As we all know that in today’s world, technology changes rapidly. From black & white television to LED screens, from transferring money via cheque to do a quick transfer via a mobile app. But this is not the end. There are a lot of technology innovations happening day by day to automate the transactions and make our lives easier. The blockchain is one of such technology evolutions which has an enormous potential to grow. Let us try to understand what the future of Blockchain technology is and what are its applications for people like us.
Table Of Contents
- What is Blockchain Technology?
- Let’s Talk About The Cryptocurrency World
- What is a Cryptocurrency Wallet App?
- Why Are Cryptocurrency Wallet Apps Beneficial For Us?
What is Blockchain Technology?
Blockchain is a decentralized digital ledger that provides a secure way of making and recording the transactions like of Bitcoins, agreements and contracts – anything that needs to be recorded and verified as having taken place on Blockchain network. In accounting, there are Ledgers but for Crypto transactions there is Blockchain.
All transactions happening in Blockchain are secure due to its decentralized, distributed network property. Blocks created in blockchain are immutable and Time stamped. There are almost zero chances of manipulating transactions in Blockchain network because all nodes in the network have to approve the change before it takes place.
Let’s understand a little bit about Initial Coin Offerings (ICO) which is the important aspect in Blockchain and Cryptocurrency world. ICO is the controversial means of Crowdfunding of Cryptocurrency which can be a source of Capital for a small or startup company. ICO is similar to IPO. It is often used as the fund for the development of new Cryptocurrencies.
Knowing the massive potential of what this futuristic technology can do, here I would like to share some of the important Applications of Blockchain Technology.
- Blockchain Finance
- Smart Property
- Smart Contracts
- Blockchain Internet-of-Things (IoT)
- Blockchain Government
- Blockchain Music
- Blockchain Identity Verification
- And so on….
Let’s Talk About The Cryptocurrency World
You might be thinking about what Cryptocurrency is and what it is used for. It is a digital currency that is designed to be secure and, in many cases, anonymous. It is an internet-based currency that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Unlike fiat currencies we use i.e. USD, EUR, INR; Cryptocurrency is not regulated or controlled by any bank, government or centralized financial authorities.
One example of Cryptocurrency which is the most popular currency termed as Bitcoin. Bitcoin is a first decentralized digital currency which was invented in 2009 by a great developer named Satoshi Nakamoto. After Bitcoin, there are many such Cryptocurrencies out there in the market incl. Ethereum, Litecoin, Ripple, Dash, Swiftcoin and more. Visit coinmarketcap.com to get a complete idea of all digital currencies and their market capitalization.
What is a Cryptocurrency Wallet App?
Cryptocurrency wallet is similar to a normal bank account or nowadays like your mobile wallet, making it possible to send and receive the digital currencies like Bitcoin with complete security. Forexamples, we use PayPal for payment transactions in fiat currencies, similarly there are Crypto Wallet Apps to make Cryptocurrency transactions possible.
There are different types of Crypto wallets available which includes Desktop wallet, Web wallet, Mobile wallet and Hardware wallet. Each of these works on same concept of digital currency transfer but have different utilities and accessibility.
Why Are Cryptocurrency Wallet Apps Beneficial For Us?
Wallet apps are made as they carry many advantages. Similarly, Crypto Wallet Apps also have many benefits, some of which are mentioned below:
Transferring Cryptocurrencies are much cheaper and faster
With traditional way of money transfer, you need to wait for a certain period to send/receive money and also the bank charges a significant transaction fees per transaction. In the case of Crypto transactions, the process of sending/receiving the currencyis very fast and even with no to minimal transaction fees most of the times as there is not central party i.e. financial institution is involved. This is the main advantage of not having any third party in the transactions.
User-generated and User-owned
If a person holds any Cryptocurrency, only he/she has a control of the account and it is not owned by any other third party. It means that nobody can take away your digital money and it is completely secure in your Crypto Wallet.
Bitcoin, for example, can be purchased by anyone who has an internet connection and a fiat currency to trade for the digital coins. In many countries where the fiat currency is notoriously unstable, people are more inclined to use alt coins as an alternative.
No centralized regulations
Cryptocurrencies are decentralized so not under the control of government, any other countries or any third party which eliminates a lot of hurdles during currency exchange.
Cryptocurrency wallets store your public and private keys and integrate with blockchain for carrying out the required transactions. The transaction is successful only when the public and private keys match.
Techcronus, a leading web & mobility solutions company is glad to have mastered into Blockchain Application Development including Cryptocurrency Wallet Apps Development services. Please take a look at our App Portfolio to know more about our experience in this area.
Get in touch with us to discuss your Crypto wallet app development needs today!