Bitcoin is the first decentralized currency in the world which functions with the help of blockchain technology. This keeps the information updated on all nodes of the decentralized network, in the simple words the transactions updates at all devices in the world simultaneously.
The future of blockchain depends upon the authenticity of transactions which is confirmed by the parties involved, without any intermediaries.
Blockchain has a great potential in different sectors like banks, techno-corporations, governments and venture investors. In November 2015, combined investments in blockchain projects and Bitcoin have leaped the 1$ billion mark.
Today blockchain is more than the base for the just stable functioning of every cryptocurrency. This database has various applications and is helpful in various projects of all sorts.
It can easily replace a lot of bureaucracy associated with database management as the distributed database on blockchain is capable of maintaining itself.
To understand how to develop a BLockchain application let us take the example of its one of the most popular application- Bitcoin and its features.
Bitcoin is decentralized that means no central organization controls it.
As it does not involves intermediaries like banks and brokers, transactions are a lot easier.
Every transaction on blockchain is transparent and easy to access.
Bitcoin-transactions are secured by the cryptography which gives you full control of your money and high level of protection from hackers.
How to develop a Bitcoin wallet app?
To access the Bitcoins one needs a Bitcoin Wallet. It can look like a simple sheet of paper or a high-end software with loads of security functions on the Flash-medium and so on. The main function of the Bitcoin wallet stores the private digital keys through which a user gets access to the Bitcoin address.
The safety and security of a bitcoin wallet are paramount and the data backup is a must. Technically Bitcoins are not kept in the wallet, it contains the secret digital keys that are needed to access public Bitcoin addresses and gives a possibility to “sign” transactions. This information is maintained with the help of Bitcoin wallet.
There are four categories of Bitcoin wallets: PC, mobile, online and offline wallets.
PC wallets are not very user-friendly, especially when a person is traveling. In this case, the mobile apps with wallets come are handier. They work like a mobile app in your smartphone and gives the user possibility to pay directly through his or her phone. It’s made possible by the closed keys with Bitcoin addresses right in the app. In some cases, one can also use the non-contact NFC technology and pay just by the touching reader, not by sharing data.
Most of these mobile wallets aren’t fully functioning Bitcoin clients that mean they don’t need to download the whole blockchain, which can get as big as multiple gigabytes.
Mobile apps are often developed with the help of such system as Simplified Payment Verification (SPV). They download a very small part of blocks from the chain and reliable units of Bitcoin-network to confirm the accuracy of the data.
In the near future, cryptocurrency will become more popular. Today, Bitcoin is one of the safest digital money and is growing exponentially.
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