Why Is It Time To Start Seeing The Blockchain Beyond Bitcoin?
Everyone in the crypto space seems to be appreciating the way blockchain is improving the way of life by making digital transactions easier and global. However, outside this industry, not many people believe in the potential of blockchain technology. This is mainly because most of these people still see bitcoin when they talk or hear about blockchain. It is high time that we start seeing the blockchain technology separate from bitcoin.
People like me who know and understand the power of blockchain also agree that there is a timely need to find new ways to apply this technology.
The Problem with Blockchain
Not exactly the problem, but we can say the bad luck of blockchain is that many of us are actually trying to understand it rather than simply accepting it to our lives. Did we try to understand how cellphones work before starting using them? Or did we try to learn how computers work in order to use them? No. So, why are we so hell-bent on trying to learn about the blockchain technology instead of simply accepting and let it benefit our lives. Let those who actually develop the decentralized apps (DApps) worry about the learning part.
What we simply need is the best way to seamlessly integrated the blockchain technology into our lives and benefit from it. It is ok even if you do not know how the technology works as long as you know how to use it to send/receive money or to store your digital data in a much secure way.
What are DApps? How can they expand blockchain deployment?
DApps are probably the best way to realize the potential and applications of blockchain to the mass audience. These are decentralized applications developed usually on a distributed ledger technology such as blockchain. Ethereum Smart Contracts are one of the most widely popular examples of DApps.
The uses of decentralized applications may vary depending on the underlying purpose and the industry for which it is created. For instance, a smart contract is a DApp which was developed on the Ethereum blockchain and for the purpose of facilitating middleman-free digital contracts between users for any kind of transactions of value. The best benefit is the lack of any middleman or third-party for verifying the transactions, as smart contract automatically verifies its transactions through the pre-written code and executes the command automatically upon verification. This reduces the cost and processing time, leading to greater profitability and trust for the involved parties.
Another possible use of blockchain technology is for conducting peer to peer merchant transactions and trades. One such application is seeing in the form of Bitica platform, which is a decentralized social cum business network facilitating global transactions between sellers and buyers across the world. The benefit of such a platform is the unparalleled security of blockchain, complete transparency in transactions, truly peer-to-peer & middleman-free system, low cost, high speed, global reach, etc.
Check out details at https://thebitica.com