Are you a Blockchain enthusiastic? Startup? Or an organization trying to understand the Blockchain Technology to cope up with latest industry trends? This article explains the capabilities of Blockchain technology, Why Decentralized Applications are the future, and how Dapps will disrupt any industry with Blockchain Technology.
Why Decentralized Applications Are The Future For Any Industry?
You pick any industry and the Blockchain Technology has huge potential to disrupt it. It has created a prosperous world where individuals can participate in the value that they created.
What happens in Financial industry usually?
It lends money, it moves money, it stores money, it accounts money, it trades money and so on. And every one of these is currently challenged.
Take Music industry as another example. It is a complete disaster from musicians’ point of view. Most of the value they create is taken by the big labels. Then the technology companies, which also take huge chunks of value, and finally the musicians gets the leftovers at the end.
Now imagine, what if the entire music industry was a decentralized app on the blockchain, where musicians could post song with a smart contract with specifics like How it is to be used? Or, you want to put it in a movie, it will cost you this much.
Simple and transparent, isn’t it?
And apart from financial benefits, the blockchain technology can also be applied to build different types of decentralized applications. In fact, following companies are actively leveraging the blockchain technology advantages and building decentralized applications using this technology.
1. Storj: Storj is a decentralized dropbox file storage that pays all users for using their computer.
2. Bitfury: Bitfury builds and delivers both the software and the hardware solutions needed for governments, organizations, businesses, and individuals to securely move an asset across the Blockchain.
3. Coinbase: Coinbase offers cryptocurrency exchange for buying and selling Bitcoins and Ethers for dollars.
Now understand that these are only few examples of blockchain technology that are used across world. There are many decentralized applications that are being developed everyday in different industries. To know about more about these decentralized apps being created worldwide, and details of each applications in terms of their current state and what do they do, go to : http://dapps.ethercasts.com/
In the above paragraphs, you might have noticed the term decentralized applications multiple times being used.
Question is, do you understand the term ‘Decentralized Applications’ fully?
If not, let’s do that first.
Understanding Decentralized Applications
In simple words, decentralized applications are new style of software programs based on Internet and not controlled by a single entity. This means, it can be run without any central authority.
A decentralized application has 4 characteristics.
- Application must be open-source, with all changes made by a majority agreement of user base.
- All data must be stored on public Blockchain in order to avoid central point of failure.
- The application must have cryptographic token for both, accessing the application and rewarding the network supporters.
- Lastly, these cryptographic tokens must be issued using a standard blockchain algorithm as a proof of value to network supporters contributing to the application.
Now that you have fundamental understanding of decentralized applications and blockchain technology, let’s move forward and see who can develop decentralized applications.
Currently, there are many players already investing in blockchain technology and decentralized applications. They’re discovering, developing, and repeating to create the most transparent, secure, and safe solution for their services.
In fact, our Blockchain Developers and research team are also holding brainstorming sessions to discover ways to use blockchain technology in different industries. Recently, they identified couple of pain-points and their solutions for Real Estate and Healthcare industry for businesses to leverage it.
However, when it comes to adopting blockchain technology, the first thought crosses most of our minds is: who can help?
Obviously you’ll need help of blockchain / ethereum developers. But, how to identify the right one?
Well, we already have that part covered as well. We recently published a researched article on how to hire ethereum developers for building decentralized apps. In this article you’ll get detailed information about Ethereum development platform and which technical skills it takes to build blockchain-based decentralized app.
Moving forward, since you already have knowledge of decentralized applications and blockchain technology, let’s explore how it will impact different industries.
How Blockchain Technology Will Impact Digital Businesses?
As you already know that Blockchain poses huge amount of potential which is enough to disrupt the way we manage our digital assets. Due to capabilities that the blockchain technology posses, it can disrupt the process of how the financial transactions are carried out.
But apart from it, Blockchain will also pave its way for Smart Contracts. A smart contract is a computer program which automatically controls the transfer of digital assets and currencies between two parties under predefined conditions.
Although, it’s not just contracts, but when it comes to innovation, whether it’s new music or game, blockchain can be used to record and declare that person A had the ownership of the property first.
Another way the blockchain will impact on digital businesses is by converting the most difficult processes into transparent, simple, and automatic tasks. Today, the machine-to-machine communication is slow, expensive, and requires human resource across many organizations. And with every organization maintain their own IT systems, bridging them between organizations often costs high.
But now, Blockchain has introduced a universal standard for storing data to make it easier to work across organizations. However, changing business processes and adopting new software often requires expertise. You’ll need support of blockchain consultant to guide you. We, at Space-O, have formed team of expert blockchain developers and blockchain consultant who can identify the real challenges and offer you the best possible solution for your business.
Blockchain Technology is undoubtedly in the early days of development, but that doesn’t mean it will go away soon. Considering the capabilities that the Blockchain Technology possesses, it is surely set to evolve in the near future.
As more and more people will get access to the global economy, the blockchain will help to reduce the cost of operations and contractual agreements between parties will become faster, cheaper, and easier.