dApps To Create Better Products and Smart CitiesNovember 18, 2018
Blockchain technology is triggering the growth of several niche technical requirements based apps and process management systems. This has burst into a financial market that is worth billions of dollars.
Venture capitalists, entrepreneurs, and big corporations are showing great interest in capitalizing in this technology, and the assets developed using this technology. With the median salary for the blockchain technologists being whooping high, a lot of developers are joining to contribute to the development of blockchain technology-based niche products.
While the use cases for blockchain technology is still in its infancy, there are successful use cases. While there have been billions raised using ICOs, the point of interest in the present scenario is not about raising funds or cryptocurrency, but it is about the real-time use cases.
Streamlining the supply chain by bringing in transparency across the chain is the primary success story of this nascent technology. Technically, the instances to be monitored in the supply chain industry are literally countless. The important of all is establishing accountability, which has been made possible using this technology. Real-time tracking of food staples right from supplier to the grocery buy of the customer can be calculated efficiently by making use of the blockchain technology.
In the pharmaceutical industry, the chain of events in the supply chain has been maintained right from the start for every pill. The intelligence and the analytics algorithm in this tool are powerful than ever. The data thus generated is useful in deriving the required insights from the data. Predicting client requirements by making use of this data is becoming a common trend. Individuals and businesses are using this data to apply it for their private projects. This technology thus helps in delivering accurate predictions. Users spend to get this data. And the prediction services and data storage centers get rewarded for organizing the information using the blockchain technology.
There are problems with scaling huge databases. This, in turn, opens up job opportunities for developers and database analysts. dApps like those provided by XinFin using XDC protocol can store the transaction directly on the ledger, thereby removing failure at a single point. This provides for very transparent operation.
The potential for building better dApps is huge. The process is being simplified, and companies can reach out to their markets quickly, and they can come up with better products. This technology simplifies the Internet of things to a great extent. Ecosystems are connected to each other, and the interactions can be recorded and processed in a way to build smarter cities.