Inevitably, you’ve heard of Bitcoin. Most people have: Bitcoin, one of the world’s most popular cryptocurrencies, has found itself all over the news in the past few years. Hailed by many of its users as a revolutionary new currency that offers unparalleled security and anonymity, Bitcoin has worked its way into the popular consciousness and isn’t going anywhere. But even if you’ve heard of Bitcoin itself, have you heard about the blockchain, the technology that allows Bitcoin to operate?
Blockchain technology is complex and involved, but to simplify it down to essentials: a blockchain is an open ledger of transactions that can be accessed and verified by users. Individual “blocks” regularly record transactions, and these blocks are verified by network consensus—that is, a blockchain is considered secure because you cannot alter an individual block without the majority of the rest of the network agreeing that the alteration is valid. Thus, should one user attempt to alter a transaction—and, by extension, a block of transactions—for their own benefit, it would be rejected by the blockchain because it does not match the wider record.
Mobile wallet apps are starting to make use of the blockchain to increase security and efficiency. Because the blockchain is decentralized, you don’t to put all of your trust in a single provider. This gives users a greater sense of control over their money—which provides a benefit beyond just the convenience of mobile wallet apps giving you digital access to your money through your phone rather than forcing you to carry around a bulging physical billfold.
And as the trend toward blockchain-influenced security starts to grow, it will be important to integrate the technology into your own app, which is easier than ever when you work with a professional app developer that understands these trends. While the technology is still unfolding and revealing its many possibilities, the smartest thing to do right now is to work with developers who are up to speed on developments in blockchain technology and are willing to explore methods of making blockchain work for you.
Developers like Guaraná Technologies, who recently won a prestigious award as a top application development agency in Canada for 2018 from CrowdReviews and Clutch.co, pride themselves on their ability to leverage new advancements to make apps stand out, rather than just creating run of the mill fare. Find lean developers with transparency at all stages of design who want to make your app stand out, rather than just those who want to make your app, period.
Bitcoin shook the world of currencies, and blockchain is poised to shake the worlds of things like voting, contracts, and digital identities. Like many new technologies, it may seem intimidatingly futuristic today, but the future gets closer every day—so don’t let yourself (or your mobile apps) fall behind. Start thinking about how you can incorporate blockchain technology into your apps now, and keep yourself ahead of the curve.
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This post made possible by site supporter Mike John.
Photos by Andre Francois and Hitesh Choudhary on Unsplash