Blockchain technology was first described in the year 1991 by a group of researchers, but it has never been so important until 2009 when a cryptocurrency called bitcoin used it as a first blockchain-based cryptocurrency. The mobile application market is a promising segment that can benefit from the blockchain technology.
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In today’s infographic from by AC Market we can learn how blockchain is evolving in the mobile application market.
What is blockchain?
Blockchain is an online distributed which can store information, and it’s based on interconnected blocks that are open to everyone.
The name itself defines that blockchain is the chain of connected blocks that can store information. There are three things present in every block:
The first is data, which is the information we store on block and that depends on the type of blockchain. For example, cryptocurrencies store information about the sender, the receiver and the transaction.
The second thing every block contains is the hash of that block and that hash is the fingerprint of the block. It’s always unique and we use that hash to identify that block.
Third and the last thing every block contains is the hash of the previous block which connects the current block with remaining blockchain and that’s the property that makes this technology so secure.
There’s also another property which makes this technology more secure is its peer-to-peer nature of work.
Instead of having a central authority that normal banks have it contains all the information about every other block and they manage blocks.
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.
For example, let’s assume three friends Anna, Carmen, and Colo. Anna has a 100$. Carmen has 60$, and Colo has 40$, Anna and Carmen are already there in blockchain so they both know about each other.
If Colo wants to join the blockchain, he has to provide proof that he owns 40$ and on the basis of that proof, Anna and Carmen can accept or reject him to the blockchain.
Let’s say if someone wants to cheat the system, for example, Carmen wants to send 200$ to Colo but this transaction cannot happen because Colo and Anna already know Carmen only has 60$. So that’s how all the above explanations summarized.
But why do we need this technology?
There are several reasons behind every technological change, first, why do we have to pay a third-party a huge amount of extra fee just to do a transaction between to agreed parties.
If we can do that transaction more efficiently and in a secure manner just by depending on the technology and the transactions which generally take days to process can be done in real-time by using blockchain technology that too without paying a single penny as transaction fees.
Blockchain In Mobile Application Market
Blockchain technology is built on secure foundations and is sturdy and flexible. These characteristics of this technology contribute a lot in building the trustworthiness of mobile app development.
Not only will the implementation of blockchain technology make mobile applications more transparent and pliable, additionally, it will also avert regular app crashes and server down problems, which are major complaints against mobile apps developing at present.
If you are interested more in blockchain technology we can recommend you to read more about Bitcoin and Blockchain Technology a Beginners Guide.