Our world is now digitalized and we have the freedom of working from home and getting things delivered to home. All thanks to the efforts made by technologists to tackle even the pandemic crises seamlessly from the comfort of home. The complete digitalization and quick process made us transact money from home with mobile taps and the data is shared across the globe within milliseconds. It would be bliss if the fintech world is equipped with a very minimal workforce and low transaction costs. The same goes with other industries and it would be much more encrypted if the user authenticates and revokes the access to their information for the third-parties with certain permissions.
Yes! Everything would be made possible with blockchain DApps for your enterprise. In this blog post, let’s discuss a basic knowledge of Decentralized Applications(DApps)!
A glimpse on DApps!
Decentralized Applications(DApps) are the applications that are built on top of the blockchain network and it inherits the features such as P2P transactions, transparency, decentralization, tamper-proof, and immutability. The users of the decentralized network can independently share information across the network nodes without any limitations.
Dapps leverage smart contracts to the maximum extent and is utilized mainly to accomplish the terms between entities.
The key features of decentralized applications are
- Open-source,
- Decentralized network,
- Consensus governance,
- Quick transactions & less workforce,
- Devoid of centralized systems and authority,
- No single-point failures.
Let’s look after the classification of DApps.
Categories of DApp
Type I:
DApps that are built on the native blockchain platform fall into this category. The cryptocurrencies like Bitcoin, Ethereum, Ripple that have their native blockchain platform are examples of Type I DApps.
Type II:
DApps that utilize the third-party blockchain platform to run are termed as type II DApps. The coin forks, altcoins fall into the category of type II Dapps.
Type III:
Type III DApps are operational and leverages the protocols of the blockchain platform. In other words, type III utilized type II DApp protocols and tokens that are integrated with plug-ins and extensions.
The general categorization of DApps differs from the Ethereum DApps classification. So, let’s take a look at ethereum DApps categories.
Ethereum DApps categories
Ethereum blockchain platform renders excellent tools and community support to build DApps for enterprises which makes it delightful among the blockchain developers. The ethereum powers up the developers with a principal layer of the blockchain platform with an in-built programming language(Solidity) to develop smart contracts, DApps, with the freedom of customizing the regulations, compliances, ownership, state transition functions, and transaction formats. The immense popularity of these applications generates reasonable revenues for the Ethereum DApps Development Company.
Ethereum DApps are categorized into three types.
Financial DApps
Financial DApps renders users the fintech functionalities such as managing their transactions with fiat and digital assets.
Semi-financial DApps
These DApps include financial transactions; whereas the main functionality would be operational.
Non-financial DApps
Non-financial DApps are purely operational and it does not involve any fintech transactions. These are the DApps that serve voting processes, identity management, gaming, and other sectors.
Let’s wind up by looking at the sectors leveraging DApps!
Winding up!
Blockchain and decentralization is undoubtedly our next-gen boon in technological disruption. Let’s look at the industries that are already into this next-gen blockchain process with DApps!
- Agriculture,
- Fintech,
- Healthcare,
- Entertainment,
- Gaming,
- Travel & Tourism,
- Social media,
- E-commerce.
If you are looking for building one of the ethereum dapps for your enterprise, do knock on our doors! We’re on our wings to swiftly push your enterprise to the next-gen technological evolution!
