Significance of Regulatory Compliance While Using Blockchain Currency

Businesses across different industry verticals such as healthcare, finance etc. are yearning to adopt blockchain - a technology that promises to improve efficiency in several processes while generate new business opportunities. However, a lot of awareness needs to be created amongst those who either lack a clear understanding of how it can be used and when it should be applied. 

This new technology has allowed app developers to provide users with virtual currency that could be used within the apps. Now, this virtual currency provides app users with wide range of possibilities such as purchasing virtual items, selling their individual content or earning redeemable points. With all that said, it’s important to understand that block chain and virtual currency could not necessarily be used interchangeably.  In fact, there is a legal framework that is meant for regulating block chain currency. 

However, it is still under development and thus poses risk for users and developers alike. Consequently, app creators must acquaint themselves with the most recent regulatory restrictions to remain in full compliance. Let’s consider the example of block chain-app development i.e. AppCoins that has more than 200 million users. It clearly exhibits how people who are unbanked can easily access their products and services using this currency. However, with most of the users looking for in-app purchase via smartphones not having credit cards, it becomes difficult for them to take complete advantage of in app purchases.

AppCoinstries to create an environment where users could earn block chain currency for making in-app purchases and other related functions. However, given the threat of cyber-attack, a transparent record of public transactions needs to be maintained. This will allow AppCoin owners to call developers to resolve disputes.

Experts predict the future of technology to be bright and the aforementioned examples show how blockchain in app development may become more common in the times to come. Also, these instances demonstrate the significance of regulatory compliance. Since, this technology is new, the laws and regulations to protect customers are in the nascent stages and are still emerging.  Even users should be ready to accept it as a real currency and should be prepared to bear the consequences in case they indulge in over-spending.

In a nut-shell, blockchain currency will positively impact apps while allowing developers to increase product features thereby enjoying better rewards for themselves. However, developers must ensure they’re not risking themselves or their customers by not adhering to the restrictions governing its use.