Over the years of its introduction and development, the term crypto has become synonymous with blockchain. Many people do not differentiate between the two as cryptocurrency is amongst the first tremendously successful blockchain applications. But for those engaged with blockchain app development, there is a greater pool of knowledge to draw from.
Including government services, various industries are now opening to introduce blockchain technology for developing applications that make their processes smoother. Given its characteristic high security and data integrity, businesses are keen on taking advantage of these features. In this article, we will discuss all the evolving use cases of blockchain technology.
How Has Blockchain Captured The Attention Of Mobile App Developers?
The transition between the classic usage of bitcoin in cryptocurrency and other applications was a challenging process initially. But realizing the potential of blockchain in secure peer-to-peer systems is opening new avenues for its applications. It started with collaborations between blockchain and mobile payment apps and soon included bank transfers, land registry management, digital healthcare, and many other industries where using secure mobile apps is indispensable. This landscape is continuously evolving, and mobile app developers are implementing blockchain in various ways.
Evolving Use Cases In Blockchain App Development
Some of the evolving yet promising use cases of blockchain include the following:
1. Digital Identity Apps
The digital identity of a person or data is the information that is built on computers. It is the primary information that helps identify a person or device on the network. Over the previous years, hackers have been able to meddle with this information and pose greater threats to data and information on the network.
With blockchain technology, this digital identity can be made more secure. It helps keep data on networks tamper-proof, unified, and easily traceable. It allows users to create their own digital identities, register on a network, and create cryptographic keys to protect the data. It is more like creating digital certificates for users. The market for digital identity solutions is predicted to rise up in the coming years.
2. Tourism Apps
The Travel and hospitality industry can utilize blockchain technology to change processes such as hotel room booking and customer rewards management systems. Reserving rooms over an unorganized network at variable prices can create confusion and overbooking later. Also, managing the various flyers and coins traditionally or with unsecured apps can be troublesome. Blockchain can help address these issues by creating a secure environment where every booking that gets confirmed is reflected in real-time. Managing coins and rewards through blockchain is more trustworthy too.
3. Social Apps
Community-based apps are always at the forefront of the latest technological advancements. Given the diverse and large user base, various businesses also view social media and communication apps as great marketing platforms. Blockchain can help here to keep transactions such as collecting points and reviews from peers more secure than before. In apps that keep track of users and get reviews from other users, blockchain is the more preferred option to look after user reputation.
4. Power Apps
Power apps can partially be a part of the government services section of blockchain use cases. Since blockchain is great at tracking minute changes in data regardless of the number of records, it helps to track the amount of electricity usage efficiently. Energy companies are discovering the potential of blockchain and implementing it in their systems to create effective solutions that also align with their energy conservation efforts. Reducing the electricity bills for retail customers and trading renewable energy with neighbors are two of the more frequently used applications of blockchain in power apps.
5. Transportation And Logistics Apps
The peer-to-peer data recording and tracking features of blockchain are proving useful in the transportation and logistics industry. It simplifies real-time tracking of shipments by locating their exact position in the supply chain. This works more efficiently than traditional technologies and helps simplify data management through the decentralized digital ledger, and helps reduce clerical errors. Reducing transportation costs, streamlining document coordination, data authentication, easy approval and clearance process, etc., are the areas blockchain can strategically help improve. Many industry leaders have already implemented blockchain in their supply chain management systems.
What Are The Benefits Of Using Blockchain Technology?
Blockchain has multiple benefits over traditional app development technologies. Some of the most distinguishing amongst them include:
1. Increases Trust
Using blockchain technology helps increase the trust between entities that would otherwise have not been possible. This trust gives rise to a better exchange of information.
2. Decentralized Structure
As we know, with blockchain, there is no centralized authority to make decisions about transactions. It empowers every node in the chain to make these decisions, and only after they approve them can those changes be made to the data. This enhances data security in the network.
3. Reduced Costs
The elimination of manual tasks up to a great extent and simplifying processes facilitated by blockchain leads to reduced operations and management costs for various businesses. The data is also more reliable and faster to access.
4. Improved Visibility And Traceability
Every transaction in the blockchain structure is traceable to its origins. This traceability is highly crucial in applications such as social apps or supply chain management apps where the origin of activity needs to be known in real-time. For example, with blockchain, you can know the exact location where a particular order started. This helps improve the visibility of operations at every stage in the entire system.
All the transactions that happen over time are recorded permanently and cannot be changed or altered. These records also have a specific timestamp attached to them that cannot be removed. This is much better than traditional forms of presenting records that can be unreliable at times.
How Is GeekyAnts Using Blockchain Technology?
Our blockchain developers have actively been developing various projects that take normal applications a notch ahead with this transforming technology. The highlight among them remains gaming apps. They have helped us gather positive reviews from clients and users. In the future, we plan to be a part of other blockchain app development endeavors as this futuristic technology is here to stay. We are witnessing its power to transform every business process.