There is a misconception that blockchain is all about cryptocurrencies and is often perceived as synonymous with Bitcoin, but blockchain is beyond just these cryptocurrencies and has diverse use cases in app development that businesses and companies are leveraging for a multitude of reasons, from fortifying the codebase to gearing up the transparency to enhancing their app security. In this article, we will be exploring all the applications, features, and benefits of blockchain in app development and how they are bringing an absolute paradigm shift in the landscape of apps, i.e., dispersion with decentralization, tamper-proofing with the immutable nature of blockchain, eradicating the might of a single party with consensus mechanism, automation with smart contracts, etc. Let’s delve into the transformative power of apps with Blockchain.
The Benefits of Blockchain for Applications
We have got you covered with Blockchain and its transformative power. At the end of this article, we will determine what these are and how you can get these features and benefits implemented in your app and take your app to the next level by hiring any native or hybrid app development company. Here are some of the features and benefits of advancing apps:
Decentralization
With the decentralized nature of blockchain, apps can be coded decentralized, where you can disperse the might and give authority to multiple bodies rather than a single centralized management that can do whatever. This comes in handy for apps with more than one owner who wants to have equal authority and control over their app. With decentralization, participants or owners can keep trust high. With this aspect of blockchain, you can prevent a single body from exerting its power and trying to take precedence.
Immutability
This is another unique point that blockchain fanatics sell. In blockchain, data is lodged in a chronological order and can’t be mutated, changed, or altered. This feature of blockchain helps create an app whose data can’t be tampered with, and all the data is stored in an order in the ledger that increases transparency. This is quite useful, especially in e-commerce, banking, and finance apps where data is always at risk and can be tampered with to show fake numbers to stakeholders.
Smart Contract
Sometimes, you are required to do manual intervention in your app or system to keep certain kinds of activity transparent and secure, and blockchain diminishes the need for third-party interference and has rather smart contracts, which types of agreements and rules get executed when certain predefined conditions are met. This rightly brings a halt to third-party interference and rather digitalizes the mechanism that helps the process remain transparent and original. There is an app that has to release payments once you lodge in goods, so rather than do it manually, you can utilize blockchain, which will release the payment once the goods have arrived at the airport.
Transparency
Secure and reliable payments are made through Blockchain, which is why it is one of the major advantages of this innovative technology. Securing data storage systems in a transparent environment. You can access your transactions and view all the details and information in your data. You can use the transaction application by viewing the history or tracking a product or service. Eliminating any fraud or theft that could be done easily in a manual manner. Data security and resilience are features of Blockchain technology.
Use Cases of Blockchain Technology Beyond Cryptocurrency
Blockchain is a highly secure technology that allows various features and procedures that could be risky in real-time. The use of blockchain technology in applications has extended the use of common applications and advanced robust security methods. The use of digital devices is increasing, and security is a top concern. Companies and industries are revolutionizing blockchain using this cutting-edge technology and advancing in hybrid app development to continue the growth of applications by reaching a larger audience. Here are some of the use cases of blockchain beyond Cryptocurrency.
Supply Chain Management
Blockchain can strengthen supply chain management by improving traceability, enhancing transparency, and redefining traceability. Blockchain makes traceability immutable, helps suppliers and receivers understand the process, and offers real, verified, and immutable data that increases trust between partners. As it is unchangeable, you can tamper with or alter the data once it goes into the ledger. It helps build trust by taking on key data points like certification and claims and giving access to data. Last but not least, it improves readability by tokenizing the asset and splitting it into small shares that can be owned and traded by individuals and companies alike.
Healthcare Sectors
Medical institutes are now advancing in technology with Blockchain. Patients have full control of their data and assurance of their health. Blockchain is improving health with this transforming technology and implementing these application advances. Patients are sure of their improvement in health or detect any health-related symptoms. Blockchain collects data, allows patients to monitor their health with medication recommendations, and simplifies the identification of drug use. Pharmaceutical products are now easy to authorize and approve.
Voting
Voting systems can be easily manipulated, which is why Blockchain technology can simplify voting systems by transforming them into a digital aspect. Blockchain is transparent, secure, and reliable. With the capability of blockchain monitoring and storing data, voting fraud can be reduced. When you can view your history and every detail with blockchain technology, having full control over your use of applications improves the voting system. Tamper-proof and easy-to-use applications on mobile devices can enhance the use of common applications. By reducing physical tasks and the risks of fraud, blockchain can be remarkable.
Intellectual Property
By recording every transfer and change in your application, blockchain can also protect your intellectual property rights. Artists, creators, writers, etc., can now have ownership and evidence of authenticity. Copyright implementation is simplified with the use of blockchain. Artists and creators can receive payment without any fraud or zero proof. Intellectual property records and stored data can be tamper-proof for consumers utilizing blockchain technology. With a transparent, recording, and verifying platform, creators are allowed to have full authority over their work.
Real Estate
Smart contracts are one of the greatest inventions of blockchain technology. Users can buy, make property agreements, and negotiate with smart contract payments. Transactions are transparent; real estate buyers can reduce fraud by creating an automated, transparent register for property records. The real estate payment process consists of paperwork and consuming time with confusing agreements that could be manipulated. Through smart contracts, you can digitally buy and sell the property with agreements between both parties. Tracking and recording all data allows you to view all your agreements and transactions. No fraud was detected.
Blockchain Applications
- Entertainment: Spotify, KickCity, Guts, B2Expand, etc.
- Retail: Warranteer, Blockpoint, Loyyal, etc.
- Supply Chain: IBM Blockchain, Food Industry, Blockverify, etc.
- Insurance: Accenture, Proof of insurance, etc.
- Healthcare: MedicalChain, MedRec, Gem, SimplyVital Health, etc.
In Conclusion
Technology is revolutionizing, and blockchain is transforming the use of applications with assurance and improvement in education, healthcare, finance, and real-world issues. The applications are used for various reasons. Usually, it is for entertainment purposes or just for digital businesses. Every business on digital platforms requires high security; with the evaluation of smartphone use and applications, Blockchain can be embraced for all its use cases. Cryptocurrency is beneficial and secure through blockchain technology, but the real-world use cases are beyond Bitcoin and trading.
