If you're interested in building a customized decentralized application with your enterprise's native blockchain network, do consult a blockchain DApp development company to explore the feasibilities, budget, and fundraising campaigns.
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3. Hurray! We’ve successfully surpassed 2020, the year of turns and twists
which made us feel comfortable right from our home with technology
support. We could have never imagined what would have happened for
business continuity, the economy of countries, and even basic needs
without the tech support. Thanks to the tech era which helped us to
recover from the pandemic crises at a fast pace. These scenes have
proved to upgrade with the technology revolution for industries on a
global scale. When it comes to globalization, decentralization of the
process is much more efficient than other techniques.
Blockchain technology helps build the decentralized business model
despite the sectors and processes. In this blog post, let’s decode
decentralization, smart contracts, DApps working model, and much
more!
4. Decoding Decentralization
➔ Decentralization simply means that there is no central authority or organization to take control
of the process. Decentralized ledger technology is not anymore the underlying technology behind
the cryptocurrencies, its use-cases are enormous. While concerning with traditional fiat
transactions or business model, there exists a back-end team or workforce who involve as the
authorities to process the transaction. These centralized business units are prone to hacks,
counterfeit attacks, corruption, huge operational costs, and workforce.
➔ On the other hand, when you take a look into the decentralized systems, the network peers
contribute to the process and get rewarded. Only if more than 50% of the community approves
the transaction it is considered legitimate. This consensus governance in a decentralized,
trustless, transparent network eliminates fraudulent activities and security threats to a greater
level. Moreover, the key benefit of decentralization is that it reduces workforce, processing
time, and costs in the process.
➔ In the decentralization network, every node acts as a server and the copy of the data transaction
is stored in entire network nodes. Hence, it’s nearly impossible to have security breaches, hacks,
or data theft in decentralized applications. DApps Development Company are built on top of
the blockchain framework and smart contracts. So let’s have a glimpse at smart contracts!
5. Understanding smart
contracts- A gist!
Smart contracts were introduced by
the Ethereum blockchain network in
2015. Smart contracts are computer
protocols that perform instructed
tasks when the specified conditions
are met between the entities. The
purpose of smart contracts is not
limited to the fintech sector; it has a
wide range of use-case in
automation, quality inspection, and
other applications.
Let’s understand the working
principles of DApps with real-time
instances!
7. DApps working
Principle
Let’s consider the instance
of a snack vending machine!
1. The snacks are set with price and code in
the vending machine. If the person wants
a particular snack, he must select the
code and insert the specified amount
into the tunnel. After verifying the
currency, the machine delivers the
respective snack in the bottom tunnel
for the person.
8. DApps working
Principle
Let’s consider the instance
of a snack vending machine!
2. The same process happens in smart contract protocols but
at high-level use-case. If a person wants to purchase a
property, then he must send or settle the specified fiat
currency or desired cryptocurrency to the seller. Once
the transaction is complete and verified, the smart
contract automatically transfers the ownership of the
property. In case of failed transactions or inappropriate
transactions, the amount will be refunded to the payee.
Smart contract agreements negotiate the
intermediaries, central authorities, and the transaction
costs involved in the centralized processes. DApps are
efficient and quick processing over traditional
applications and centralized processes.
9. Decentralization and Ethereum smart
contract development are becoming a
buzz due to their enormous potential and
applications. DApps and smart contract
protocols are employed in hotel/flight
bookings, purchasing and selling of cars,
properties, lending crypto, and fiat
assets, e-commerce apps, and much
more. Reaching the globalized business
scale is no more a dream, tap a message
to us and build your DApp!
