Bringing Android and Blockchain technology together
At the moment we live in times of unregulated multi-million dollar ICOs, discussions about whether or not the crypto-bubble would burst, and where it takes the electricity of a family household of an entire month to process just one Bitcoin transaction. Is it all just the hype about making money fast? Or will blockchain technology be found powering companies and governments all around the world in the future?
“You look at every part of the economy – every single type of business can be turned on its head with this technology.”
- Don Tapscott
While we are confident that blockchain technology will revolutionize the digital world as we know it today, we are also aware that as a young technology, it will pass through Gartner's hype cycle just like the Internet did before decades ago.
In 2017 Gartner has put blockchain technology right after the peak of their hype cycle (Image source). This means it's just a matter of time before the hype-bubble will burst and the technology goes through the trough of disillusionment. This development is perfectly normal and will help to recognize the real potential of blockchain technology for industry, governments, and the individual user. Hence, keeping a cool head is only possible because we see the possibilities while being aware of the risks.
A blockchain is a distributed database that permanently records every digital transaction that is executed on it. Generally, blockchain technology offers 3 main benefits:
Processing transactions directly and trustless without the need of a vouching 3rd party enables completely new possible business models.
With transaction validation times ranging from a couple of seconds up to a few minutes, financial transactions on a blockchain are already significantly faster settled than traditional bank transcations.
A combination of public-key-cryptography, Merkle-trees, and the cryptographical consensus mechanism makes blockchains inherently secure.
Blockchain and Mobile
Originally, blockchain technology has not been conceptualized for being applied in a mobile context. Most of all because of its high resources utilization (storage and traffic), of which mobile devices typically lack in. However, the importance of mobile devices is observable in an increasing trend. Because of the benefits of blockchain technology and the increasing trend of mobile there is a necessity for bringing those two together.
The idea to develop Ethereum Android originally came into life in early 2015 when we first started learning about Ethereum. We thought about how blockchain technology could be applied in a mobile context. At this time there was no convenient way to interact with Ethereum based blockchains from Android devices except wallet apps.
Ethereum Android was developed to create a multi-purpose platform on Android for more advanced blockchain use cases than wallet apps offer, while ensuring a very high level of security.
Read more on ethereum-android.com.
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