Just like Virtual Reality, Blockchain product development is a buzzword in both technology and business. It has been expected to disrupt many industries for quite some time, yet something seems to always hold it back.
Only time will show whether Blockchain makes it to the front cover of the top magazines this December. For now, let’s see why Blockchain guides the market of app development in 2021 and what implementations companies will aim for with this tech innovation.
The phenomenon of Blockchain apps
The idea of custom Blockchain development emerged in 2008 when Bitcoin was introduced. At that point, it was something ephemeral and unknown. 10 years later, the industry accounted for a $1.2 billion market; this year, it is expected to reach $7 billion, and in only four years, the bitcoin market will grow to $39.7 billion! The trend is noticeable, but it still might seem alien and obscure for anyone outside the industry.
Well, in simple terms, Blockchain mobile app development offers a tamper-proof network for businesses of all sizes and in all sectors. Any company with internal and external transactions in their routine operations can benefit from the efficient monitoring, quality data protection, and almost 100% safety of the whole process based on Blockchain technology.
The top industries utilizing Blockchain today include finance (FinTech, banking, insurance), healthcare (pharmaceutics, hospitals, medical records exchange), real estate, law, government, logistics, and manufacturing. The list can go further because any industry opting for the benefits below can utilize Blockchain in its processes:
- Data availability: the data owner decides whether to make it public or private or maybe share access with particular people. In blockchain product development the decision is unbreakable and unbreachable.
- Data security: cybersecurity and data protection are among the top concerns for every business, and Blockchain technology eliminates the risks making the data hacker-proof.
- Transparency: it is one of the top business trends for 2021, and since Blockchain application development can easily provide reliable information about every process, transaction and chain change; it is the ultimate tool for delivering transparency to any organization.
- Flexibility: the era of digitalization promotes the adaptivity of a business – simple scaling and cutting, adjustment and innovation for the applications; Blockchain offers the missing flexibility to any process, including Blockchain mobile app development.
Top 4 Blockchain application development trends in 2021
Trends do not come out of the blue. They naturally appear in the market as a continuation of last year’s innovations and development strategies. 2021 will continue to boost the effectiveness and ubiquity of Blockchain implementation in app development. So let’s look at the trends of this technology and how it will reshape the mobile apps in digital transformation this year.
BaaS (Blockchain as a service)
Blockchain is still not a commonly-acknowledged and comprehended technology. Many companies, especially enterprises, understand the real value of such advancement, yet they do not know how to use it. The scope of decisions a new company has to make (platform, smart contracts, integrations, tools, etc.) overwhelms big businesses and, in fact, slows down the industry development in general. For this reason, the BaaS offer and services of a custom software development company in Canada, the US, Europe, and Asia will continue to blossom in 2021.
Cloud chained in blocks
Data breach is one of the biggest and least wanted issues of cloud adoption. By transferring all business processes and data storage into the cloud, a company truly improves its safety regulations. Clouds are still prone to attacks and data breaches, so they nonetheless have a very long way to perfecting data storing techniques. The Blockchain application development operating principles with their data encryption, the prohibition of chain disruption, and decentralization allows securing cloud-based storage and operations. Moreover, it also increases the accessibility of cloud data for the authorized users, which brings remote-work practices to a new level.
Payments with cryptocurrency wallets
The story of custom Blockchain development started with cryptocurrencies, and today more and more fields adopt not only the benefits of this technology but also its original use case. Ten years ago, there were no users with crypto-wallets. As of February 2021, there are already 68.24 million people worldwide exploiting this tech advancement.
When it comes to app development and Blockchain implementation, the story is expected to unfold even further. Mobile app developers will have to implement new payment options with cryptocurrencies since more and more people store their assets in the virtual world. This trend is especially vital for finance and healthcare businesses as those are notably prone to fraud and data security breaches.
Smart contracts popularization
The term “smart contracts” is used for code that is stored on a Blockchain platform and whose parts are automatically executed at the same time. Smart contracts can be an addition to a paper-based contract or an agreement on their own. The main reasons why this Blockchain feature is beneficial for full cycle product development include:
- Lack of the middleman for the agreement verification
- Reliable backup on the Blockchain
- Safety from any infiltration due to secure encryption
- Automation of the verification process
- Accuracy of the technology
This said, smart contracts can help a real estate agent complete and seal the deal in a matter of minutes through a special mobile app. The bank can verify applicant’s data within several minutes and approve their loan in a single visit, not multiple hours of work. Business deals can be completed fast and securely without any further tampering to get out of the signed agreement. Smart contacts and cryptocurrency app development in the mobile world can significantly improve speed and reliability for companies in all fields that rely on any contracts signing or instant confirmation.
The real power of Blockchain technology is still underestimated and underinvestigated for many industries. The concept of a safe and reliable system for financial operations and personal data exchange has been on the table for quite some time. By now, the world is familiar with the actual pros of Blockchain implementation. The reality for 2021, however, is still shady. Many companies are interested in using Blockchain in their mobile app development, but the truth is, many will fail. The failure comes from the multiple challenges the industry is still going through, like the lack of knowledgeable Blockchain application development or the technology’s complexity in general. Provided that you use Blockchain in the right way (with professional supervision and gradually), you will succeed as this is one of the most trending topics for 2021. Yet, beware that Blockchain is still a dark horse that can either drown you or extol you to the skies.