Though blockchain technology gained popularity due to its implementation in cryptocurrency, it now has gained popularity as a database that can be used in almost any mobile app especially in the blockchain game development. The blockchain is like a decentralized ledger that tracks every transaction between different parties, storing the information with every stakeholder. This implementation in an app can make the system very transparent, enhance app security, and prevent fraudulent transactions. This technology can tamper-proof transactions made through blockchain protocols and any peer-to-peer transactions in mobile apps. Thus, blockchain helps maintain unalterable and dedicated records of every transaction on a decentralized ledger.
The blockchain’s ability to record, store and move data decentralized has sparked interest from start-ups and the financial services industry. Many central banks are developing their coins based on blockchain technology. Blockchain is already being used in different fields and many new games have been developed too by blockchain gaming companies and this market is poised to grow manifolds. We are going to discuss some of the areas where it is actively being used:
Blockchain in Capital Markets- There are various capital markets where blockchain technology is already being used. It can simplify and streamline the entire trade process and provide an automated trade lifecycle that substantially reduces infrastructure costs, promotes transparency, and even cut out some of the mediators. Nasdaq was amongst the first to implement that. It is just about the time after which many will follow suit.
Cross-Border Payments- Blockchain technology can significantly improve cross-border payments by speeding up the entire process of the transaction. It would make money remittances more affordable. Today, it costs around 5-20%. Blockchain technology could reduce the costs to 2-3% of the total amount. It will make digital payments quite accessible for every ordinary person that today hesitates because of the high remittances.
Copyright and Royalty Protection- The most significant problem the world is facing now is the loss of revenue due to copyright content issues. With blockchain, those copyright laws would be beefed up considerably for digital content downloads, ensuring the artist or creator of the content being purchased gets their fair share. The blockchain would provide real-time and transparent royalty distribution data to musicians and content creators.
Regulatory Compliance and Audit- The other benefit of using blockchain technology is that it helps in accounting and auditing as it removes the human error factor and ensures the integrity of the records. When blockchain technology is used, no one can alter the account records once they are locked in, not even the person who created the data. You need to have a great future that will maintain complete data security online.
Supply Chain Management- The most notable use of blockchain technology is tracking all the steps involved in the supply chain. Let’s consider you place an order and find the food not okay, then use blockchain technology to find the source of the problem. Blockchain provides permanent transparency and validation of transactions shared by multiple supply chain partners, which can benefit everyone.
Blockchain technology offers many benefits, including transparency and traceability of transactions, and therefore it is gaining a lot of popularity in the field of app development. Its implementation is infinite and can solve many problems at once.
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