Blockchain is a common name if you follow banking, investing, or cryptocurrency over the last ten years. This technology is acting as a backbone for the Bitcoin network.
Bitcoin is a special type of database and stores data in blocks. These blocks are chained together. When new data is entered into the database, it is chained onto the previous block. This enables the user to store data in chronological order. Different types of information can be stored on a blockchain, but it is majorly used as a ledger for transactions and wallet app development.
Blockchain may seem complicated, but it is simple and interesting.
Blockchain 3.0 has been introduced to address issues such as scalability, sustainability, security, cost as well as interoperability dilemmas. There were issues with blockchain 1.0 and 2.0, and the company promised better solutions to the users with a refined framework.
Reason Behind Blockchain Version Upgradation
The excitement of Blockchain has grown since the existence of Blockchain 1.0. Going back in time, 2009 to be specific, Satoshi Nakamoto wrote a paper about Bitcoin. Now, this was the time when all of us heard about the term blockchain for the first time. It was also the time when Blockchain 1.0 came into play. The world was excited for something new that was promising to change the way the financial world behaved. It was to change how transactions happen, and it will make everything transparent and remove all intermediate institutions from the middle. Now, that being said, the flow of the currency would be smooth.
The concept of middlemen has created a lot of problems in transactions in the world. Payments get stuck, and there are changes sometimes that both parties have to pay. That in no way is great for the personal and organizational finances. Blockchain is intended with end-to-end transaction methodology. This means that there would be no one between the sender and the receiver. It will remove the possibility of the money getting stuck in the middle with any payment gateway, and even if there are some server-related problems, the money will reflect in the source account instantly.
We can’t avoid talking about bitcoin when we are talking about Blockchain. One of the reasons why the version needed constant upgrades was the rising popularity of Bitcoin and other cryptocurrencies. When people started mining and buying more and more crypto, the system had to be made better. The earlier versions were not as featured as the current ones, and now they are made even better. If we talk about the second version, it was way faster and smoother than the first one. Mining and transactions needed to be better, and hence blockchain developers constantly kept working and are still working to make it better. Even after this 3rd update, there will be many more updates, and the next one might come soon, looking at the popularity that the crypto market is gaining. Most people suddenly want to invest again in cryptocurrencies. One of the reasons is that people are now serious about investing and crypto offers great returns. The market is volatile but still, it may offer great returns and that too in a short time. Though, people prefer to hold their trade.
Now, all this invites the latest update that is blockchain 3.0 and that is what we are going to talk about in this article.
Understanding Blockchain 3.0
This is a better version of Blockchain 2.0 and offers more features and better speed to the users. The update is intended to improve the capabilities of the technology, so it is used extensively in a better way. There are chances that it will be used more by eCommerce and other types of businesses in the coming times. It will also solve some scalability problems that organizations are facing. This will ensure that now more businesses use it without being in doubt about the scalability. Also, it is now cost-effective as most of the things are better and will give more in return than ever. One more basic feature has been strengthened, and that is the transactions, so they will be even more effective after this update.
DAG or Directed Acrylic Graph is something that has made this update remarkable. People will remember the update because of this, and users want to know how this is going to change the working. DAG is used to eliminate the block times. Now, it is 10 minutes for Bitcoin, 20 seconds for Ethereum because now the transactions will be faster and more efficient. This also means that the transactions will take place in real-time.
DAG is currently being used by the IoT chain and because of this, it processes 10,000 transactions in a second. This number is way higher than the transactions made by one of the most popular gateways, Visa. That shows the power of DAG, and people already know the power of Blockchain. These two may increase the per-second transactions by a great margin and can make things better.
Although the second version of blockchain was much better than the initial version, it still was a way to being the world's biggest competitors like Visa and Paypal. Both of the competitors were completing so many transactions without any problem and blockchain was still understanding the problems with its system. They found out the issues and rectified them in the second version, but it was still not enough. That is when they decided to work even harder and come up with the 3rd version that will make it at par with the international standards. Here, this version stands tall with all the other transactional technologies in the world.
A blockchain company can do a lot more now after the third update. If we compare it to other competitors, Visa can handle 1700 transactions per second, and Paypal manages to help its users with 10 million transactions per day. Both of them might be huge numbers, but with this update, even blockchain will be able to stand strong in the market. This is the time when the chance of Blockchain getting into the mainstream as a payment gateway/option is high.
The developers of Blockchain want to make it a feasible technology that is used extensively by the finance industries. There are so many mobile application development services that need transactional integrations, and blockchain can be a great option for them. With DAG, this motive might get satisfied, and it might be possible that this popularity gives it the much-needed boost in the world market. Though Bitcoins and other cryptocurrencies have come into the spotlight a lot and this is now only based on this technology.
Although many people were always in support of Blockchain, it still had to face problems in gaining the confidence of the masses. With the launch of the third version, the chances of going into the market and gaining the trust of the companies are high. There are some new companies like Cardano that have shown their interest in Blockchain 3.0. The superhead of Cardano is also the co-founder of the cryptocurrency Ethereum. Cardano is one of the advanced blockchain platforms that are used in the world. With this new update, the platform hopes to get better and improve its services.
Time has changed, so people are switching to everything digital, and blockchain is one of the few digital transaction technologies. Cardano includes smart contracts, transaction systems, developed out-of-science philosophy, and high-level research. This organization is also leading the blockchain after its new update, and it believes that Blockchain 3.0 can change a lot of things in the digital world.
Another organization that supports Blockchain is EOS. It is also a blockchain platform. It works like the second generation of Blockchain that is Ethereum. The goal of this platform is to build a decentralized operating system for the evolution of smart contracts and Dapps. Their main intention is the removal of the transaction fee that is charged from both parties sometimes by the payment giants. This has been a problem that most people have faced, but only a few of them addressed it before blockchain was in the game. The reason being the convenience that those apps or platforms were providing them. But, the times are changing, and transaction habits need to change as well. EOS wants to let people transact without any hesitation and without paying any extra fees. They want people to have total control over the transaction and no middlemen. This will surely strengthen the online transactions scenario. Be it iPhone app development or android app development; both can use it in the same way.
Blockchain - A Revolution
There is no denial about the fact that Blockchain is nothing less than a resolution. Many people around the world are giving everything just to make this technology usable by everyone. Though this might be a problem for some, for the consumers, it will be great. People are already transacting online, and they need something that helps them with transparency. Till now, people don’t know how their money is getting transacted? Why do they have to pay a transaction fee every time on a transaction? The only reason why people are not saying anything is that they want something better but trustable as well. Crypto might be really attractive but still, it has not been able to gain the trust of people. Also, the governments are not convinced about the credibility of it as a regular currency. Wallet money has got credibility but not Crypto. Why? Is it because the financial institutions that are run by the Governments will have no control over this, or is it because they don’t know if it is safe? Whatever it is, they need to sort it out properly if they want to regulate the use.
Regulating Crypto and using Blockchain for its transactions will take a big load off the shoulders of the government. This will strengthen the market and provide more business opportunities. The market has already been hit badly because of the pandemic and that is why the need to regulate it is urgent. Everyone hopes that with this new version of Blockchain, there will be some solutions. In many countries, there are restrictions on the trade of cryptocurrencies. The reason provided by the governments was that it was encouraging money laundering. Those alligators were serious, and hence the complications are there in those countries. People have lost a great amount of money because of this as well, and now they deserve a solution that can help them now and in the future as well.
Blockchain custom mobile app development companies need to come at the front and develop more solutions to support the revolution. They are the ones who can help the population and the administrators understand the benefits of this technology. There are many types of applications that can be created with the help of Blockchain technology. To understand this better, let’s look at some applications that have already been developed on top of it.
Apps Built On Blockchain
Many applications are used around the world that are developed on top of Blockchain. The technology has made apps secure, smart and has allowed them to be more transparent towards their users. Below are some examples, these applications are making the lives easier:
- Burst IQ:
App development has changed a lot in the past few years. Be it android app development or iPhone app development, they all want to be better for their users. That’s what the developers at Burst IQ did. BurstIQ is using blockchain technology in its app development module. Blockchain contracts help the patients and doctors to share files that are sensitive to each other with a very high level of security. There is no one else who can intrude in between or manipulate the data. This is something that has worked well for them, and now they are performing great, and their users are also satisfied with their services.
Be it real estate or any other industry, all of them need solutions, either general or custom mobile app development. These solutions should be up to international standards and should also be safe enough. This is why Propy used blockchain for its app development. This is a property marketplace that comes with a decentralized title registry system. Not all apps have this feature, and because of this, they have attained a special status in their category. They have made it easy for the users to register their titles.
The entertainment industry is one of the industries that can use Blockchain to improve on a lot of fronts. Here, Mediachain uses smart contracts to provide the musicians with all the money that they deserve. This ensures the artists that they will get their payment and that too according to their talents. Now, such applications will always serve better and will be used more. It shows that the apps that will use Blockchain will get better results. There are many other examples in the same category, and they all are doing well because of blockchain. With the third version, they will get even better results, and their users will get better services. Mobile application development services can get much better if they use this tech as it should be used.
There are only a few websites that allow people to buy something with Bitcoins. OPSKIN is a website that is used by gamers to buy premium skins and other gaming-related stuff, and that too with Bitcoins. So, it is not possible to transact Bitcoin without using blockchain technology. OPSKIN is one of the most popular websites to buy gaming skins, and because they use Bitcoin, they are really popular in the gaming community. This is also the reason why most dedicated gamers are interested in Cryptocurrencies and mining. Sellers of the skins receive the bitcoins in their virtual wallets, they can keep it as it is, or they may exchange it for cash as well. This is the level of flexibility that this website provides to its users. Blockchain development services have powered this app and more such apps, and they are getting great benefits because of that.
- Chain analysis:
We talked about how governments and financial institutions are still not finding the solution to monitor the exchange of crypto, and this app provides the solution. The app provides financial tools to help the government and financial institutions to solve the problem that we mentioned. Yes, it is tough for governments to know how and where all the crypto transactions are happening without the help of some third-party tool. Now, they are doing this with the help of Blockchain only. Why? Because blockchain is the technology that allows the transaction of cryptocurrencies.
The Internet of things is one of the most popular and useful advanced futuristic technologies. It is what is connecting everything to the internet and making the world smart. The filament is an application that creates software and microchip hardware that helps connected devices operate on the blockchain. This app encrypts the product’s ledger data and distributes the real-time information to other blockchain-connected machines. It allows them to monetize those machines based on the timestamps. This is just one of the apps, and there are more applications in the same category. IoT and blockchain together can make a really smart and helpful ecosystem of technology. A Blockchain app development company can help more companies like Filament to use their data efficiently.
We all are scared of where our information is going. Yes, and that is why we also want to know who all is accessing our information. CIVIC is an application that helps users know the same. In a world where privacy is a myth is so popular, these guys allow you to see who all are proving this quote right. This is done because of the smart contracts feature of the blockchain that lets the users know where they are sharing their data. Users can decide where they want to share their data once they are aware of it. It also passes an alert to the user if the other party has breached the contract and has used anything without their permission. Be it wallet app development or personal security, and blockchain helps in everything.
- Nebula Genomics:
This company is running to understand the human Genome better, and they are trying to make the personal Genome affordable and accessible to everyone. It surely is a great initiative but they are being able to move ahead with that idea only because of the help from blockchain technology. All the information that they gather from the DNA tests is kept private through blockchain-based encryption. This makes sure that all the personal data of the users is always safe and will never be stolen or used by anyone without the knowledge of the user. Blockchain development services have given them great security features that were necessary, knowing the sensitive nature of the data.
DHL is using blockchain services to keep a digital ledger of their shipments and maintain the integrity of transactions. It is one of the first companies from the US and in the logistics industry to embrace the power of blockchain in its application and website. They are getting benefits and because many other companies in the same industry are using blockchain for the same and more purposes.
If you are a Blockchain app development company, you must know how much the third version is going to impact the app development industry. This is not just about the app development industry but the transactional and other industries at a higher level. Crypto is getting into the mainstream, and more companies are giving priority to blockchain-based ledger and transactions. Both users and businesses will get benefits because of this. The middlemen will be eliminated, and there will be fewer trust issues and better communication and services for both of them.