Decentralized Applications (dApps)

Introduction

Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or peer-to-peer (P2P) network of computers instead of a single computer.

Dapps are unique because they enable users to interact directly with each other, without the need for a middleman or centralized authority. Dapps are open source, meaning anyone can view and contribute to their codebase.

• Digital programs that run on a blockchain network of computers rather than relying on a single computer are referred to as "decentralized applications," or "dApps."
• dApps are not subject to the supervision or influence of a single authority because they are decentralized.
• The protection of user privacy, the absence of censorship, and the flexibility of development are advantages of dApps.
• Some of the drawbacks include The possible inability to scale, issues creating a user interface, and challenges changing the code.

Uses of dApps

• Financial services: dApps can be utilized to speed up peer-to-peer financial transactions like currency exchanges and asset transfers.
• Supply chain management: By tracking the flow of products across a supply chain, dApps can provide accountability and transparency.
• Identify verification: dApps can be used for voting systems or passport applications to store and validate identity information securely.
• Real estate: dApps can be used to track property ownership and related paperwork like deeds, as well as to make it easier for buyers and sellers to transact directly.
• Healthcare: dApps can be used to store and track medical records as well as to promote professional interaction and collaboration.
• Education: Decentralised learning systems can be built with dApps, enabling direct communication between students and teachers without using middlemen.

Pros and Cons of dApps

Pros

• Promotes user privacy
• Resists censorship
• A flexible platform enables dApp development

Cons

• Experimental, may not be able to scale
• Challenges in developing a user-friendly interface
• Challenging to make needed code modifications

Conclusion

?Dapps are a revolutionary new technology that has the potential to revolutionize many industries. They are secure, trustless, and open source and offer new types of applications that would not be possible with traditional applications. However, they are still relatively new and require users to have some technical knowledge in order to use them. Additionally, Dapps are expensive to develop and maintain and are subject to the same regulations as traditional applications.

References:

https://research.csiro.au/blockchainpatterns/general-patterns/deployment-patterns/dapp/

https://www.investopedia.com/terms/d/decentralized-applications-dapps.asp

Article contributed by Kaustubh Raykar guided by Varsha Iyer