After the drastic global financial downfall in 2008, a white appeared suddenly which is unclear and hard to understand, and the people or institution behind this innovation is known as Satoshi Nakamoto. This weird white paper had brief description of a new peer-to-peer financial system.
It was an indication of people being tired of unwanted interference of middlemen and banks into their personal economic systems. Many recognized this new system as an efficient way of settling and processing transactions.
And this innovative technology was named as Blockchain technology. Here, let’s discuss few exciting advantages of this technology and the effect it could have on all of our day-to-day lives.
So, what is blockchain? It’s the technology that drove crypto currencies like Bitcoin and etherium, but apart from that it has several other uses. Let’s try to keep this as simple as possible, the information stored in blockchain gets updated constantly.
These data records are distributed into several blocks and they are secured using cryptography. This cryptography ensures the safety of all the saved records. The list of saved records is called a distributed Ledger and it is decentralized.
How blockchain will revamp mobile application market?
Statistics say that there is a tremendous growth in mobile app economy, and this is not going to stop any time soon, especially when it is foreseen as the most valued (about $6.3 trillion by the year 2021) sector, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.
The adaptation of blockchain technology in mobile applications will give tremendous results, some of them are:
- It clears in app purchase issues of users.
- Will be huge growth in advertising model.
- Transactions become more transparent.
- Enhances reward programs.