Ever since the inception of Bitcoin back in 2009, blockchain technology has gained immense popularity in the tech sector across the globe. Initially, people were adamant to learn about blockchain and how it works. With the fame of Bitcoin as the world’s most popular cryptocurrency, blockchain started to sound more exciting.
Blockchain technology and Bitcoin took both the financial and tech world by a storm with its innovation. The term ‘blockchain’ is referred to a method in which a user’s identity is protected during a transaction along with the contents involved in the process. This has created a safe and reliable channel to perform transactions quickly and efficiently.
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Regardless, there is still a long way to go for both technologies to fulfill their potential and be accepted by the ordinary consumers. There has been an ongoing debate where some countries do not want cryptocurrencies and blockchain technology to become mainstream.
However, the idea behind blockchain technology and its applications have gained traction of digital pioneers who are willing to keep supporting it. This is why the tech industry is now seeing a revolution of blockchain applications in the mobile app market. The technology paved its way in the mobile app domain and has been accepted thus far.
Why has blockchain technology become important?
Several reasons contribute to the greater appeal of blockchain technology. One of the primary reasons is that the technology is backed by theoretical implications it is associated with. With the inception of the blockchain, a new technology came into existence – decentralization.When we talk about financial transactions, they initially had to go through multiple peer to peer (P2P) service providers, banks, or financial institutions before being accepted. Blockchain made it faster and simpler where the transaction is performed while maintaining complete anonymity.
Even though the idea behind this is fantastic, it has not received positive feedback as more and more people questioned the ‘need’ of privacy. Several countries have deemed this privacy and anonymity with illegality or immorality. But, the reality is that the technology could prove to be crucial for those nations where civil liberties are not readily available.
Blockchain technology-based applications
Before the initiation and implementation of blockchain technology and digital currencies, individuals and businesses relied on P2P payment systems. However, the trend has changed now where more mobile application developers are deploying this technology to cater financial requirements.One example is BitPay that allows users to pay for goods and services via Bitcoin. Using their smartphones, users can quickly make payments in Bitcoin through a secured channel provided by blockchain in any part of the world. Similarly, Gliph has provided users with another platform where they can leverage the technology and pay for a variety of goods and services in Bitcoin.
In the tech and financial world, blockchain is now an anonymous and autonomous public ledger. The ledger is responsible for efficiently initiating any transaction through blockchain. You don’t need specialized hardware or software to use this. Whether you are using a smartphone, tablet, or a desktop computer, making payments has never been simpler than this!
How have blockchain applications revolutionized mobile app market?
With its various offerings, the revolution of blockchain applications in the mobile app market is now noticeable. One way or the other, mobile app developers are including blockchain technology to further enhance one of the features. Following are few of the many examples how these applications have revolutionized the mobile app market.Blockchain for Digital Advertising
Unless you are a digital marketer, you will not understand the challenges organizations face when it comes to domain fraud, lack of transparency, bot and spam traffic, and more. Digital advertising is crucial to a business’ success. Without having a streamlined, transparent, and efficient payment model, the publishers and advertisers will fail to achieve the mutual goal. This is where blockchain comes in!The technology offers transparency ensuring trust in a trustless environment. Blockchain strengthens the supply chain by eliminating bad players in the loop. This helps businesses to succeed and achieve organizational goals. Despite blockchain being in its infancy stage, it is undoubtedly helping the publishers to obtain higher ROI on the ads they have posted.
Social payments and iOS
When Apple Inc. rolled out iOS 10 in 2016, the company announced that it will be allowing and accepting blockchain payments. This was one of the most prominent feats of the revolution of blockchain applications in this domain.Application developers initiated social payment systems which Apple users are now widely using in the form of iMessage. Apple made a strategic alliance with a blockchain innovator called Circle.
This shows that it is only a matter of time when blockchain technology will be widely accepted by mainstream consumers. Many people ruled out that it will never be possible a couple of years ago. However, blockchain is now central to the future of finance. In this digital era, there is a dire need for technology that is known for defying expectations of an average user.
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