September 23, 2022
The Blockchain technology has revolutionized various industries by offering numerous opportunities. Mobile app development companies that clinch it into their business model see significantly higher growth in their annual ROI than those that are slow to adopt it.
The blockchain is considered as a revolution within the tech industry as contain numerous opportunities for growing and established businesses. Companies that clinch it into their business model see significantly higher growth in their annual ROI than those that are slow to adopt it. Most of the large companies like Microsoft and IBM which are embedded blockchain to their infrastructures are enjoying its commendations.
Nowadays, Blockchain is used by most of the mobile app development companies as it offers robust security features to deal with complex transactions. IBM is using Blockchain to build a network that verifies people’s identities when they use services like applying for driving licenses and opening new bank accounts.
Let’s discuss from where it comes?
Its beginning story is fascinating just like its name, well it’s quite difficult to trace its actual beginning as its entire beginning are perfect in their own way. In 1997, an American computer scientist Nick Szabo introduced the first time the term smart contracts to the world but it got popularity after the development of blockchain technology.
In 2008, a person called Satoshi Nakamoto is blockchain. The blocks in blockchain are knots containing encrypted information, as well as a reference to the date of the creation, and the name of the previous block to which the current block is related in a chained manner. Any change to the chain will not overwrite the existing information but will be added as a new block, after it has been validated by all the other blocks in the network.
According to the Forbes, the biggest use of blockchain in mobile payment apps. “Only 1.2 billion people have access to a bank account with payment capabilities, while there are approximately 5 billion unique mobile phone subscribers.”
A partnership between the blockchain mobile app development company and telecom companies allow people to make secure mobile payments using mobile apps. Not only Fintech, but most of the industries are also using blockchains to build decentralized applications and simplified the app development process. Let’s brief about the industries which are taking benefits of Blockchain technology:
The retail industry uses Blockchain in supply chain management to offer best quality control management. It provides greater trust, transparency, and collaboration across the whole systems that would otherwise difficult to manage. Additionally, the use of “smart contracts” offers automating and auditing transactions in the retail industry.
There are various supply chain startups that saw an opportunity in blockchain to provide supply chain solutions in order to improve efficiency for the gigantic supply chain industry. Most of the companies recently started using blockchain-enabled solutions to transform their business.
This technology has the potential to shift the floor of health care industry by placing the patient at the center of the ecosystem. No doubt, Blockchain has increased the interoperability, privacy, and security of health data and allow doctors to examine their patients remotely. With the help of electronic medical records, it could offer a new model for health information exchanges to provide more disinter mediated and secure healthcare ecosystem.
The food industry requires imperative solid records to trace each product and Blockchain embedded solutions offer transparency in the workflow. One of the established brand retail corporation Walmart retail uses blockchain to keep track of its pork it sources from China and the blockchain records where each piece of meat came from, processed, stored and its sell-by-date. Unilever, Tyson, Nestle, and Dole also use blockchain for similar purposes.
These are some industries which are availing the benefits of Blockchain technologies in order to succeed in their respective field. If you also want to jump into Blockchain ship with a unique idea, you must hire mobile app developers with deep knowledge in Blockchain technologies and its tools.
Regardless of the size and dimensions of your app idea, we allow you to hire dedicated mobile app developers. Hire them on an hourly/monthly basis, or acquire for a fixed price.