can accept or reject him to the blockchain.

If Walter have accepted into the blockchain he will get the information about Taylor and Walter as well. So, all three of them knows about everybody how much a single person owns.

If Walter have accepted into the blockchain he will get the information about Taylor and Walter as well. So, all three of them knows about everybody how much a single person owns.

Let’s say if someone wants to cheat the system, for example, George wants to send 200$ to Walter but this transaction cannot happen because Walter and Taylor they already know George only has 60$. so that’s how all the above explanation summarized.

How blockchain will revamp the mobile application market?

According to statistics the mobile app economy is almost unstoppable, particularly when it’s supposed to become valued at about $6.3 trillion by the year 2021, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future. 

With the implementation of blockchain in mobile applications, following advantages can be achieved:

  • Resolves app purchase issues.
  • Enhances advertising.
  • Makes app transactions transparent.
  • Improves reward programs.

To get detailed information about this, check out the infographic developed on ‘Blockchain In Mobile Application Market’ by AC Market.