Blockchain was originally developed as a distributed digital ledger to record cryptocurrency transactions in a chronological, secured, and unalterable way. The technology is designed as a chain of individual blocks. Each block contains transaction details, a timestamp, and cryptographic link to the previous blocks in the chain. The sudden surge and decline in the price of bitcoins made enterprises notice the distinct digital ledger.

Enterprises from various sectors have already started leveraging blockchain technology keep financial records unalterable and financial transactions secure. Likewise, several developers have launched blockchain-powered mobile wallets to simplify and accelerate cryptocurrency transactions. But the mobile app developers can leverage blockchain technologies to make their mobile apps standout in the crowd and deliver optimal user experience.

6 Usage and Benefits of Blockchain for Mobile App Developers

1) Facilitate Cryptocurrrency Transactions

The number of consumers using cryptocurrencies bitcoin and etherium has been growing steadily. Likewise, many stores and online retailers allow customers to make payment through cryptocurrencies. Hence, customers need robust mobile wallet apps to store their cryptocurrencies and perform cryptocurrency transactions. The massive popularity of cryptocurrencies creates opportunity for developers to build next generation mobile wallets powered by blockchain. They can even make the blockchain powered mobile wallets popular by simplifying and accelerating cryptocurrency transactions.

2) Simplify Identity Management

As a distributed digital ledger, blockchain makes details of cryptocurrency transactions accessible publicly. However, the technology still makes the cryptocurrency transactions secure, verifiable, and authenticated. No user can initiate cryptocurrency transactions without establishing his identity. Hence, the mobile app developers can use blockchain as a powerful tool to perform identity authentication and management. The can create blockchain-powered mobile apps that verify the user’s identity for a number of purposes – opening a bank account and obtaining a driving license. Leading tech companies like IBM have already revealed their plan to build networks that verify and manage identity of consumers through blockchain.

3) Promote Secured Mobile Payment

The people living in certain developing countries still lack access to bank accounts. But a large percentage of these people use smartphones and tablets on a regular basis. Blockchain technology enables developers to build mobile apps that enable users to make payment in a secured and convenient way without having bank accounts. There are a number of blockchain mobile payment companies that enter into partnership with telecom carriers to enable users to make payment securely from their mobile devices despite not having bank accounts. The developers can leverage blockchain to build mobile apps that promote secured and convenient mobile payment.

4) Streamline Real Estate Transactions

In many developing countries, real estate transactions are prone to frauds and scams. Often genuine buyers lose huge sum of money due to frauds in connection to real estate transactions. Blockchain technology has the potential to eliminate the frauds and scams related to real estate transactions. The mobile app developers can leverage blockchain to promote secured and smart contracts. In addition to eliminating lawyers and middlemen, the blockchain-powered mobile apps will further document land titles and rights concretely. Also, the app will reduce the overall cost for property titles and real estate transactions. A number of companies have already launched blockchain-powered mobile apps to document land titles and rights securely.

5) Facilitate Peer-to-Peer (P2P) Payment

At present, P2P lending platforms act as a robust marketplace for money lending activities. Many small business and start-up owners prefer P2P lending to conventional business loan products. The P2P lending platforms even enable entrepreneurs to borrow money directly from individual lenders without involving any lending institution or intermediary. Blockchain has the potential to transform P2P lending landscape by promoting privacy and encryption. The mobile app developers can leverage blockchain to create next-generation P2P platforms. They can even launch blockchain-powered mobile apps that enable users to lend and borrow money without any hassle or delay.

6) Boost Social Payment

While using an iOS device, the users can send and receive both social and personal payment through iMessage app. Apple’s texting service allows users to send and receive Euros, Pound Sterling, US dollar and bitcoins. Apple facilitates social and personal payment through a leading blockchain company – Circle. The mobile app developers can leverage blockchain technology to boost both personal and social payment. They can even make the app take advantage of the hardware features of the underlying mobile device to simplify user authentication and speed up money transfer. The developers can even use blockchain to upgrade the existing social and personal payment apps.

On the whole, the app developers can leverage blockchain technology to build outstanding mobile apps. But they cannot use blockchain to optimize each mobile app. Also, they need to address a number of challenges to launch blockchain-powered mobile apps. The mobile app developers still need to explore ways to use blockchain as a valuable resource to build next-generation mobile applications. They can even leverage blockchain to make the existing mobile apps deliver optimal user experience.