The effect blockchain could have on the majority of industries has been well documented over the past year or so, yet the majority still aren’t quite sure exactly how it’s going to happen.
Everyone who owns a smartphone most likely knows what an app is. The term app is short for application, and applications have been around almost as long as computers themselves.
In short, an application allows a user to access a program without having to search for it online. An example would be the BBC News app. Rather than having to use your mobile device’s web browser to access the BBC website you would simply access the app from your home screen.
Decentralization the answer?
Studies carried out bylast year have demonstrated that a majority of internet users are becoming more and more concerned with data privacy, and rightfully so. Data breaches have become an enormous problem, with reports of large centralized data centers losing user data on a regular basis.
Decentralization could be the answer to that problem.
Most applications used for doing business today are centralized, meaning they are prone to attack and loss of information.
Decentralized systems, by contrast, allow businesses and consumers to connect in a direct manner that has no central database. This, in turn, will change the very basis of how business is done all over the world, and in effect eliminates the need for many intermediaries that are a necessary evil at the moment.
Some of the more interesting decentralized applications (dApps for short) include IDEX, one of the more popular dApp’s on the Ethereum network.
IDEX allows users to conduct anonymous cash transactions in real time with a high level of security. Many businesses that provide this service from a centralized standpoint unknowingly reduce the level of security they can offer.
ATRONOCOM is an entirely decentralized app for any mobile device, providing the option for clients to carry out account management and other financial tasks. Taking advantage of the available technology allows ATRONOCOM to provide users with a highly secure messaging service.
It isn’t just finance that stands to benefit from decentralized application technology, with the eye-catching HyperDragons multiplayer combat game allowing players to breed, raise and sell digital dragons, all carried out via smart contracts.
We’ve seen similar games in the past such as the wildly popular CryptoKitties.
The benefits that decentralization offers to businesses cannot be disputed, especially in a world where apps are becoming more and more popular.
With the removal of many of the unneeded middlemen, we should see the cost of doing business drop, which can only mean good things for the end user or client who stands to save money, as well as time.
Data safety, one of the primary concerns among consumers today, should also improve, curtailing the ability of hackers and thieves who currently prey on our personal information.
The era of decentralization is upon us, and we all stand to benefit from it.