Blockchain Applications Look to Revolutionize Society with Decentralization
Dapp Revolution Has The Potential To Change The Society Through Decentralization
The financial sector and overall business environment are built upon a centralized structure that has provided order and standardization to transactions and processes. With a system in place that has worked for decades and maybe even centuries, why would you ever want to change it, especially in terms of adding in decentralized applications (Dapps)?
According to the dapp white paper, for an application to be considered truly decentralized, it has to:
- Be completely open-source and operate autonomously with no entity in charge of the majority of its currency;
- Have any protocol changes that are designed to make some overall improvement approved by all its users;
- Cryptographically store all of its operational data and records in a public blockchain;
- Use a bitcoin or a currency that is native to its blockchain system so that it can be accessed for use and any future contributions to its value from miners; and
- Generate tokens, or currency, which follows a standard cryptographic algorithm.
The Place Of Dapps In The Blockchain Infrastructure
In order to gain an understanding of Dapps, it is first necessary to have some knowledge about blockchain technology, the technology that underlies decentralized applications. The blockchain is simply an immutable ledger of records that are organized into “blocks” stored on a decentralized network of computers instead of in one location like on a conventional centralized database.
If we think of blockchain technology as compared to an operating system, then decentralized applications are like the software that runs on that operating system. And so, keeping this analogy in mind, Dapps are essentially applications that run on top of a decentralized blockchain database.
Democratizing Human Interaction
To illustrate how Dapps could help promote the democratization of business and human interaction, suppose that you are the owner of a small clothing business, and you would like to hire people to make patterns and sew. You would also like to set up an online shop for your clothing line, and maybe even livestream fashion shows. Selling your goods through your online shop, doing your own bookkeeping, and livestreaming your line to customers through your Dapp frees you from the burden of having to turn over a hefty portion of your profits to middlemen, like the typical selling platforms. This returns the power to small businesses and individual entrepreneurs allow anyone who dreams of working for him or herself to do so, without the worry of daunting overheads and payments to third parties.
There are dozens of companies coming online that embrace the power of decentralization and Dapps. Examples include Boosto, a Dapp store for social media influencers, and Vultur Social, a decentralized crowdfunding platform. Within a short period of time, anything you find in the centralized app store will be available via the blockchain.
The Social Ompact Of dApps
The social impact of blockchain technology could be as far-reaching as its effects in the business world. More and more people rely on IoT (Internet of Things) technologies, which allow us to monitor our homes remotely and do things like switch appliances and alarms on or off with the aid of our smartphones. It’s not hard to imagine how much-lost family and personal time could be restored to us as these technologies advance.
Imagine making dinner while still at the office, using a meal service-driven refrigeration and cooking unit that you control from a decentralized blockchain app. Each part of the dinner, from the pasta to the vegetables could be cooked optimally in its own compartment according to your specialized instructions and ready as soon as you get home. Everyone meets at home after work, or chess club or lacrosse practice with dinner all ready to be served, leaving more time for families to relax and reconnect.
Dapps could also transform other aspects of daily life, like promising trustworthy online interactions with friends you haven’t met yet. A dating Dapp would largely eliminate the problem of “catfishing” so prevalent in the online world since the trustworthy environment of the blockchain makes it very difficult to pretend to be someone you’re not. These days we meet as many if not more people online than we do in person. This added transparency allows us to do so with greater confidence, restoring some of our lost ability to truly connect as fellow humans.