What is more fascinating for entrepreneurs than securing critical data and online transactions? Well, Blockchain technology is designed to keep these objectives in mind. Cryptocurrency is just a glimpse of immense possibilities retained by this futuristic technology. Let’s have a look at a few major features and benefits of Blockchain for the modern business. Also, we will see why you should integrate this technology into your enterprise ecosystem.
As per a Wintergreen Research report, the global Blockchain market is expected to reach $60 billion by 2024. These days, Blockchain technology has become a part of enterprise mobile app development services as entrepreneurs tend to integrate it into their existing system. Here are four big reasons that can make Blockchain one of the most sought-after emerging technologies in the enterprise app.
1. Promotes Decentralization
Decentralization can make the business system tamper proof and unhackable. The Blockchain technology can decentralize the enterprise communication and compliance and make them safer against the cyber attack. What’s more, decentralization also plays a vital role in making online transactions and their records highly secure.
2. Improves Quality
Blockchain technology operates on immutability mechanism, which means that whatever is once entered into the blocks cannot be altered or changed. It enhances the quality and accuracy of the business system. Today, modern businesses generate a plethora of data on a daily basis, and it is inevitable for them to protect data access and sharing. Immutability of the Blockchain can assist companies to serve this purpose.
3. Increases Transparency
Blockchain increases transparency in the work system. It also promotes responsibility and accountability among employees and stakeholders. The Blockchain app development is aimed at accomplishing every task and process with improved openness. However, the tasks and processes are open for authorized people only.
4. Reduces Cost
This is one of the biggest benefits of Blockchain technology for the corporate world. Features like smart contracts, decentralization, and security, this technology can save cost in different ways. The enterprises can save cost in verification, tracking of goods, ensuring the quality of services, and the like.
Related Reading- How Blockchain Enhances Mobile App Development Process in 2019
The enterprise mobility solution relies on Blockchain to meet the following objectives.
* Privacy Protection
The Enterprise Blockchain is aimed at providing the utmost protection of the user and customers’ privacy. It follows stringent rules and compliances given for securing data and privacy. Mostly, enterprise app solutions with Blockchain-based features rely on permissions. In other words, the access and sharing of data need authentication in Blockchain-based business app. It helps companies keep valuable data safe from hackers and unauthorized persons.
* Security Enhancement
Just like privacy protection, data security can be addressed effectively with the help of Blockchain-based app solutions. The Blockchain-based enterprise app focuses on aspects like Know Your Customer (KYC) and Anti Money Laundering. What’s more, Blockchain technology also provides an additional security layer to the online transactions thereby make the process more transparent and safer.
* Reduction in Throughput Time
In manufacturing, throughput time is the time necessary to convert raw material into a finished product. In general, throughput time can be applied to assemble components and other related processes. You can hire mobile app developers to reduce the throughput time significantly by using blockchain technology.
* Operational Cost Reduction
Operational cost-cutting is of paramount importance for the enterprises globally. Even established and large companies also strive for saving the operational cost and overheads. Blockchain app solutions can help companies achieve this objective. Blockchain provides a cost-effective platform for offering the permission-based and robust system to meet diverse requirements of the modern business.
Simply put, enterprise mobile app development services can transform the enterprise ecosystem by integrating Blockchain technology. Here are some use cases of a revolutionary Blockchain technology that can benefit the companies and customers alike.
However, it is fair to mention that other industry sectors can also get benefits of thriving Blockchain technology. The mobile application development company can give insights into the advantage of Blockchain integration in the customized business app.
From cryptocurrency to enhanced safety in the online transaction- the Blockchain technology has developed significantly to bring changes in the Fintech sector. RBC, JP Morgan, Citibank, and American Express are examples of some noteworthy financial service providers who have already integrated the Blockchain technology to offer secure and advanced services worldwide. The entire BFSI spectrum is ready to avail the advantage of the Blockchain’s expanding spectrum with the help of feature-rich apps.
The automobile industry is thriving with the assistance of advancing mobility. From autonomous vehicles to cab booking, a customized mobile app can enable the automobile industry to facilitate their customers in booking services on the move. Now, many automotive companies are getting ready to jump on the Blockchain bandwagon to bring next-gen features in their system. Volkswagen and Renault have already redefined their existing mobility solutions by integrating Blockchain.
When it comes to securing the online transaction, the Blockchain knows no bounds. It is the reason why the retail companies want to provide their customers a blockchain-based transaction facility on the move. But, the use of Blockchain is not limited to tracking and offering online transactions. Let’s take an example of Walmart. It uses the Blockchain for tracking the supply of pork in China. Alibaba also uses it for controlling and managing the supply chain.
Blockchain-focused prototypes are prevalent in the aviation for tracking the jet plane’s parts. The technology is also useful for the aircraft maintenance system.
Indeed, the Blockchain-based feature integration can increase the enterprise app development cost, but eventually, you can get a higher ROI and gain customers’ trust in your business.
– Before moving to the essential reasons why the enterprises should have a Blockchain-based app in 2019, here is a questionnaire that will help you – decide whether your business can benefit from Blockchain technology.
– Do you want to get rid of mediators?
– Does your business deals with digital assets and data?
– Do you want to create a permanent record of transactions and digital assets?
– Do you want to offer safe and speedy transactions to your customers?
– Does your business involve contractual relationships?
– Do you want to get complete control over functionality and transactions?
– If the answer to any of these questions is in ‘yes’, then you need an enterprise mobility solution with Blockchain integration.
Here are the reasons that make you convinced that the best time to invest in Blockchain app development.
> Entrepreneurs’ consideration
Big players like IBM, Oracle, and Amazon offers Blockchain solutions. This futuristic technology has started drawing the attention of entrepreneurs worldwide. We can certainly expect that the number of companies that integrate Blockchain technology is going to increase significantly in the year 2019 and beyond.
> Improving interoperability
It is now possible to establish connectivity between two or more Blockchain-based solutions thanks to evolving technology. An arbitrary protocol to link multiple ledger types can be developed to link centralized and distributed ledgers. The BFSI sector can be a major beneficiary of this facility. It improves interoperability.
> Increasing adoption
As per Deloitte survey, over 74% of companies have started using Blockchain in one or the other way. Today, this technology is getting mainstreamed rapidly in the corporate sector. It is fair to mention that in the coming years, the adoption rate will be increased significantly for this technology along with mobility.
> Early integration advantage
The Blockchain app development has started gaining ground across the corporate sector. In such a scenario, if you integrate it in your business, you will certainly get an advantage of early adoption. What’s more, as the technology evolves, you can readily integrate the advancements and stay ahead of the curve.
> Brighter outlook
The outlook of Blockchain in the corporate sector looks brighter as many entrepreneurs have either integrated or consider to integrate this emerging technology. Your business can make the most of this technology in the long run.
That’s not all. Many other aspects also show that your business needs a Blockchain-based mobile app.
Though prevailing in several industry sectors, Blockchain technology has a long way to go. The mobile application development company strives to remove the hurdles in the way of integrating the Blockchain technology in business mobile apps. We can expect that this revolutionary technology will transform the entire business processes in the future. Time is just right to grab the opportunities to take your business to the next level.
If an end-to-end enterprise mobility solution is what you need, we can help you out! Our experienced app developers can integrate the advancements of futuristic technologies like AI, AR, IoT, and Blockchain to meet diverse business requirements effectively. All you can get is a feature-rich business app. Just send word through email@example.com, and we’ll get back to you soon.
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