From smart contracts to financial services, the mobile apps are now transforming the blockchain technology
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?
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.
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.
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.
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.
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.
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.