Blockchain: An Intro for App Developers
Blockchain technology is getting a lot of buzz. More news outlets are starting to take notice of the blockchain revolution. While the most popular iteration of blockchain technology is cryptocurrency (like Bitcoin), there are endless ways that blockchain technology can change the way our world works. It could even transform the mobile app economy.
But let’s not get ahead of ourselves. Blockchain can be complicated. Let’s break down what blockchain means and explain few common terms:
Blockchain is a decentralized, distributed ledger system that allows for people to make and record immutable transactions.
A Digital Ledger
A blockchain is composed of blocks of data that keep a record of activity, very much like a traditional ledger used in accounting. This digital ledger is encrypted so a block cannot be altered or changed. It is immutable. You can only add another block to the chain using a public and private key that verifies your identity.
Decentralized & Distributed
Blockchain technology distributes the ledger to the multiple computers throughout a network that can verify the validity of the transaction. Since multiple network computers have to authenticate and authorize a transaction, it provides an incentive for the network to truthfully verify a transaction. It does not require a central authority to host, store, and verify the data.
Watch this video to learn more about Blockchain:
So, what does it mean for you as an app developer?
Currently, it is very difficult for app developers to add blockchain functionality to their apps because the current app economy is very centralized. Blockchain could make it possible for app developers to make transactions without a third party, like a bank or app store. Blockchain technology could drastically change the way apps can interact with their users by removing the middleman and allowing direct, verifiable transactions.
Want to learn more about Blockchain? Check out some of the following resources: