Blockchain In Mobile Application Market

Blockchain – This groundbreaking technology begin to show its impact on several industries but for the first this remarkable technology was used for Bitcoin.

Blockchain data stored

Bitcoin is a form of digital currency which is also called as cryptocurrency, it can be helpful and serves as a substitute or replacement for traditional currency for trading. And the technology that played a major role in the success of bitcoins and other cryptocurrencies known as Blockchain.

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People have many misconceptions regarding the Bitcoin and one of them are bitcoin Blockchain are one and they both are the same, however, it’s not true.

Blockchain technology helps in designing and controlling cryptocurrencies apart from Bitcoin, there are several other apps designed with the help of this technology and now they are overtaking the market.

What is a Blockchain?

To explain it in simple words, Blockchain is nothing but a simple data structure that saves transaction or financial information and it also ensures the safety of the data by offering security, transparency, and decentralization.

We can also think of it as a chain or data stored in the series of blocks which are not owned by any single authority.

A blockchain is a distributed ledger that is completely transparent to any and everyone present on the network. Once data enters and stores on a blockchain, it is very difficult or impossible to change or duplicate it.

Every single transaction that happens on a blockchain is securely sealed and safeguarded with a digital signature that confirms its trustworthiness.

With the help of encryption and digital signatures, the data stored on the blockchain is hack-proof and cannot be manipulated.

This increases transparency of genuineness of blockchain among the people, and minimizes the chances of any illegal activity or duplication of transactions is removed without the interference of a third-party.

How Does a Blockchain Work?

Every block in a blockchain network has some data along with the hash of its previous block. Hash is nothing but a distinctive mathematical code that belongs to a particular block.

If the data stored in the block is changed or copied, the hash of the block will also needs to be modified. As there are millions of blocks present in the network so it becomes impossible to modify the data.

Using blockchain for mobile app development

Even if we are experiencing the extensive range of technical benefits, possibilities are there the technology might not cope with every sort of mobile app. Apart from that, for an app that only publishes contents without any transaction interface, they might not need blockchain at all.

On the other hand, if you use regular user of an app that continuously runs on sports transactions, payment gateways, or any other thing that is close to transactions needs the assistance of defence for its database, in this scenario blockchain is a perfect choice.

Blockchain data stored

To know more about this, check out the infographic developed on ‘Blockchain In Mobile Application Market’ by AC Market.



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver