No longer treated like a crypto-related curiosity, it’s becoming an increasingly popular alternative to centralized databases. How can you benefit from Blockchain app development?
Many still associate Blockchain with cryptocurrencies, but in fact, you can do much more with it than just handle crypto transactions. Many startups have already discovered Blockchain’s potential, and we encourage you to do the same! Of course, we won’t try to convince you that this technology is for everyone, as it commonly happens with tech trends. However, in certain cases, you may really benefit from working with blockchain development companies and introducing such solution to your product.
Blockchain has its downsides – it may, for instance, facilitate money laundering – but in general, most companies describe its adoption as a great move. However, before we point out the advantages of such a decision, let’s start with a brief introduction to blockchain’s specifics.
What is blockchain?
The conceptualization of the first decentralized blockchain took place in 2008, meaning that it’s a relatively new technology. The technology was thought to complement Bitcoin, but soon its application went far beyond cryptocurrencies.
What’s so revolutionary about blockchain? It’s a decentralized, distributed ledger that can serve as an alternative to the centralized database. As the name suggests, in the case of such technology, the data is stored in immutable blocks. Once the data comes into the block, it cannot be changed or removed. The blocked are linked using encrypted connections.
Using Ethereum blockchain platform that manages peer-to-peer smart contracts, blockchain developer can build decentralized applications that manage data in a much safer way. You can also create private Blockchain networks. You can use the technology both for mobile and web development.
Is it worth investing in Blockchain development?
Blockchain technology is a perfect choice for fintech apps that require maximum security. The way the blocks handle data and the decentralized structure of the network makes it much harder for hackers to carry out successful attacks.
There where confidentiality is essential, blockchain development is a great asset as well. For instance, in the healthcare industry, it may serve for the safe management of vulnerable information such as medical records.
Since it is a relatively new technology, we recommend searching for a software development company specialized in blockchain development services that hire experienced blockchain developers.
