When one comes across the word Blockchain, it is usually, and almost immediately relegated to the rank of crypto and other digital currencies, powered by multiple computers and jungles of servers. This has contributed to the technology remaining mostly in the dark for the average consumer. The ones who have even the slightest inkling of this technology is because of Bitcoin.
But all this could soon change.
This year, Blockchain is set to enter the mobile space, placing the technology directly into the hands of most average consumers. If news reports are to be believed, smartphone manufacturers are racing against time to launch devices capable of leveraging this technology. For instance, the Lenovo Group recently introduced its Lenovo S5 which will feature an encrypted ‘Z-space’ Blockchain-based payment system. The biggest smartphone brand Samsung has already confirmed that the Galaxy S10 will include a secure storage system for cryptocurrency private keys. News portal Bloomberg reported earlier that Huawei is working with Swiss start-up Sirin Labs to develop a Blockchain-ready phone.
What is the point of this technology on your phone? In terms of the parts that make our smartphones, Blockchain can be used to prove the credibility and source of the parts and to assure customers that there are no things like hardware trojans.
However, what the best use of this technology is to make these devices will basically be a gateway to the decentralized web, or ‘Web 3.0’. In this future version of the internet, blockchains and similar technologies would support decentralized applications, which look and feel like the mobile apps we use today but run on public, peer-to-peer networks instead of the private servers of big tech companies.
One of the other use cases for Blockchain is applying it to an app for micropayments, thus establishing trust and accreditation. Every app will have gone through certain security compliance and quality checks, thus making it more trustworthy to use. That is true for all apps that customers would potentially use.
Blockchain can also help developers create apps for digital ID management, especially for banks and insurance companies. Since each of the participating nodes on the Blockchain has a unique identity, the feature can be leveraged by users to create a digital identity by registering their personal information on the Blockchain network, privately or publicly. This can then be used as a reliable source for personal identification across organizations.
The Blockchain technology is going to serve app developers with a reliable, futuristic tool that can very well take their apps to the next level. Not only will Blockchain-based apps drive more innovation for businesses, but also enhance security, efficiency, and transparency, ultimately tilting customers in the favour of those who quickly adapt to it.