With the ever-increasing demand for cryptocurrency and the eagerness to adopt Blockchain technology by various industries, Blockchain is surely the most anticipated technology for this decade providing vast range of solutions from security to improved workflow. It is a shared and distributed ledger on which various transactions are digitally recorded and linked together and is validated by a consensus protocol meaning there is hardly any chance to enter its system and make it vulnerable.

This is why the use of Blockchain technology can be seen in almost every industry from Banking and finance to healthcare, to supply chain management and many more.

If you look at Gartner’s latest report, Blockchain Technology will add $176 billion by 2025 and is expected to add a business value of around $3 trillion by 2030. This is why most businesses are looking for companies providing reliable Blockchain app development services to help them with their existing issues of security, timely deliveries, less productivity, and slow results. 

There are a lot of possibilities in the market countering various industry problems. Let’s have a look at the best trends that developers and businesses can explore to create a smart blockchain solution.

There are millions of digital wallet users across the globe which brings ease and convenience to transfer money. This is probably why financial institutions and banks all have their digital wallet app. But the issue with digital wallets is that it can be vulnerable at times. Thus including cryptocurrency-based digital wallets are the need of the hour.

 This is why companies providing mobile app development services are looking to customize and integrate such powerful technology in digital wallets. Though it’s not that easy, in the future you can surely expect such a change in our transaction system.

Smart contracts are the lines of code that are stored on a blockchain network and get executed when a set of conditions are met. The whole purpose of using smart contracts is to ensure the networks are secured with every entry into the network. Each member of the network has an updated copy of the ledger which is broadcasted either as public or private.

Replacing transaction data of a currency value with a record of the transaction will result in highly secured contracts between both parties. This is why smart contracts are the next big thing when it comes to blockchain. A peer to peer network is a great way to establish legal validity between both parties while signing contracts and is also minimizes the reliance on paperwork.

Federated blockchain is a private blockchain network and is becoming popular due to its advantages. In this type of blockchain, multiple authorities can monitor and control the pre-selected nodes in a blockchain. These selected nodes validate the blocks so that the transactions are processed further. This is why it finds its use in various industries. In the finance and banking sector it can be used for making more secure transactions. Similarly, it can be used in Supply chain management for improving deliveries, monitoring the quality of processing and negotiating contracts. Building a mobile application that streamlines the workflow in various industries is the primary reason why more business now looks to build a mobile application to improve their workflow.

Those who deal in shares and invest in the stock market for short term or even long term understand that the stock market is volatile and is always ready for major changes. Thus with blockchain not only all parties can share documents in an easier way but it will also reduce the time in validating transactions thus resulting in greater accuracy. Thus developing a stock trading app is on the minds of developers and companies but it all boils down to how efficient the app is.

Tip:Not only a stock app but apps for healthcare, finance, and SCM are also some great challenges for developers

Every new person in a blockchain holds a unique identity in the network. Thus creating a digital identity will make it useful for public and private networks and organizations like banks, insurance, hospitals, etc. With this one can securely share documents whenever required from various parties. This simplifies the record-keeping and sharing process and also eliminates the chances of theft and cheating.

This is why companies providing mobile app development services are looking for new and advanced ways to create such an application that makes your documents storage and sharing easy and full proof using a blockchain solution.

Surely, blockchain opens up various opportunities for developers and businesses looking to incorporate such a solution. But in order to implement such a solution, one needs a reliable app developer that has a proven track record in developing such a smart solution. Surely, 2020 will find more such solutions made available easily to businesses looking to streamline various aspects of their day to day workflow.

In case you need such a solution for your business, feel free to let us know about it. We will be happy to give your ideas a reality.