How Corporate Practices Can Utilize DApps To Revelutionalize the Industry?

“Everything that can be decentralized, will be decentralized.” — David Johnston, CEO of the DApps Fund

A paradigm shift in the world of software is currently underway. The quickly approaching — and seemingly unstoppable — wave of decentralization stands to enact massive changes and restructuring of any industry that it touches; which will likely be just about all of them.

Because of the palpable buzz surrounding cryptocurrencies like Bitcoin and Ethereum, and the blockchain technology that underpins them, scores of tech-focused individuals and organizations are discussing the prospect of building and implementing “DApps” into their efforts.

DApps (which is shorthand for “decentralized applications”) hold the potential to revolutionize the backend structure of most every digital product that exists today. The foundation for this metamorphosis (up to this point) has been Ethereum; the blockchain infrastructure used for the development of various banking and governmental DApps.

The application of blockchain technology for divergent industries can be a difficult concept to explain through practical examples as the model is so incredibly novel. With DApps, however, this is not the case. At the end of the day, DApps are still apps with a typical front-end user experience that is largely indistinguishable from a more traditional app. It’s what’s behind the scenes that is so radically different.

A DApp is essentially an application that exists on a decentralized blockchain (again, in most cases, the groundwork comes from Ethereum). Since Ethereum enabled so many developers to free themselves of their coding confines, DApps now present creators with nearly limitless potential for what applications can do.

Tiana Laurence, Co-Founder of Factom and the author of Blockchain for Dummies, has stated that DApps are, “. . . the most revolutionary and controversial manifestation of Ethereum.”

To understand this statement, it is necessary to take a deeper dive into what DApps are exactly, and how they stand to reform the business landscape.

DApps — Explained

The reason Ethereum has been the go-to resource for DApp creation is that it was essentially constructed with this exact function in mind. This is evident as the organization’s mission is:

“. . . to promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet.”

Ethereum hosts regular hack-a-thons to help push DApps development into the future.

The core element that separates DApps from their more traditional counterparts is decentralization. This concept was best been summed up byHacker Noon’s Preethi Kasireddy, when she wrote, “. . . this is the main idea behind dApps: a decentralized set of rules that define a specific application. This set of rules sits on a public and decentralized blockchain (instead of a central server owned by some large entity, such as Facebook or Amazon). This enables it to be governed by autonomy and be resilient to censorship.”

CEO of the DApps Fund, David Johnston, helped to clarify the core tenants of DApps through a white paper entitled, “The General Theory of Decentralized Applications, Dapps.” In the document, Johnston outlines that for an application to be considered decentralized, it must:

· Be open source and operate autonomously

· Have the app’s data and records of operation cryptographically stored in a public, decentralized blockchain

· Use a cryptographic token

· Generate tokens according to a standard cryptographic algorithm

Coinsutra’s beginners guide to DApps puts this in more succinct terms by stating, “. . . A DApp is an open-source software platform implemented on decentralized blockchains and are fueled using tokens which are generated using a protocol/algorithm.”

This structure stands to drastically alter the way business is carried out in the decentralized era.

How DApps Will Change Business Practices

Turning once more to the wisdom espoused by David Johnston, he points out that DApps hold the possibility of becoming self-sustaining organisms as they provide stakeholders with the authority to invest in the developmental process. “Because of that, it is conceivable that dApps for payments, data storage, bandwidth and cloud computing may one day surpass the valuation of multinational corporations like Visa, Dropbox, Comcast, and Amazon that are currently active in the space,” proclaims Johnston.

While it will take some time to potentially get to this point, DApp development is experiencing rapid growth and expansion.

Using smart contracts, nearly any service existing within every niche can be decentralized. This means that transactions relating to retail, marketing, currency exchanges, voting platforms, and a myriad of other utilities can be re-structured to exist within a dispersed ecosystem.

Smart contracts, as with every other form of binding agreement, define terms and penalties relating to the accord. What is different about smart contracts, however, is that these digital documents can enforce contractual requirements via software that only fulfills the contract once terms have been met.

This concept can utterly revamp business operations related to online sales, supply chain management, online identity verification, and other problematic areas.

Futurist Garry Golden predicted (in 2015) that by 2025 — a mere 7 years from now — that Ethereum will break its way into the mainstream business culture, “. . . as dApps emerge from individuals, businesses, civic institutions, and governments eager to develop products and services based on a radical mix of trust, transparency, and automation.”

This is exactly where BOOSTO is pushing the boundaries in relation to influencer marketing.

DApps with BOOSTO

BOOSTO provides social authorities and advertising professionals with a comprehensive, decentralized influencer infrastructure through supplying a protocol for creating DApps. This serves as an entire ecosystem for allowing developers and companies to easily manufacture their own decentralized applications that directly interface with influencers, influencer networks, social media platforms, and brands with consumers, services, companies and much more.

This framework is completely and clearly broken down in our white paper.

BOOSTO also provides development schema for SDKs, APIs and Oracle services for developers to generate and develop various social media DApps. Influencers are free to choose different DApps from the DApps marketplace and deploy to their stores and interact with their audiences.

This paradigm provides the groundwork to revolutionize brand-to-influence partnerships as well as the way that social authorities can reach and interface with fans.

At this point in time, the future of DApps is extremely promising as the decentralization trend continues its upward spiral. This movement is being continually bolstered by individuals seeking to place power back into their own hands because of increased opportunities for self-employment and continual distrust of major institutions.

DApps are poised to be the future of application creation. The revolution will be decentralized.