We’ve already spoken about what is Blockchain, how it works, can it be hacked, etc. Now the question in your mind must be where is blockchain used? Do applications use blockchain?
Well, to answer your question, yes applications do use blockchain. From securing data to verifying customer identities, there are currently 3000+ applications actively using blockchain. Let’s delve deeper!
Blockchain is based on peer-to-peer technology, which is a huge opportunity. Being on a large network of computers and not needing manual involvement, it makes for an accurate, economical, and secure record.
Is blockchain all about money?
Now, a common misunderstanding is that Blockchain is all about currencies, which means trading and investments. Blockchain is not only used for monetary transactions and purposes but it’s also used for storing data about any transaction. Be it tracing your product, simplifying payment systems, and offering clear information, among others.
So many companies have implemented Blockchain, across different sectors. These are a couple:
- Insurance sector- Accenture
- Healthcare- Nano Vision, Pfizer
- Entertainment- Spotify
- Retail- Blockpoint
Apps that implement Blockchain are known as “Decentralised applications”, or “dApps” in short. Most of these apps run on self-executing contracts or smart contracts. Not needing manual intervention, dApps make Blockchain more appealing.
Here are some dApps I’ll talk about:
- CrptoKitties: The first dApp to gain massive popularity. Its use? you can buy blockchain-based kitties, breed them, and if you’d want to, sell them at a profit.
- EOS Dynasty: Being a game with 12k active users, it was the first player-vs-player game on Blockchain.
- Opensea: A decentralized market for non-fungible tokens.
- TRACEDonate: Wanting to create transparent cross border remittances, it connects organisations to beneficiaries.
- Newde: Decentralised exchange for EOS and TRON tokens.
The Ethereum platform is the most popular for dApps, having more than 2500 dApps on it.
DApps will definitely grow in the future. While decentralisation could still be a faraway thought, living in a generation where efficiency and simplicity are key priorities, dApps have a favorable future.