Following the 2008 Global Financial collapse, an incomprehensible white paper appeared from an unknown person or an institution calling themselves Satoshi Nakamoto. This weird white paper had brief description of a new peer-to-peer financial system.
This financial system emerged to power a digital crypto currency called Bitcoin. It was an indication of people being tired of unwanted interference of middlemen and banks into their personal economic systems. Many recognized this new system as an efficient way of settling and processing transactions.
And this innovative technology was named as Blockchain technology. Here, let’s discuss few exciting advantages of this technology and the effect it could have on all of our day-to-day lives.
So, what is blockchain? It’s the technology that drove crypto currencies like Bitcoin and etherium, but apart from that it has several other uses. Let’s try to keep this as simple as possible, the information stored in blockchain gets updated constantly.
These data records are distributed into several blocks and they are secured using cryptography. This cryptography ensures the safety of all the saved records. The list of saved records is called a distributed Ledger and it is decentralized.
This ledger is an open ledger and available everyone present in the network. This helps in identifying any fraudulent activities if there are any. The blockchain is tamper-evident and unhackable due to its distributed nature.
How blockchain will revamp mobile application market?
Statistics say that there is a tremendous growth in mobile app economy, and this is not going to stop any time soon, especially when it is foreseen as the most valued (about $6.3 trillion by the year 2021) sector, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.
The adaptation of blockchain technology in mobile applications will give tremendous results, some of them are:
- It clears in app purchase issues of users.
- Will be huge growth in advertising model.
- Transactions become more transparent.
- Enhances reward programs.