How Mobile Apps Are Using Blockchain Technology - MobileAppDaily

How Mobile Apps Are Using Blockchain Technology to Change Your Future

From smart contracts to financial services, the mobile apps are now transforming the blockchain technology Mobile Apps Are Using Blockchain Technology to Change Your Future

Over the past few years, many companies have started to become actively involved in the development of the blockchain. This is probably a result of the perceived potentials of the infrastructure. The astronomical growth of Bitcoin and other alternate cryptocurrencies that depend on the blockchain technology have been a huge part of the positivity in the market.

As of 2019, it is clear that companies are no longer willing to sit back and watch competitors take advantage of the blockchain. It is for this reason that blockchain apps are actively changing the future. So how exactly are the apps in the market changing the future with blockchain?

Implications of Blockchain Technology On Mobile Apps

1. Enabling Cross-border Transactions

Cross-border transactions are not exactly a new concept. Ever since the first banks were established centuries ago, sending currency across the borders has always been a possibility. The process has nevertheless always been painstakingly slow. With blockchain apps though, the process is instant and without hassles. It is because of the removal of the many intermediaries that exist in other methods of sending money.

2. Smart Contracts

When it comes to breakthrough applications, Smart contracts are probably the top item in the blockchain world. We have recently seen a surge in the adoption of tokenized securities, but smart contracts are the precursor to the security tokens.

Blockchain Technology

Smart contracts have made it possible for the business to be transacted much more efficiently. This is because smart contracts do not depend on third parties when it comes to ensuring integrity in the transaction process. There are many applications of smart contracts, but the main areas that they have been applied include in business, healthcare, and sports.

3. Insurance

As part of the transparency that comes with the blockchain, insurance companies are now able to process claims much more confidently. The blockchain allows for efficient storage of records. Since the possibility to edit records is virtually non-existent, there is no likelihood of fraudulent claims.

The ability to trace records to their original creation date and the users that they are assigned to has made the insurance industry achieve much more credibility. Of course, the implementation of blockchain is still in the early stages and the full benefits of the technology will be realized in future.

4. General Financial Services

The decentralization of records in the financial markets has made it possible to achieve many milestones. Banks and other financial service providers are now able to leverage on the security and transparency of the blockchain to offer better services to users.

As opposed to traditional systems where the platforms have a central authority, the blockchain does not depend on any entities to provide financial services. It has made the industry more efficient.

Blockchain Technology

In summary

There is still a long way to go for blockchain applications. The potential for these apps though is huge and it can be revolutionary for virtually every industry imaginable. The blockchain technology has so many great features that come with increased speed, authenticity, and transparency.

All these features are great for improving productivity, accountability, and efficiency in the workplace. The Blockchain technology is thus on the radar of companies and stakeholders across the board. Also, if you are interested in reading more such articles, then make sure to follow ‘MobileAppDaily’ by clicking on the ‘Subscribe’ button.

Vikram Khajuria
Written By Vikram Khajuria

Jack of all trades. Covering the journalism field, Vikram writes at MobileAppDaily and keeps surfing the trends to understand tech and inventions better. Don’t forget his driving skills, he is a professional car rallyist. Life has just got better. Breathe it!!

Top Companies

Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
New Delhi, India
London, UK
View full report

Latest Articles

Join our global community 135K Followers

Buy Music With Bitcoin: Can Blockchain Challenge Spotify, Amazon and Apple Monopoly?

Eric Jones 4 min read  

Music downloads have seen a big change over the last ten years, giving rise to a select few digital music apps and platforms that dominate the entire market. This could, however, be set to change as blockchain technology and cryptocurrencies are sneaking into the music download market.Blockchain


€2 million Donation Now Fuels World Food Programme Blockchain Project

Neha Baluni 4 min read  

Offering and receiving donations is nothing new. But, the contribution of around €2 million ($2.4 million) certainly makes the news. The European nation of Belgium has donated the amount to show its support to the United Nation World Food Programme (WFP) and some of its technology-based project


Exposure Of Blockchain In The Field Of Entertainment

Vikram Khajuria 5 min read  

In simple words, one can say that blockchain is a virtual diary consisting of different entries and each entry consists of an information record stored in it. This stored information in blockchain is almost impossible to be forged, which makes it highly valuable.Are you interested to learn block


Can Cryptocurrency Decode The Financial Crisis Of Africa?

Vikram Khajuria 4 min read  

Africa remains one of the regions where the significant chunk of the population doesn’t own bank accounts. Banking system stays to be in deplorable condition. People in Africa believes more in cash or barter system for the local payments, which can drastically pull-down any economy. So, some m