Blockchain applications go far beyond cryptocurrency and bitcoin. Blockchain enables us to create a more transparent and fair business ecosystem. At the same time, it helps us save more time and money. Blockchain technology impacts a variety of sectors ranging from land registry in real estate to documentation in federal agencies.
As Tyler Winkelvoss states, “Blockchain is a mathematical framework that is free of politics and human error”.
Blockchain technology fills in the requirement for a transparent, reliable, independent, automatic, immutable, decentralized, and indestructible network.
What are blockchain apps and dApps?
A computer application built using distributed ledger technology is generally referred to as a blockchain application. It is quite evident from the above fact that an application built using distributed ledger technology would definitely put an end to corruption and fraudulence in any business.
dApp is a decentralized computer application that runs on a peer-to-peer network and functions just like a normal app and offers similar functions. Some of the most important use cases of dApps are smart contracts, DeFi, etc.
Example of how blockchain technology is used in the farming industry.
How does a blockchain application work?
Before we discuss how a blockchain application works, let’s understand the principle behind blockchain technology. A blockchain runs on a peer-peer network that shares data among its peers, by storing business data chronologically in blocks. This means that any change occurring in a blockchain network (for instance, in a bank transaction or a data exchange), is shared with all members in the network. Thus everyone has a record of this activity across all connected devices in the network. These blocks of data are then stored in a network chain, and once the information is added to the network chain, it can’t be changed. This makes blockchain networks extremely hard to tamper with and steal data.
Popularly used blockchain solutions
Some of the popular blockchain technology solutions widely used are:
• Spotify
• IBM Food Trust
• Matchpool
• Accucerts
• Coinfactory
Benefits of blockchain apps and dApps
The launch of Bitcoin in 2009 changed the status of blockchain from a theoretical one to a real-world one. Before the introduction of blockchain, most business operations often waste effort on duplicate records and other third-party validations. Moreover, the record-keeping systems at that time were vulnerable to fraud and cyberattacks. Also, limited transparency slowed down the data verification process. All of this slowed down business operations and drained the bottom line. Dapps and Blockchain apps have a solution to this.
Take a look at some of the benefits of blockchain apps:
- Public verification: Any user can check if the system is working correctly.
- Transparency: All updates to data and transactions must be verified by other network users.
- Privacy: Despite a blockchain being a decentralized system with a high level of transparency, all transactions and interactions between network members are anonymous.
- Integrity: A blockchain guarantees that no data is changed.
The major benefits dApps are -
- They offer enhanced safety and stability.
- Applications are completely resistant to censorship.
- They are not susceptible to central points of malfunctioning.
How to build a blockchain application from scratch?
You would encounter the following critical steps in the process of developing a blockchain application, and although your approach may vary considerably based on your requirements, the format will remain the same.
- The first step is to, Identify a Niche for Your Business.
- Then move on to finding an Appropriate Workflow Design for Blockchain Integration.
- Your blockchain also requires a Proof of Concept.
- Now, choose between New or Existing Blockchain.
- And choose between Public and Private.
- Now it’s time to select a Consensus Mechanism.
- Finally, we can get to the Actual Development Work.
Closing thoughts
The concept of decentralization is becoming more and more popular these days as it is believed that it can resolve issues relating to lack of transparency, censorship, misuse of power as well as poor security. Like many companies these days are choosing Blockchain app development for the innumerable benefits that they have to offer, the use of dApps is going to be even more widespread.
Are you looking for a Blockchain development company to assist you in developing Blockchain-based applications?
Accubits is one of the top Blockchain development companies, with years of diversified experience and significant expertise. The diverse expertise of the team has helped 450+ clients around the globe.
Schedule a one-on-one discussion with our blockchain expert to discuss your blockchain needs, doubts, and concerns.