Top Uses Cases of Blockchain Technology in FinTech Industry
Top Use Cases Of Blockchain Technology In FinTech Mobile App Development
Just like Artificial Intelligence (AI) concept, Blockchain technology has also on its drive, especially in the banking and Fintech industry. Driven by the capability of recording every financial transaction on a secured decentralized distributed system, Blockchain technology has become a precious asset for Banking and Fintech companies.
In this digital age, Blockchain-like trending next-generation technologies will ensure high privacy and security for confidential information. This is the core reason behind many banking and finance companies are investing in Blockchain-enabled mobile app development.
According to the market research reports, the value of Blockchain in the Fintech industry is anticipated to reach USD 9 billion by 2023 from approximately USD 1.5 billion in 2022. Hence, Blockchain has the brighter scope and is the future technology for Fintech mobile application development.
What Is Blockchain Technology?
Blockchain is a decentralized ledger technology that is on the list of top technology trends in this digital era. It is widely deployed for maintaining high-level security for the information shared across a business system. By storing data in blocks and linking all blocks in a decentralized database, the technology prevents data from being hacked or illegal access.
Today, the technology is gaining momentum in the banking and Fintech systems for validating transactions and ensuring privacy across the network. To prevent cyberattacks and improve operational efficacies, organizations across the banking and finance sector are investing in Blockchain technology. Here are a few best applications of Blockchain technology in the Fintech industry.
Top Use Cases of Blockchain In FinTech Industry
Blockchain In FinTech Development For Security
The key role of Blockchain in FinTech app development is to provide security to the entire network. By implementing intelligent security tools and algorism, Blockchain apps identify illegal attempts seamlessly. Blockchain-powered banking applications or Fintech solutions will encrypt the financial network infrastructure and keeps the data safe from unauthorized access.
Exchanges and Remittance
Yes. It is another significant application of Blockchain in the FinTech industry. Blockchain-based Fintech solutions are powering money remittance and instant money transfer services with zero errors. Since it is a decentralized system, the technology ensures lower transactional costs.
This feature of Blockchain mobile apps allows users to make international bank transfers and online payments over a highly secured network infrastructure.
Prevents Data Modification
Blockchain-powered FinTech apps or banking solutions prevent data modification. Since every transaction record or data entry is stored in a decentralized ledger format, Blockchain apps prevent data modification. This feature of Blockchain technology is also a core reason for its use in the Fintech app development industry.
Stock Trading and Investment
Blockchain technology is also widely applied in the design and development of stock tracking or cryptocurrency investment app development. Blockchain-enabled investment apps or stock apps or crypto apps make trading functions secure.
Blockchain-powered digital banking or investment or trading solutions can easily process millions of transitions in a fraction of minute. Hence, Fintech app development by integrating Blockchain potentialities helps organizations in both data processing and information security.
Here is another best application of Blockchain technology in banking and Fintech. Enterprise-centric Blockchain-based mobile apps ensure accurate and secure accounting and auditing services. They assist financial auditors in accessing the transactional records from the decentralized system and make auditing faster.
How Much Does It Cost To Build A Blockchain Mobile App?
As with other mobile application development, the cost of a Blockchain app for Fintech will also depend on design complexity, features, app type (native, cross-platform, or hybrid), and development platform (Android or iPhone/iOS, or Windows).
Further, the cost of Fintech mobile app development will also depend on the experience and location of the mobile app development companies you hire.
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Besides, the cost of Blockchain application development will also depend on the tools, technologies, and UI frameworks. Here is the most used technology stack for Fintech app development using Blockchain:
- Objective C and Swift for iPhone/iOS mobile app development
- Kotlin and Java for Android app development
- AWS for cloud storage
- AI and Blockchain for secure transactions and record storage
- Predictive tools for monitoring end-to-end transaction processes and detecting network threats
- AI-powered data analytics and reporting
- Secure payment APIs
Being the best Blockchain app development company, based on all the above factors, we estimate that the development of a Blockchain FinTech app with basic features on a single platform will range from $25,000 to $40,000. If you would like to add a set of analytical and threat monitoring features, then the cost of a Blockchain mobile application might reach $95,000 to $120,000.
Adoption of Blockchain applications in Fintech will reduce financial risks and increase service reliability. As discussed, Blockchain technology will be the future of banking and FinTech mobile app development. Banks and FinTech companies will ensure high-level security for the user’s confidential banking and financial transactions. It will improve the application’s reliability and increase user retention.