Who doesn’t have heard about cryptocurrency? Of course, you must have heard about it and you must be confused about using it or not. The popularity of crypto currency has increased in the past years and it has got value among public. Ether and Bitcoin are one of the most common cryptocurrencies which are present in market and these use Blockchain technology.
We will help you to have a look at the Blockchain’s bigger picture and advantages of it will be discussed when it arrives in a mobile app development company. There are some disadvantages which come with this technology.
What do you understand by blockchain?
Blockchain technology is something which is behind cryptocurrency and it is database which is made up of data blocks. Every single data block has stamp along with link with block which comes before it. This is why this technology runs on P2P system for exchanges and transactions.
Now technology has become digital, the random reversals and chargebacks are out of the picture possibly. The complete settlement is real-time work and no third parties are involved between customer and developer while the fees are kept low. Not any kind of personal information is exchanged.
The market where customer base isn’t able to reach to old financial institutions or where users are connected to mobile at first is the platform for cryptocurrency app developers. There is a huge ratio of using digital services people who lives in Middle East, Africa, Latin America and Asian countries.
What is biggest advantage of cryptocurrency?
Traditional finance has been decentralized after the entry of blockchain in market and this is the greatest advantage of cryptocurency. Users and developers can ensure database management with co-operation.
The central authority has left no control over it and you are totally relieved from transactional charges and interest rates.
This helps in faster business deals and cost-effective options while it is a great solution for all the developers who face issue of longer settlement periods.
The issue arrives from US developers because Google and Apple have introduced policies against various payment methods and this was done to ensure that every company can get 30% of cut from the purchases made through in-apps. Bitcoin payments have been dropped by Microsoft due high volatility.
But, now they have been able to restore it again as a payment option. They have worked with providers in order to make sure that low Bitcoin amounts should be redeemable by users or customers.
The downside of decentralization
Every web agency would tell you that decentralization can be considered as a largest risk and great asset for crypto currency. The distributed applications mainly run on network computers and then their actions are regulated by exchanging messages and shared memory through various instances of application.
The databases have more availability as compared to non-distributed applications and that’s why these work in functionality favor whenever there are issues which can isolate a particular part of network.
Although, price is necessary to be paid and it is quite critical to manage data consistently when the database is distrinuted. You don’t have any assurance that system update in a location would do it in the rest of distributed network. While taking about Bitcoin, we can say that it is great possibility that customer or users can spend similar Bitcoin for multiple times.
The recording of blockchain transactions can be a way to resolve this issue. The consistency of the blockchain technologyisn’t assured but the method of network making can help you to get convinced that it is going to work in the same way. It can happen that users of Bitcoin can disagree on the fact that if it has occurred or not. The users can find themselves into some complicated and difficult settlement problems.
Issues with distributed applications
The testing and development of various distributed application can be a great challenge. It is quite difficult to do the testing and debugging ones which run on the same device. While working on the software which required co-ordination with another instances on buggy networks can be a difficult task. There is a great possibility that you might run over different kind of bugs.
The heisenbugs can change their behavior when they are being tested. This issue comes along with the distributed applications. Another malware is mandelbug through which you might come across. The main reason of mandelbug is quite complicated and quite hard to find out. It might seem fully chaotic and very difficult to resolve this issue.
Schrodinbugs never appear till the application is used in an unconventional manner. These bugs do development, testing and also support distributed application which is not an easy job.
Actually, if you will plan to use Blockchain technology for your app, then you require to set appropriate expections for the total cost and planning just according to the realistic values. In this case, you might be new to the distributed applications and this can be a great exercise for you. It is a great problem when you are planning to develop on-demand applications.
By having a look at present mobile industry, the main fact is that the cryptocurrency can’t change it but fundamental technology which works behind it can change the entire way with which applications are built. The top 10 blockchain technology actually changes the way through which apps are created, maintained and distributed.