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Blockchain And The Rise Of The Dapps

  • 13 December 2018, Administrator
Blockchain is being considered for a very good reason by the companies- the security it assures and the transparency it promises. However, there is no “one-size-fits-all” solution available with this technology. The framework and the whole technology design will depend on the business requirements, the strengths and weaknesses of the available solution and the purpose of fitting Blockchain for the organization.
Blockchain does not only alter how technology works, but also your business processes and philosophies. Being decentralized, it will require major changes within the organization, calling for guides that will help organizations with easy adoption.
There are requirements that change with the organization type. So, while Ethereum as a Blockchain platform may suit certain businesses, it will not help all the businesses attempting to move forward with Blockchain. There will be businesses that need scalable platforms so that shifting the platforms and scaling horizontally or vertically does not affect the business.

Dapps and Blockchain

Dapps is the new Blockchain software model that will help businesses optimize the use of their resources. They will be able to assess the Store of Value for their resources as well as improve the distribution of their applications.
The decentralized applications is a concept, still in the nascent stage but, will improve the way resources are used.
The need for a mediator is removed in the Dapps, and the apps directly connect the users directly with the providers. An excellent example of a Dapp would be its application in Twitter. Imagine, when you write something on Twitter, and even when you try hard, you cannot remove or manipulate what you have written. That written word will stay with you for as long as the network exists, which is forever.
You need to understand the concept of Dapps before you actually plan on implementing them for your business.

Dapps: The Concept

What we will talk about when describing the concept would be the features that the Dapps exhibit.
  • The dapps are open-source in nature. The code base is open for all, and the changes within the code base need to be made with consensus.
  • It is decentralized. This means, the data is available to be checked by one and all. Also, the people within the Blockchain network can make changes to the data, redefining the storage and retrieval process
  • For transactions on dapps, Cryptographic tokens have been created. For every transaction and incentive to be offered within this network, you can use these tokens. This is safer.
  • There should be a common Cryptographic algorithm for the dapps. The Proof of Work algorithm has been adopted by Bitcoin while, Ethereum is planning on creating a hybrid PoW or Proof of Stake for the platform, in the near future.
An excellent example of the dApp would be the Bitcoin. It is basically a self-sufficient ledger that makes transactions efficient without the need for intermediaries.

Types of dApps

There are in total three types of dApps that you can develop for your business needs.
  • The apps that can be used to manage the money. These apps can help settle contracts that have been signed between users. The Blockchain network’s distributed nodes would help with the distribution of this data
  • The second type of app would be where money is involved along with information. This works well for the insurance applications. They manage the transactions but, require the information to get the money moving
  • The third kind of dApp would be the governance system. They are used to manage the voting and the other activities involving governance
If you are a decentralized autonomous organization, the dApp is the perfect way of fulfilling your need.

Bringing dApps to the users

We have touched upon the tip of the iceberg called dApp. Most of the dApps developed in the present times are launched using the ERC20 token standard, which is also a Ethereum protocol.
As of today, dApps and the Ethereum platform is still in the nascent stage, and in conceptual stage for certain applications. It will take months and even years for it to be incorporated wholly into organizations, and take over the current app market.
Parity Chain is committed towards Blockchain development, and is currently working on numerous challenging concepts. If you have questions, doubts or even an idea that you want validated, connect with us. Our team would be happy to have a discussion or, even begin validating your concept.

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