It’s an era that emphasizes investing in cryptocurrency for a reliable, long-term store of value.
For all those unfamiliar with the term, cryptocurrency is an intangible, digital, and decentralized currency that enables exchanging payments anytime, anywhere.
Interestingly, cryptocurrencies utilize blockchain technology that manages and records all transactions.
Having realized the importance of cryptocurrency in today’s world, a London-based crypto analytics startup named Elliptic has come forward to contribute to the financial market.
How? You’ll know as you read further!
Elliptic Recently Bagged $60 Million in its Series C Funding Round
Elliptic serves numerous financial institutions, crypto businesses, fintech, and more with the dominant suite of compliance. A few years back, the company utilized blockchain analytics and built one of the most trusted crypto identity datasets.
Furthermore, Elliptic recently conducted its Series C funding round and secured $60 million. The firm is planning to utilize the fundraised amount to build up its global position.
A QUESTION FOR THE READERS- Do you know why blockchain tech is utilized in crypto-based apps or wallets?
It is because blockchain is a digital ledger responsible for the security of transactions! Therefore, if you want to build an app that involves transactions, leveraging blockchain is vital.
Are you still not convinced? YOU WILL BE after reading some of the top-notch benefits of blockchain mentioned below:
Top Benefits of Blockchain Technology
1. Enhanced Security and Privacy
Notably, blockchain works with end-to-end encryption, which eliminates all the loopholes for fraud. Not only this but the information on the blockchain gets stored across a network of systems, shutting out any possibility for hacking.
2. Reduced Costs
Blockchain tech brings efficiency to the mechanism and eliminates unnecessary costs which otherwise had to be invested. Manual work is reduced to a great extent as middlemen are eliminated that traditionally had to be appointed.
3. Immutability
Transactions once recorded cannot be tweaked is what is known as immutable. Once recorded, the data becomes permanent and only allows a secure audit.
4. Builds Trust
The use of blockchain technology creates trust between the two parties as the exchange of data or transactions is highly secured. One of the biggest examples showcasing trust is the exchange of bitcoin and crypto.
5. True Traceability
In the traditional supply chain functionalities, it becomes challenging to trace items that could also lead to multiple issues, including loss of goods, theft, etc.
However, with the integration of blockchain tech, the mechanism becomes transparent than ever and involved every party.
How?
Notably, every party is able to track the goods; thus, it becomes a convenient process!
Is it beneficial for your business to incorporate blockchain tech?
Big or small, new or old, every industry is emphasizing the incorporation of blockchain. Therefore, some of the industries that are highly focusing on evolution are:
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Entertainment
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Games
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Healthcare
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Real estate
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Wallets
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Finance
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ETC!
Cost of Blockchain App Development
Undoubtedly, blockchain app development can be a complex activity and will involve guidance from professionals. Additionally, it’ll also require investment to build an efficient product.
What will be the overall cost of blockchain app development?
Well, there’s no universal answer to the same! The overall cost can be estimated, keeping in mind several factors. Therefore, to make it easier for you to understand, some of the important factors are as mentioned below:
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Choice of the platform
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UI/UX design
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Tech stack
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Number of features integrated
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Developer’s cost
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Complexity of the project
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AND MORE!
In a Nutshell
Now that you are familiar with the importance of blockchain technology and its benefits, you are free to make an educated decision about whether to utilize the tech or not.
REMEMBER, any finance-related or transaction-based apps need to be highly secured. Therefore, do not miss out on incorporating the tech for an enhanced consumer experience.
Also, do not forget that customers can make or break the business, which is why it is vital to keep their requirements in mind.
So, are you all set?
Connect with the best blockchain app developers in UK and build an applaud-worthy mobile app for your users.
Happy innovation!
