The mobile app economy is expected to gain $6.3 trillion by 2021, from 1.3 trillion previous years worldwide. In this mobile era, over 80% of people who own smartphones look for products & services online. Of this 80%, 27% look for mobile apps associated with the products or services they want.
Mobile apps have become an essential part of our lives. However, with more than 5 million apps available over the web, it seems more of a struggle. In this cut-throat competition, mobile app development companies are doing all they can to deliver an exceptional user experience and match their clients’ needs.
The app industry is more focused on creating a safe and secure app to win clients’ trust & eliminate cybercrimes, which can only be possible with blockchain.
Blockchain technology yet today is considered a bizarre innovation after cutting-edge technological advancements. It is transforming as a revolutionary tech with apps almost all, and the mobile sector is not out of the odds.
This blog will focus on how blockchain is reshaping businesses and enterprise apps. Moreover, we will also understand how this tech unlocks doors for business owners with some excellent business opportunities & blockchain ideas.
Before we move on, let’s first know the app industry’s challenges to understand why blockchain is essential after all.
Mobile App Industry Challenges
Even after technological progress and innovations, the app industry faces serious concerns that can’t be neglected.
- Stringent app security requirements
- Absence of skills in the development team
- Processing & storing significant amounts of data
- Absence of transparency due to third-party interference.
- Risk of security threats, data leakage, in-app purchase, and other malicious activities.
- The vague policies of the App Store and Google Play Store for app approval
- Building a future-ready app that continually embraces the latest tech
- Developing an enterprise app fulfills the needs of the users.
What is Enterprise Blockchain Apps?
These apps are decentralized apps (dApps) that need no intermediate servers for information interchange. Decentralized apps run on a blockchain or P2P network that unlocks ample possibilities to app owners in app security, data sharing, transparency, privacy, public validation, and integrity.
How is Blockchain Reshaping the Future of Enterprise Apps?
Blockchain in enterprise revenue will go beyond $20 million in the coming 6 years.
Blockchain has emerged as a revolutionary tech in the last decade, from vaccines to finance, eCommerce, food, and more. Blockchain helps you build a safe & secure app that is fraud-free. Blockchain operates on a peer-to-peer tech-based digital ledger system.
- Enhanced data security
Blockchain is popular for encryption & verification. The advanced technology improves mobile app security by adding various security layers of information and allocating private keys to the users. Users with a decoding key will only access the app data, protecting them from any external malicious attacks.
The blockchain model operates on a decentralized system that keeps your database at different places, which reduces the possibility of data loss. Blockchain is a tech that secures users’ data and gives blockchain business opportunities to app developers to improve data security with ease.
- Data Transparency
Blockchain operates on a set pattern to achieve transparency in transactions and eliminates intermediaries so that every one authorized can view what is happening without disclosing sensitive information.
The blockchain model runs on blocks, which contain a specific timestamp & carries transaction information. Each block is interlinked to one another, saving the transaction information from leaking or tampering by any unauthorized access.
It even helps users get real-time access to the information they want to access without leaving any particular block unsupervised.
- No more traditional passwords
Nowadays, we have 100s of mobile apps in our systems, and remembering every password has become difficult. Blockchain tech is helping tech developers to validate users without asking for passwords each time they sign in.
Blockchain uses eSignature that renders an extremely secure identity verification system to unlock digital devices by promising data immutability & incorruptibility. The whole process works on public-key cryptography, wherein a private key acts as a master password that enables smooth log in to the app users.
- Secures your online payments
Today is an era of ePayments; paper bills are so obsolete. Hence, mobile apps face the biggest challenge of security concerns. Hidden deductions, double payments, or missed transactions have become super common, and users want their app payments to be quick and extra-safe.
An advanced and decentralized peer-to-peer network, blockchain in enterprise apps enables speedy transactions and allows you to send money overseas in seconds.
- Mobile app infra security
Blockchain has a significant potential to remove the risks of cyber attacks on mobile app development infrastructure. Protecting the infrastructure, blockchain has switched brand infra to the decentralized platform.
This tech uses KSI – Keyless Security Infra that provides mobile app companies total transparency & distributed DNS. Such DNS entries are stored in the blockchain, which regulates the system, including the government can get into the system without the approval of parties involved giving maximum protection without any chance of data-tampering to the enterprise app infrastructure.
- Increased productivity & speed
Blockchain tech is mainly known for cryptocurrency apps and eliminates data redundancy by enabling P2P cross-border transfers with a digital currency that boosts mobile apps’ overall productivity. Blockchain is famous for data transaction transparency. This breakthrough tech doesn’t need an intermediary to execute a transaction, unlike other techs of the same domain.
Blockchain transactions are 10 times quicker than conventional corrupt bank servers. One of the fastest and secure blockchain techs, Ripple can tackle an average of 1700 TPS.
Adopting Blockchain in Enterprise Apps
Developing a blockchain-enabled app is the trending topic right now. These days, users are more focused on data security and profits, and these apps are helping investors and businesses build an app that is more secure and quicker to run in real-time. So yes, if you are thinking of implementing blockchain in business, this is the right time, and you should definitely go for it.