Latest posts by mike.kelley (see all)

 

Blockchain has exploded onto the global scene and everyone involved in technology and business is excited about it. Aside from the speculative nature of cryptocurrency prices, blockchain has captured many people’s attention for a variety of reasons, including making a quick buck, investing over the long term, getting rich or becoming part of a meaningful technological revolution. Whether you’re a retail investor or business owner, there’s a lot to be enthusiastic about.

 

Besides Bitcoin, what successful applications have and can be built on a blockchain? There are actually quite a few possibilities, thanks to smart contracts and dApps. Ethereum was the first cryptocurrency that introduced smart contract technology to the world. Today, there are many other powerful options, such as Qtum, Ethereum Classic and EOS. A smart contract is the actual coding of a self-executing contract, while the dApp is the interface that we, or your customers, interact with.

 

The good news is that if you’re a business owner, there are a lot of dApp ideas for businesses. There are ideas floating around about how dApps will change the financial sector, real estate, automotive sector, logistics, healthcare and insurance. All you need is a great blockchain developer to work on your business’ dApp development. With the proper dApp development, smart contracts can be created and employees can interact with those smart contracts in the form of decentralized applications. Using a dApp would be as easy as typing a website address into Google Chrome or Internet Explorer. What are some of these dApp ideas for businesses?

 

Supply chains can be significantly improved with blockchain technology and dApps. A blockchain that would improve supply chains would likely be business-to-business. Only business parties would be able to access shipment details, updates and routes. Get ready for this industry to save tons of money on paperwork. Every time a business uses paper to conduct business, they are allowing opportunities for costly mistakes to occur. Tesla is already working on driverless truck technology. When trucks eventually go completely driverless, blockchain and dApps will be even more critical. For example, an empty truck could be quickly rerouted to the nearest pickup location to grab its next shipment. All this can happen automatically without the need for much human oversight. Quicker deliveries and optimized resources will be by-products of using this new technology.

 

Customers will receive many benefits as well, especially in an industry such as real estate. Customers will close their property deals faster and more efficiently. They won’t need third-party assistance to deal with mountains of paperwork. Involved parties will simply need to interact with a basic dApp. Behind the dApp will be a smart contract that knows exactly what to do. Smart contracts are self-executing, so you don’t have to worry about the buyer or seller receiving a bad deal. If you’re interested in using blockchain technology and dApps in your business model, then contact an experienced blockchain developer that can help you future-proof your business.