Blockchain Dapps Can Bring Huge Benefits to The New World’s Distributed Ledger Business Solutions
If you are between the ages of 8-85, you are already well familiar with the phrase ‘app.’ After all, you have a bunch of them residing on your mobile phone, each enabling you to access an “application” that enables delivery of content, e-commerce, communication and a bunch of other things..Hint-its the thing you download from Apple Store. Within the context of bitcoin, blockchain and distributed ledger jargon, dapps are like apps, but the distinction is, they are decentralized applications (hence the phrase ‘dapps’), as opposed to ‘centralized apps’ like the ones you have installed on your iPhone. Dapps could be described as “not your grandfather’s version of apps”, and even if dapps remains nascent stage, there are noticeable common features of dapps that will help the novice understand the difference:
- Open Source. Ideally, it should be governed by autonomy and all changes must be decided by the consensus, or a majority, of its users. Its code base should be available for scrutiny.
- Decentralized. All records of the application’s operation must be stored on a public and decentralized blockchain to avoid pitfalls of centralization.
- Incentivized. Validators of the blockchain should be incentivized by rewarding them accordingly with cryptographic tokens.
- Protocol. The application community must agree on a cryptographic algorithm to show proof of value. For example, Bitcoin uses Proof of Work (PoW) and Ethereum is currently using PoW with plans for a hybrid PoW/Proof of Stake (PoS)5 in the future.
Dapps Can Bring Huge Benefits to Blockchain Business Solutions
(the following dissertation is courtesy of Taktical Digital‘s SEO & Marketing Specialist Michael Kordvani)Â
There are many ways in which dapps can be utilized to benefit a business. Whether it’s saving time, saving money or making your business transactions and data more secure, there are dapps out there that can really help to streamline your business. Blockchain developers know that dapps are the future of business, and so there are currently hundreds of dapps in development. New dapps are being released all the time. It’s certainly something worth keeping an eye on, so you can be an early adopter of those that are the most useful to you and your business.
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Make payments, cheaply and easily
So many aspects of any business revolve around the movement of money. You’re paying suppliers, you’re paying staff, you’re receiving payments for your products or services. These days, it’s not uncommon to have a remote workforce. Your web designer may be in Japan, your social media manager could be in the UK. The Internet makes it simple for us to communicate and work with people all over the world, and with blockchain dapps, it’s going to become easier, and less expensive to pay them and to receive payments. With blockchain dapps you are cutting out the intermediary, so you’re not paying those extra fees to send money to someone in a different currency, or simply for the transaction to be made.
One very interesting invoicing dapp is Bitwage. This system allows you to invoice and accept payments from 25 different countries. It’s fast, payments go through in less than 48 hours, regardless of your location. This can be very important if you’re waiting on a large payment coming in.
Verifying Identity to reduce fraud
Unfortunately, fraud is not uncommon, especially online. By using dapps to manage and track identities, you can certainly reduce fraud within your business. By using blockchain technologies, identity is irrefutably authenticated. Without the need for complicated systems using passwords, dapps such as ShoCard make the process of confirming someone’s identity easy and highly secure. With this dapp, the user uploads an image of their ID, the relevant information is extracted from the ID and the user confirms it is correct. The data is then encrypted and obfuscated. This digital ID can then be shared with selected parties, a verification handshake takes place and a secure environment is set up for the sharing of confidential data or money transfers.
Confirming provenance
Using blockchain dapps, you can gather an irrefutable audit trail for the provenance of any product. If your brand relies on other business to supply components for your end product, this process can help to ensure that the quality never fails and your business and brand don’t suffer as a result of failure further down the chain. Consumers also are increasingly likely to choose products with a verified provenance. They want to know where their coffee beans have been grown, or where the materials have come from for their clothing. Dapps such as Provenance help you to gather this information that can be used to your advantage.
Blockchain development is transforming the business world. Embrace it, and you’ll soon see how beneficial it will be for so many different aspects of your business. To learn more, contact Taktical Digital’s SEO & Marketing Specialist Michael KordvaniÂ
Blockchain Dapps Can Bring Huge Benefits to The New World’s Distributed Ledger Business Solutions