Do you have any idea that global spending on blockchain solutions might touch the $11.7 million mark in 2022? Well, the technology has spread beyond the realms of IT and Finance, with several sectors and even governments using it to further fortify and decentralize their operations.
Blockchain technology, for instance, is improving the real estate business by making it easier for online markets to perform safe transactions and increasing transparency among players. One can easily observe this pattern in the projections for blockchain’s market expansion.
There has been a recent uptick in the number of mobile applications that include some kind of technological component in the business cycle. While a few Blockchain-based apps now dominate, the space is wide open for brands to explore and establish their position in this landscape. This shift has resulted in an increased demand for the currently small but growing collection of established blockchain app development companies.
Well, that’s not it. According to a study, around 60% of the chief information officers (CIOs) across different sectors are on the verge of incorporating blockchain solutions into their systems. Many of them are introducing it through blockchain mobile apps. Now, don’t you think there needs to be some reason why business owners are shifting towards this revolution?
Of course, there are some reasons, one of which is advanced mobile app security. In this blog, we will introduce you to most of the aspects related to blockchain technology impacting the levels of mobile app security. Moreover, we will also discuss how implementing this solution might help enhance your business results. So, let’s dive in!
How Can Blockchain Improve the Safety of Mobile Applications?
Although the mobile industry is advancing every day, there are still some areas where security-related glitches are not yet fully resolved. And that’s when blockchain comes into the picture. By introducing the stipulation of transparency and solidifying blockchain’s foundation for mobile security, this cutting-edge technology makes it very difficult for intruders to tamper with data.
As a result of their rigid databases, blockchain-based apps are more stable and dependable. One might use any blockchain for various purposes beyond only delivering secure and transparent financial transactions.
The following are examples of commonplace use cases for mobile apps where you can implement blockchain without much difficulty:
- Verifying one’s identity
- To validate the supply chain system
- Administration of real estate and medical files
- Funds transfer
- Confidential voting method
- Conciliation between the financial parties
However, blockchain-based apps need not adhere strictly to the blockchain protocol and can instead adopt only the features that they find useful. With the appropriate strategy and thorough familiarity with Blockchain technology and Blockchain mobile app development businesses, mobile apps can become a viable alternative to conventional means of doing just about anything.
In order to get the most out of it, you need to know how blockchain works on the most fundamental level. But that doesn’t mean your app’s functionality must replicate blockchain’s functionality. Experts predict blockchain’s popularity to skyrocket over time. A research report by Statista estimates that by 2025, the size of the global blockchain technology market will be worth about $39 billion.
Two main kinds of actions make up the bulk of blockchain transactions:
- To keep track of the financial worth of pooled resources.
- To keep a tab on information such as invoices, estimates, and other financial documents.
Blockchain technology has the potential to provide significant benefits in mobile security, but businesses must always use it with a broader perspective.
The Potential of Blockchain for Securing Mobile Applications
When considering Blockchain solutions for mobile app security, it’s essential to determine what data needs protection and how it will be shared with others. Blockchain is most commonly used to ensure the safety of online transactions, but it also has numerous additional applications.
There is now a pressing issue of how blockchain technology might enhance mobile security. In the Blockchain system, all transactions are recorded and made available to everyone with access to the network. Moreover, everyone can keep tabs on the changes and adjustments. Here are some of the advantages of blockchain technology for mobile security:
Bypass the Password
Although mobile devices have become more secure because of biometric security solutions, such as Face ID, retina scanners, and fingerprint sensors, manufacturers still advise users to use strong passwords.
Of course, these safeguards have been put in place to protect your data, but you should not put your entire faith in them. In such a scenario, blockchain could be a viable replacement for passwords. Secure Sockets Layer (SSL) certificates are used to encrypt data between a server and a browser during a transaction between two parties that have agreed to the terms of the transaction.
Transparency of Data
Blockchain stores data in a transparent, auditable format that users can access at any time, making it impossible to forge data or create phony transactions. It is especially important for mobile banking as it makes the system robust enough to prevent any intrusion or tampering of data.
Information may be sorted, validated, and stored securely on a blockchain ledger. The blockchain grows in size and records more data as more transactions are added to it.
By shifting the focus of the brand infrastructure to the decentralized sphere, the blockchain provides a more secure and dependable decentralized platform, which in turn benefits blockchain-based apps.
The Domain Name System (DNS) is another sector that is reaping the benefits of the blockchain because it allows for the complete management of domain data. Since this is the case, altering the domain name system records becomes extremely difficult.
The blockchain is an open ledger that records all data necessary to process digital transactions. The ledger’s ability to instantly update its status after each addition of a “block” of data is made possible by using a sequential data structure.
Blockchain makes transparent and tamper-proof management of the ledger possible since it involves a group of users who can all observe and add real-time details about every transaction.
Blockchain’s usage of metadata for communication makes it impossible to hack because the data is dispersed over the distributed ledger rather than being stored in a centralized location.
Guidelines for Integrating Blockchain into Your Mobile App
The first step in integrating blockchain into your mobile app is determining which app elements require user interaction. The only way to guarantee the reliability of your Blockchain software is to have users and an incentive strategy to keep them contributing.
The second piece of advice for a smooth blockchain rollout is to be clear on which kinds of transactions you need blockchain to verify. Most Blockchain mobile apps either operate as a mediator between parties disputing ownership of a shared resource or keep track of details of transactions involving several parties (such as bids, invoices, and payments).
The concept of community should inform your blockchain as a service model planning. Incorporating a group of users into your Blockchain-based software is the best way to maximize the benefits of the technology and ensure its integrity.
As appealing as it may sound, implementing blockchain for mobile security is not a trivial task. When designing a mobile app, many constraints must be considered and overcome.
Nothing about developing a Blockchain program, from integrating its features to testing it, from fixing bugs to verifying data, is easy. Since many nations have not yet recognized blockchain as a legitimate means of conducting business, you must familiarize yourself with the blockchain legal framework and adhere to its requirements. If you have any queries about mobile app security, feel free to contact our app development team. We would love to discuss the topic of the blockchain’s potential for mobile security. For top-notch mobile app security solutions, reach out to our mobile app development experts!