Decentralized Applications: The Blockchain Open-Source Software Gaining Momentum
Where are we currently with dApps?
Decentralized applications came a long way of trial and failures, and currently seem to dominate all industry segments.
Expectations are high, but while these applications might someday gain a mainstream appeal, that is far from the case at this time. The biggest challenge for them: find a way to expand their community base.
Here are three top 5 recent rankings of dApps in three of the most popular sectors among them.
Statistics can be looked at all the time but taking a peak at the future of dApps is so much more intriguing.
What is in store for dApps?
dApps just like any other technology have a huge field of growth ahead. There can be tons of speculation or statistics on the matter because such applications can make life easier.
Any process, such as getting a license or opening a bank account, will be taking a few hours or so due to the process of personal data distribution. Just providing biometric data and a private key should do the job perfectly. No need for centralization or Know Your Customer (KYC) procedures. This can swiftly become a daily reality for practically everybody and will lead to dApps becoming a driving force for all sectors.
Blockchain-based services, such as finance, logistics, and voting are becoming the top spheres within dApps.
Services like food delivery or healthcare don’t have the desired results but there is still time and room for improvement.
Which sectors have the biggest dApp potential?
We expect to see significant changes in:
- Finance and banking
People heavily rely on the financial system. For instance, the Senate imposes regulations in the finance and banking field, such as calculating the interbank rate, ATM charges, debit and credit card maintenance, among others. At the 2008 recession, commercial banks have decided to grant loans without communicating with the central bank. The backlash resulted in mortgages and major losses for the banks. If dApps existed, loans would have been distributed evenly and demands for excess mortgages would have been cut.
dApps are seen to improve the financial system with trust, good investment, and proper consumer experience. It’s worth pointing out the event dating back to 2007, when LIBOR (London Inter-bank Offered Rate) rose and caused a massive wave of mistrust amongst banks and other financial institutions.
dApps will be used for linking hospital data systems across a network so that information can be distributed in real-time. If a hospital changes some prescriptions, the amendments would be seen by everyone with the dApp. Decentralized applications will help the staff with direct access to data, so everyone is updated. Processes like patient verification and insurance actions can be optimized. The biggest advantage dApps can have on healthcare is most probably encouraging patients to gather and manage their database, rather than store it in EHR (Electronic Health Record) far from them.
- Real estate
Establishing dApps for the real-estate industry can replace the intermediaries (notaries and public registries) with a public records system that everyone can use for a fee, once granted permission.
dApps built on Blockchain will reduce the forgery of digital records and stumbling upon fraudulent activities because of false images on a property’s page or website would be impossible.
There is a lot more to this list of spheres in life, where dApps will find implementation. Domains that no one would think of as tokenized or decentralized in any matter.
Why dApps are still not ubiquitous?
There is a lot to say about the dos and don’ts of the future of dApps. On one hand, their success relies on the tech-savvy and creative people entering the market. On the other hand, the role of the investors becomes crucial for the growth and right implementation of this new technology. All of these good traits get highlighted by successful marketing. The people you trust managing it must be professionals with a proven business track record.
No matter where the future takes dApps, it’s quite certain that decentralized technology will turn the public around and become a regularity in day-to-day life.