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Not only this, the technology has an immense possibility to contribute to developing industries like healthcare and real estate. But the thing important to mention here is that Blockchain can immensely benefit the mobile app economy. Now you might want to know how it is possible. The article discusses the way Blockchain revolutionizes the mobile app economy.
Blockchain’s Role In Developing The Mobile App Development Economy
Do you want to know how big the mobile app development industry is? According to a study, the value of the industry in the year 2022 is around 2.6.73 billion USD. Not only this, the industry can reach a market value of around 366.34 billion USD by 2030. Therefore you could well understand the promise that it holds.
Now, if the developers power the industry with Blockchain goodness, the industry can be well within its limits to touch the targets. So let us try to understand the role of the Blockchain industry in revolutionizing the industry.
1. Blockchain Improves The Advertising Models
Advertising is another area that Blockchain can completely change. Presently the developers of the ads invest in the cost per installment campaigns.
But when Blockchain gets integrated into the ecosystem, it can completely shift things from the cost per installment to the cost per attention strategy. This enables positive development within the industry.
2. In-App Purchase Issues
It’s true that there are millions of smartphone users on the globe. But few of the users do have the means for in-app purchases. So the payments against these apps need to be done using Credit cards. Unfortunately, when you are using credit cards for payment, they are subject to the risk of fraud. In addition, there might be some other fees involved with the purchase of the in-house apps.
Under this system, the developers get around 70% of the amount paid for the app. But if the developers use Blockchain for the in-app purchase, they can get around 80% of the apps. Not only this but also in-app purchase turns out to be much easier.
3. Remote Area penetration
Millions of people live in the countryside and the remotest areas with mobile phones. They can also opt to have mobile apps. But they might not have a personal credit system. Blockchains have access to the internet and will have the capability to establish an online mobile wallet. This can make things easy for the service users.
Thus, with Blockchain usage, the entire app marketing unfolds and gets access to new markets. Therefore, it positively affects the industry.
4. App Approval
The Google and Apple app stores handle the app approval process. In a way, you can say they have a duopoly in this field. They use their own mechanism to determine which mobile app to publish and which one not to publish. This process is quite complex and adds to confusion among the stakeholders. But with the use of Blockchain technology, they can improve on their existing task of approving different apps into their own system. But how?
The entire approval process will be integrated directly into the financial system. Whenever approval takes place, the developers will have to offer money to Google and Apple. The inclusion of Blockchain into the system will have a transparent recording of information. Here the information is recorded on a distributed ledger. The hackers can not manipulate the records because they turn out to be immutable.
Closing The Discussion
Blockchain has great benefits, and it can contribute to the development of different industries. For example, the mobile application development industry is one of the major industries with a lot of promise.
The app-making industry is increasing with time. There are different ways through which Blockchain can integrate so that the industry benefits. So Blockchain can be highly promising in bringing improvement to the entire economy.