Top-5 areas for decentralized applications
By Andrey Mastykin on ALTCOIN MAGAZINE
World largest companies are ready to invest billions in some blockchain development. Their executives have shared plans with Deloitte. This makes decentralized applications, or dApps, one of the most promising tech-area of 2019. Let’s consider 5 the most promising industries for such development.
In order to rate industries duly, we should ask ourselves a question of what an advantage dApps give to business. There are three key features:
Reliability. The blockchain is one of the most reliable and secure ways to store information in the network due to the advantages of decentralization.
Lower cost is a consequence of no need in central counterparties. Because blockchain is a distributed P2P database the various fees and commissions are disappearing.
Speed and scalability. The breakthrough in blockchain development in the last 2 years has allowed bringing the astonishing transactions speed. Decentralized applications (dApps) run as transactions in the network, and this fact opens up excellent prospects for their improvement. Some blockchain platforms are able to handle more than 10 thousand operations per second.
Based on these parameters, I have identified five industries for dApps usage:
№1 Finance
Financiers are the first who have realized how reliability, speed, and low cost can globally reduce their costs. One by one world largest banks, payment systems and investment companies are reporting about blockchain solutions implementation. Recently, these have been JPMorgan, Societe Generale, Royal Bank of Canada, Santander, a consortium of Japanese banks. IBM is creating an analogue of the international payment system (SWIFT) that’s based on the blockchain.
№2 Internet of Things (IoT)
The Internet of Things or IoT (Internet of Things) is a new global network of interconnected devices that will allow humanity to make life safer and more comfortable. Countless vehicles, machines, sensors and household appliances could interact more effectively within the decentralised database. By 2022, the number of devices in the global network will probably exceed 18 billion. Such networks require reliability, speed and scalability of a fundamentally new level, and that’s why dApps are excellent solutions in this area. Blockchain's capabilities in IoT are being tested already by the global engineering giants Bosch, Volkswagen and Fujitsu.
№3 Tokenized Property Rights
Because of hype in 2017, many perceive tokens as a speculative tool, a kind of counterpart to cryptocurrency. In fact, a token is only a provisional name for a certain amount of information is recorded in blockchain. It acquires exactly the value that creator put in. Thanks to the development of smart-contracts, it is possible to transfer almost any property rights into blockchains in the form of a token, ranging from stocks and bonds to real estate. A reliable blockchain system is able to eliminate countless bureaucratic barriers on the way to buying and selling properties, making the markets more reliable, mobile and competitive.
№4 Games
dApps can function successfully in the form of mobile games and significantly change the market, whose revenues are likely to pass over $100 billion by 2021. Thanks to blockchain game developers are able to achieve independence from Google Play and Apple Store mediation — these platforms are controlling the lion’s share of the world multimedia market.
№5 Personal Identification
We are all familiar with the situation that in order to use social networks, online stores and numerous services we need endless registrations. To use financial services in addition to a passport, you may be asked for documents confirming your income sources. Many documents and certificates are required in order to property rights registration, etc. ID procedures take a lot of time. With the help of mobile applications, all your data can be safely stored in the blockchain. You will personally determine what a level of disclosure to provide to a particular requestor. With the assistance of government and commercial structures, dApps developers can dramatically simplify people’s lives.
We have led only five industries, where dApps could change the rules. Of course, blockchain applications usage could be spread out into other industries quickly. They can be used in any area of life where reliability, speed and low cost are required. There are numerous examples of successful blockchain integration into logistics, insurance, electricity trading and even the mining industry.
#dApps #blockchain #IoT #decentralization #tokenization
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