Blockchain technology is rapidly transforming and gaining control over the business world. Earlier, the technique was limited to Bitcoins. However, time has shown that Bitcoin is only the tip of the iceberg; the technology’s potential extends beyond decentralized transactions and our expectations.
Blockchain has transformed real estate, healthcare, education, and legal industries. The most striking application is the blockchain app development industry.
It is estimated that the app market may project to reach USD 755.50bn by 2027. Despite this rapid expansion and technological advancements, there are still several problems that the mobile application development industry must address.
Important Mobile App Issues & How Blockchain Can Resolve Them
Like centralised systems, the mobile economy depends on intermediaries to link app creators and users. These organizations support financial transactions, distribution, and discovery but can impede transparency. This results in security concerns, malware-infected downloads, restricted in-app purchases, data breaches, and other problems. They have a destructive effect on user experience, app performance, and ROI.
Instead, blockchain possesses a decentralized, distributed, and secure ledger feature. These functionalities can potentially revolutionize the app economy and improve the user experience. Blockchain development services can effectively address the following significant issues relating to the mobile app economy:
Main Mobile App Industry Issues Solved By Blockchain
We all know that in the present scenario, companies like Google and Apple dominate the app industry. Only these companies give permission for mobile apps to be published and made available in their respective stores. This decision-making approach is somewhat slow and there is a possibility that it may not always be transparent.
There is a large possibility that users may download apps with malware because the app approval process is not transparent and clear. This implies that there is room for improvement in the app market’s security. However, the transparency and accessibility of app approvals can be improved by working with a professional blockchain software development company such as Netset Software.
A reputation system linked to monetary exchanges on a decentralized ledger helps maintain transparency. Because this system will always be open to investigation, developers’ identities will be verified using various techniques, and users will be able to rate blockchain development services.
App downloads, trust, security, and, ultimately app development companies’ revenue can be increased by streamlining the app approval process and letting users make choices based on rankings.
According to data published on EarthWeb, nearly 6.925 billion use smartphones now. However, only 2 billion mobile users have access to the payment options required for in-app purchases. In addition, the user must deal with bank transfer fees, credit card fraud cases, chargeback circumstances, and other costs under the traditional app in-app process system.
Mobile app developers then experience the same hassle when receiving app store payments. The result is that neither app users nor app developers can take advantage of the benefits of in-app purchases to the fullest extent possible.
By removing the middlemen, Blockchain enables developers to receive 85% rather than 70% of the transaction value.
In the third quarter of 2022, Statista revealed that more than 27.5 billion apps were available on Google Play Store. Mobile apps only received about 8.1 billion downloads from the Apple App Store.
Companies offering custom software development must invest in advertising campaigns known as Cost Per Installation (CPI) to reach their target audience and gain popularity. These campaigns, however, can be complicated and costly.
By eliminating the middlemen and introducing a new campaign called Cost per Attention (CPA), blockchain technology has the potential to transform this advertising method. Mobile app developers can use CPA to directly reward users for spending time on their app.
Smart contracts in blockchain technology enable developers to assess if users have spent the appropriate amount of time on their apps. Furthermore, by saving profits in digital wallets, users may efficiently utilize their earnings to make purchases within the app.
How Can Blockchain & AI Services Make The App Development Industry Even Better?
Blockchain and AI services have the potential to improve the app development industry by: Greatly
- Blockchain technology can enhance the app development industry by providing secure and transparent transactions.
- A blockchain software development company can offer Blockchain Development Services, enabling developers to create decentralized applications (DApps) with improved security and trust.
- Blockchain App Development can enable features like tamper-proof records, secure data storage, and smart contract functionality.
- Custom Software Development incorporating blockchain can streamline business processes, enhance data privacy, and improve efficiency.
- Blockchain wallet development can offer secure and user-friendly wallets for managing digital assets and facilitating seamless transactions.
- Artificial Intelligence solutions can enhance user experiences through personalized recommendations, chatbots, and predictive analytics.
- Combining blockchain and AI can enable decentralized AI models, ensuring privacy and fostering trust in AI-powered applications.
- By providing secure, transparent, and intelligent solutions, blockchain and AI can revolutionize various industries, including healthcare, finance, supply chain, and more.
Blockchain is a powerful weapon that can do wonders when combined with AI. If you want to enjoy the benefits of these services by working with reliable and expert AI and blockchain development companies. They will assist you in creating a reliable and open connection, offer a platform with an open standard so everyone can communicate, and benefit the mobile industry.