Blockchain Mobile App Development- Eight Reasons Your Business Needs It
The year 2018 will be remembered for a long time for many reasons. One of them is a sudden rise and steep fall of a cryptocurrency, Bitcoin. As an entrepreneur, even if you are not interested in cryptocurrencies, I am sure that you must have heard the name of technology that empowers cryptocurrencies. Yes, it is a Blockchain technology that seems ready to bring radical changes in the mobile app development process in coming years.
These days, many mobile app development companies integrate Blockchain mobile app development in their array of services to capitalize on the trend favoring this futuristic technology.
If you think that this robust technology is useful only for large enterprises and big brands, then you need to think again! Below, we give eight benefits of blockchain mobile app development that can be leveraged even by small businesses and startups.
How Blockchain Technology Benefits Small and Large Businesses alike
- Facilitates Safe Transactions
One of the biggest benefits of blockchain technology is- it offers enhanced safety for sending and receiving payments. How is it beneficial for SMEs? Well, it is easy to transfer funds securely and instantly across the world at minimal fees. Blockchain technology eliminates the needs of intermediary between banks and enables users to get rid of high transaction fees.
Companies that have offices in remote locations or deal with global markets can specifically find this technology very useful for secure online transactions. In coming days, companies from the BFSI sector will utilize this feature in the full swing irrespective of their size and nature of the business.
- Provides Smart Contracts
Smart Contract may look a new term like Smart City and Smart Workplace. But, this term is in use since 1993. The Ethereum Project has made this term popular by associating it with the blockchain technology. Smart Contracts are nothing but the self-automated computer programs that carry terms of various ‘real’ contracts.
Smart contracts enable businesses to bypass regulations while reducing the cost of the most common transactions. Do you know that global banks have already started to use ‘smart contracts’ to improve the loan market? Apart from giving a loan, small businesses can manage their services like renting a bicycle and even an apartment.
- Improves Notary Service
The notary service involves a paperwork and takes a lot of time. The notary service providers take a hefty charge from customers for offering notary service. There, blockchain mobile app development comes into the picture. It can make the notary service more convenient, effective, and inexpensive.
For example, Uproov app can notarize the user’s image, video, or sound recording. In a way, this mobile multimedia platform. In a way, blockchain technology can improve notary service and brings automation in the process while increasing convenience. Small and mid-size businesses can save a lot of time and money with Blockchain-based notary services.
- Offers Cloud Storage Advantage
Benefits of cloud technology do not require any introduction. Blockchain can be used for storing critical data in the cloud storage securely. Small and mid-size businesses can avail the advantages of the cloud technology through Blockchain mobile app development. Apart from reducing the storage cost, the blockchain technology facilitates a secure storage and access.
Globally, over $22 billion are spent on the cloud storage, and it can open new streams of revenue for SMEs. The app development companies can give you more insight into the cloud benefit of the blockchain technology.
- Resolves Digital Identity Issues
Do you know that every year, over 19 billion dollars are wiped out because of fraud? It makes data security the top priority for the companies.
The blockchain technology can authenticate the digital identity in a unique and secured manner. The blockchain-based digital authentication is based on irrefutable identity verification. The entire process involves digital signatures for providing an enhanced safety layer.
Small businesses and startups can prevent their valuable data by integrating blockchain-based identity application in the domains of IDs, online accounts, passports, and E-Residency. It can facilitate such companies to protect their data in an affordable manner.
- Enhances Supply Chain Communications
What does it take to maintain the smooth business processes? Well, the supply chain management is certainly one of the necessary options. The reason is simple: We usually buy the finished products that have many components assembled. Now, if the supply chain is not managed properly, then the companies cannot deliver the finished goods on time. In other words, if the supply of any components breaks, the brand may face the backlash as a result.
Now, Blockchain can provide reliable and digitally permanent supply chain communications that show how stakeholders take steps for ensuring a continuous supply of necessary goods.
- Enables companies to run Loyalty Program
One of the best ways for establishing a brand reputation is to build a loyal customer base, and the loyalty program can help you serve this objective. You can offer gift cards and run loyalty programs through blockchain technology in a secure manner. This technology simply eliminates the middlemen and offers unique verification process for enhanced safety.
For example, Gyft Block issues a gift card using blockchain technology. It can be traded on the public ledger powered by blockchain.
- Offers Benefits of IoT and Networking
IoT (Internet of Things) is a next-gen technology and businesses want to leverage their benefits. The world of connected devices needs a robust networking as well. There, blockchain mobile app development comes into the picture. For example, IBM and Samsung have developed ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry) that uses blockchains as a backbone.
Small and mid-size companies can control the entire IoT network with the help of blockchain technology. The blockchain technology offers this facility at very low cost. It also provides enhanced security level for data access.
Keeping cryptocurrency aside, the blockchain technology can bring a lot of business benefits for companies irrespective of their scale and business model. It helps you unleash the value of your business while offering safe and secure user experience.
It is fair to mention that Blockchain brings the transition from the semi-digital to fully digital world.
Solution Analysts is all set to become a premium Blockchain app development company. We have experienced Blockchain app developers who are well-versed in using cutting-edge tools and technological advancements for developing feature-rich Blockchain apps.
If you want to come up with a secure and scalable app for your business, Blockchain can be your choice. Let’s discuss your app project on a coffee table to transform it into a feature-rich app.
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