Bitcoin is a decentralized virtual currency that continues to impact significant transformations in various global economic sectors today. However, it is not just changing the ways we spend money, acquire and manage investments worldwide. Bitcoin is also influencing the development of various devices and resources such as mobile phones and their applications.
Mobile phones are the most convenient platforms for crypto users, facilitating on-demand payment processing and money transfers. Bitcoin mobile payments are becoming a popular trend due to their simplicity, flexibility, and cost-effectiveness.
Apart from mobile payments, new-age smartphones have unique features customized to improve Bitcoin storage and security. Such mobile phones have a Trusted Execution Environment (TEE) that provides in-built wallets and safe platforms for conducting crypto transactions without connections to other phone applications or the internet.
Smartphone-enabled Bitcoin wallets work similarly to those offered by crypto exchanges like oil profit. However, the former’s wallets are hardware-based, contributing to their enhanced security and convenience.
How Bitcoin Could Impact the Future of Mobile App Development
The crypto market is flooded with various mobile phone apps for Bitcoin trading, investing, and mining. Besides, many businesses and individuals now use mobile phones to send and receive payments in Bitcoin. However, blockchain technology is the key aspect of Bitcoin that would impact mobile app development’s future. Here are the main ways Bitcoin would affect the creation of mobile phone applications.
Improved App Security and Data Protection
Although various mobile apps for processing payments, trading, and investing in Bitcoin exist, they bear several vulnerabilities. Cyber-attacks and data leaks are the most common risks that most people using Bitcoin through their mobile phones experience. Bitcoin’s underlying technology offers enhanced security features that mobile app developers can integrate to avoid vulnerabilities. Blockchain eliminates third parties from transactions and maintains an irreversible digital record of all the users’ activities. It also uses encryptions to secure the data on the Bitcoin network. Thus, mobile app developers can incorporate those attributes in future applications, ensuring enhanced app security and user data protection.
Development of Robust Mobile Apps
The current mobile app development platforms also have several essential tools for developers but with some limitations. That is why most mobile apps have the same features with recurring issues. Blockchain can verify transactions, execute smart contracts, and secure user data. Therefore, integrating Bitcoin’s technology can allow mobile app developers to create robust and intuitive applications for Bitcoin trading, mining, investing, and storage. That means you could use one mobile app for all Bitcoin-related transactions. App developers could integrate blockchain on existing mobile applications or develop new ones with enhanced functionality.
Blockchain is also transforming how businesses and clients execute contracts. Mobile app development companies usually sign agreements with new clients. Most of those contracts involve paperwork and require the physical presence of both parties, which is tedious and time-consuming. Blockchain solves that issue by facilitating smart contracts executed without any third-party involvement electronically. It has provisions where both parties can implement their unique agreement terms and let the technology run them as intended. Mobile app developers could either develop specific apps for handling smart contracts or integrate the options in existing platforms.
Increased Mobile App-Enabled Transactions
Bitcoin is increasingly gaining value and popularity, impacting rapid adoption by mainstream financial institutions, businesses, and individuals. Bitcoin’s decentralization, faster payment processing, and low-cost transaction fees generate a positive perception on users, convincing many people to switch to mobile and cashless transactions. Thus, we can expect increased development and usage of mobile phone apps for financial transactions, including those that do not involve Bitcoin and other cryptocurrencies.
Bitcoin and blockchain are still relatively new concepts, and we may not understand the full extent of their impacts on mobile phone apps. However, they have proven valuable resources that would influence future mobile app development in various significant ways.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes
Source : https://www.econotimes.com/Bitcoin-and-the-Future-of-Mobile-Phones-Applications-1619206746