The estimated value of the blockchain industry, as of 2018, is around $548 million. In 2016, it was approx. $210 million.
There’s a significant growth in the last two years, and we expect that it will continue its exponential growth. It’s because blockchain isn’t only for cryptocurrency development as many people think.
Blockchain app development services have got much more potential than this. It’s now ready to reform numerous industries.
‘Blockchain’ is the technology that underlies Decentralized apps.
Bitcoin, which’s introduced to decentralize all aspects of money, is only an instance of a DApp.
Similarly, Dapps have opened the doors of possibility for a newer and more exciting world.
In this world of Decentralized apps, the aim is to making everything decentralized as Bitcoin’s Blockchain did for currency.
Decentralized apps (DApps) are open source applications. They run on a peer-to-peer (P2P) network of computer. Such apps are a sort of software program that’s designed to exist on the internet in a way that no single entity controls it.
They cannot be shut down or have any downtime.
These apps are creating various opportunities for businesses to grow.
Businesses need to be aware of this developing technology. They can use DApp for accepting payments, cloud storage, crowd-sourcing, and much more.
To be considered a DApp, the application must follow these three models:
First, the app needs to be open source. It must be freely available for everyone and should be capable of being tweaked or redistributed.
Second, the app must be decentralized. When being developed, it must have to incorporate the use of blockchain and cryptographic technology. Also, it will require a form of cryptocurrency or crypto-token to incentivize the users.
Consensus Model:- Third, the app must have a consensus mechanism built in it for security.
If the app follows this criterion, you can consider it a DApp.
If you are a business looking to use less expensive cloud storage services, DApps are the answer. Siacoin is a DApp (a blockchain cloud storage app) that utilizes unused hard drives space from all over the world to provide storage centers.
There are approximately 1.8 billion people who use cloud storage services. The benefit of Decentralized Cloud Storage Services is that they cost 90% less than the traditional cloud storage providers with one terabyte of space priced at $2/month.
Each file of a user will be encrypted. They can have complete access and control over their encryption keys. In addition to this, third parties cannot have access to users data. Thus, providing users with the utmost privacy.
Identify protection over the internet is an important issue that we cannot overlook.
In 2016, FCC received fraud-related complaints, out of which 66% were related to identity thefts. DApps can fix this issue. Such DApps include solutions like multi-factor authentication, ICO protection, secure login, and document verification.
A DApp that uses these factors can prove to be quite beneficial as it can be used to secure the identity of employees of a company. Not only this, but it can also be helpful for validating contract workers or freelancers if you provide third-party or outsourcing services.
Secure registration and login will ensure that authentic individuals access to the web or mobile apps. For instance, CRM software contains sensitive data that must be kept confidential.
The array of possibilities with DApp is wide. It can even influence the world of invoicing.
A blockchain-based decentralized invoicing system can be reduced the time it takes to get paid by releasing funds when the customer pays. It helps businesses to manage their expenses efficiently as they won’t have to wait for too long to have invoices paid anymore.
Such a system can also provide its users with access to large data sets and analytical tools to effectively use the data.
The blockchain technology has become a rage these days. It’s continually evolving and being used to offer new services. DApps are also part of its evolution, creating secure and open source software for everyday business and users. While DApps are still in infancy, they certainly have Oodles of potential. That said, any modern business should not hesitate to adopt this transforming technology.