To explain blockchain in a compressed manner it is a complete set of distributed ledger technologies that can be used to save and track anything of value, it may vary from financial transactions to medical records or even records of land.
It is an allocated and totally fair enough which makes it accessible to everyone in the network. The data entered into Blockchain is distributed into several blocks and each block has its own hash along with a timestamp.
This makes it impossible for hackers to steal or alter data without the permission of the possessor.
The inclusion of this technology into designing and developing mobile apps is a appreciable idea when everything around is being modernized. The idea of combining these two will give profitable results.
How Does a Blockchain Work?
Every block present in the series carries some amount of data and this data has a timestamp accompanied by a hash of its antecedent block. It is a peculiar mathematical algorithm that belongs to a specific block.
If a hacker wants to steal or alter the data present in the block, then he has to modify each and every hash present in millions of blocks. Therefore it is impossible to go through the data without access.
Blockchain technology advantages
Blockchain technology has multiple uses and it has the capability to serve in several other industries, they are:
Financial Services: Blockchain technology eases and organizes the whole procedure related with asset management and transactions by giving an automated trade lifecycle where all the users will gain access to the accurate same data about a payment.
Healthcare: Blockchain has a very important part to play in the healthcare field by maximizing the privacy(personal and financial), security and interoperability of healthcare information.
Travel and Hospitality: The execution of Blockchain can completely transform the travel and hospitality sector.
It can be implied in payments, saving important documents like passports and other ID cards, reservations and handling travel insurance, loyalty and rewards.
Using blockchain for mobile app development
Even though we are surrounded with world class technologies and enjoying the ultimate range of technical advantages, there is a prospect that all these technologies might not go side-by-side with all mobile applications. And also if an app that does not deal with transactions it might not need blockchain at all.
Whereas on the other side, people who use transaction related apps or apps related to sports betting or where they need to pay through pay mobile apps definitely needs the help of blockchain to keep transaction safe and faster. For these kind of apps blockchain technology is a perfect choice.