Today Blockchain technology has taken over a number of industries like healthcare, education, real estate, and a legal field and soon will make a significant impact on the entire economy surrounding mobile apps as well. It’s decentralized architecture providing some of the significant benefits that practically all industries can take advantage of, and the world of mobile application development will be able to take advantage of these to correct some shortcoming which is evident in recent years. Therefore the Mobile economy is growing swiftly, and it is expected to be worth about $6.3 trillion by the year 2021, whereas the app stores jammed with millions of apps. Additionally, app developers and users are getting access to better facilities. However, this exponential growth and technological innovations of mobile app development economy are still facing numerous issues which we cannot overlook.
What is Blockchain Technology?
A reliable system usually works by transforming data across the network, so that no one can hack or temper the block which is distributed and the blocks formed with cryptographically help to prevent a reformed process from an unknown member. This Blockchain holds with distinctive features of distributed ledgers which involve loans, documents, integrity, inventory, and assets and which can be stored strongly where everyone has permission to view but cannot alter the result which is shared.
Below are the following Mobile economies concerns and how Blockchain technology solving them:
A mobile economy involves various mediators between the app developers and the users where these entities help in discovery, distribution, and financial transactions, but at the same time, it deters transparency. As a result’ we face situations like inaccessible in-app purchase, data leaks, security threads, malware plagued downloads which not only have a bad effect on the user experience, but it also has an impact on mobile app performance with its ROI. Therefore, the technology with its decentralized feature has the potential to transform the way of an app economy function and can make the end user experience enticing. Thus, if it’s applied correctly, then Blockchain can tackle the following concerns which relate to the mobile app economy.
Advertising by developers can be modified with the help of Blockchain model where the developers are required to invest in cost per installment advertising campaigns to reach the broadest audience. According to the research conducted by Statista, there are more than 2.8 million apps’ which are present in the Google play store and about 2.2 million apps in the Apple app store. However, this advertising system includes a number of mediators who all get part of the proceeds from sales and reducing the amount returned to the developers. The cost per installment approach will be replaced by the cost per attention strategy, which rewards users with app coins for the time which they spend using the app. Therefore, all the intermediate are removed, and users are rewarded with coins which can be used to make in-app purchase efficiently.
Google and Apple are the two significant platforms for selling mobile apps, where the current app approval process is also entirely handled by them. So, that they are the one who decides which mobile app will be published on their app store and which not based on the several non-transparent quality assurance process and distribution policies. Therefore, it not only makes the process inconvenient and time-consuming, but it also increases the confusion among Android and iOS developer in case of app rejection. So, on the other side, less transparency app approval raises the risk of distribution, malware plagued apps, and also lesser security in the app market. So, with the arrival of Blockchain technology into this process, the app approvals can be made universal and transparent by a developer reputation system where the reputation system will directly associate to the financial transaction on the public ledger where it will be available for investigation all the time.
As per the recent report from “Hootsuite” and “We are Social,” it states that it’s about two-thirds of the world population uses a smartphone and 2 billion of the mobile users have access to the payment method which is necessary for an in-app purchase. Therefore, as per the traditional in-app process system, the user has to pay the app store and then deal with the bank transfer fees, credit card, fraud cases, circumstances of chargebacks and then only app developers receive the payment from app store going through the same hassle. However, neither the end user enjoys the in-app purchase, nor the app developers will be able to get the best out of their app monetization strategy. Hence, with the help of Blockchain technology, the users can use their CPAt reward even in the absence of credit card and other payment solutions.
So, for wrapping up’ Blockchain technology helps in defining the mobile app economy as well as the opportunities to iOS and Android app builder. Thus, it has also solved the mobile economy concerns and has provided the standard platforms for all the users who could communicate and add value to the mobile world.
Source URL: https://medium.com/@wishvite/how-block-chain-revolutionizing-mobile-app-economy-34fc89dba93