Blockchain applications: Benefits and why are they becoming so popular?

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Blockchain art concept

New technologies and innovations continue to surface at frequent intervals. While some technologies fade away over time, some gain immense popularity and continue to be relevant for many years. One of the recent tech innovations that have made headlines and turned heads around the globe is blockchain. This new-age technology has disrupted markets and generated a great degree of curiosity over the past few years. Although many believe that the blockchain is nothing but a bubble, advocates of the technology say that it is the next big thing in the internet era. 

Blockchain is now gradually entering the mobile application development space and we predict that this trend will continue. The number of blockchain-based applications will grow in the future, and as per the current trends, we will see a huge increase in the number of blockchain mobile application developers. The technology’s decentralized framework has made it one of the most appealing solutions to overcome the challenges presented by earlier technologies. 

In this article, we will explore how blockchain has made inroads in the mobile application development world and the benefits of blockchain mobile applications. 

Before we begin, let’s understand what we mean by blockchain applications and how they work. 

SEE ALSO: Blockchain and the Making of Machine-as-a-Service

What are blockchain or decentralized applications?

Decentralized applications are popularly referred to as DApps. One of the drastic differences between blockchain and the rest of technology is that there is no server that serves as an intermediary between users who exchange data, money, and messages. The arrival of blockchain is a potential game-changer, which is why many industries are exploring how the possibility of working with this new-age technology. 

In the blockchain ecosystem, every member is a mini-server and user, which is why they are responsible for verifying and exchanging data. 

How do blockchain applications work?

A man pointing at a blockchain concept art

Before we try to understand how DApps work, we need to understand how blockchain works. In simple terms, a blockchain is a network that essentially shares data among users, saving data in chronological order in blocks. This means that when an activity takes place in a particular blockchain network, it is shared with all members of the network. In addition, every member of the network has a record of this action. 

These blocks of information are saved in a chain, and when data is added to the chain, further changes cannot be made. This is why blockchain is hard to breach, making it more reliable than existing networks. If you want to set up a blockchain network, you require some terabytes of gigabytes worth of storage space. However, as most devices do not have this much space, DApps generally operate on a certain part of the blockchain. 

Typically, there are two main types of blockchain-based on the type of network; a permissionless blockchain and a permission blockchain. A permissionless blockchain provides access to all users of the network and is available on all devices. Each user can easily verify transactions, access the code, and interact with other users. A permissionless blockchain enables only authorized users, wherein all users have permissions and roles. Such a blockchain network is ideal for handling operations internally within an organization. 

Why are blockchain applications gaining popularity? While they provide anonymity and security, there are other benefits too. 

Benefits of blockchain

  • Transparency

All transactions and updates should be verified by all the other users in the network. Having said that, not every participant has access to all the data. However, a copy is saved on every device connected to the network at each time. 

  • Public verification

All users can determine if the system is working appropriately. Every transaction is confirmed by verifiers who are also fellow users of the blockchain. 

  • Integrity

A blockchain network ensures that data is not exchanged. 

  • Privacy

Although the blockchain is a decentralized system with a high degree of security and transparency, all transactions between other network members will remain anonymous. 

These are some of the benefits of blockchain applications. Now, let’s explore the benefits of blockchain applications. 

Blockchain applications benefits

  • Seamless cryptocurrency exchange experience

Today, thanks to mobile applications including Binance, Coinbase, and more, it is very easy to buy or sell mobile applications. These applications provide the best exchange experience as you need to respond to price changes swiftly. Currently, the crypto market is very volatile but has shown tremendous growth potential. 

  • Ease of transactions

Although banking mobile applications offer a bunch of convenient features, there are a few shortcomings on some occasions due to rejected exchange rates, commissions, transactions, etc. However, the game is completely different from DApps. Users can set up a blockchain wallet in just five minutes, enabling users to purchase things with cryptocurrencies without any additional fees. 

Industries that use DApps

Some of the core industries that are already adopting blockchain applications or on the verge of doing so include:

  • Finance
  • Real estate
  • Healthcare
  • Music industry
  • Wallets
  • Gambling
  • Games
  • Exchanges
  • IoT startups
  • E-mobility

Popular programming languages used for blockchain application development

  • C#
  • Java
  • Solidity
  • Go
  • C++
  • Plutus
  • Scilla
  • Michelson
  • Rholang

Wrapping it up!

Global business background with blockchain

There is no doubt that blockchain is an exciting and very robust technology. It has certainly made headlines around the world and continues to be a part of table discussions. We are seeing a lot of companies integrating blockchain in their products – a trend that is expected to continue over the next few years. 

Whether you want to create a whole new product with blockchain or stack it with your current product, the choice is yours. We have taken a look at some of the benefits of blockchain applications, which is also a reason why interest levels are moving in the upward direction. Currently, although the technology is in its early days, the applications of blockchain continue to grow. 

Blockchain application development will continue to gain further momentum in the coming years as awareness pertaining to the technology increases. 

SEE ALSO: Blockchain Startup Building A Marketplace for Location Data

For more latest IT news and updates, keep reading iTMunch

Feature Image Source: Image by Maicon Fonseca Zanco from Pixabay

Image 1 Source: Image by Gerd Altmann from Pixabay

Image 2 Source: rawpixel.com

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Karandeep is a technical content writer based out of Pune, a city in India that is also known as the Oxford of the East. His journey with writing started in 2014 when he decided to try his luck in a gaming startup as a Content Developer. Since then, he has written on a wide range of topics within the gaming and the tech space. Apart from his love for gaming, Karandeep is keeping tabs on the hottest trends in the tech industry. After completing his Bachelors in Business Administration (BBA) from Symbiosis International University, Pune, he worked as an intern in an NGO that focused on urban development.
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