Blockchain Technology

The Concept of Dapps and What it Holds for Future Entrepreneurs

The Concept of Dapps and What it Holds for Future Entrepreneurs

Blockchain technology has long been introduced by Satoshi Nakamoto in 2008. But, it was only a few years ago, that this technology invaded almost every other sector, and today we have a variety of use cases, such as decentralized applications (dapps) being used for browsing, gaming, and other activities.

GoodFirms Leaders Roundtable is a series of podcast discussions that the company will have with experts and market leaders across the globe to support the startups with the right insights.

For this podcast series, we bring to you the chief technology officer of Deqode, Tanuj Soni. With 7 years in the Information Technology industry and 4+ years as a Technical Architect, Tanuj is guiding multiple companies from the technical forefront, one of which is Deqode Solutions.

Deqode is a solution provider that transcends the boundaries of traditional information technology companies and decodes business problems with quality solutions, quickly delivered.

The Podcast discussion focuses on these critical areas:

  1. What are dapps and what makes them unique
  2. User’s expectations from Web 3.0 dapps 
  3. Industries benefiting from blockchain technology
  4. Complexities involved in developing a dapp

Through this free podcast session, you will:

  • Understand the difference between apps and dapps with a simple explanation
  • What utilities dapps in the web 3.0 bring that web 2.0 isn’t capable of
  • Know the complexities involved in developing a dapp
  • A few takeaways on the future of blockchain and its applications

To begin, our listeners may be curious as to what Decentralised apps, or DAPPS as we refer to them, are and what makes them unique.

A good way to understand Dapps and their functionalities is to compare them with their web 2.0 equivalent. Applications like Instagram and Facebook that we use daily are based on Web 2.0. This simply means that the applications we interact with have servers, and the owners of those applications control those servers.

So basically, Meta controls the data we have provided via different social media platforms.

The Concept of Dapps and What it Holds for Future Entrepreneurs

So, a big difference is that the data generated on DAPPS is not stored in central servers. Instead, it goes to the decentralized network. Here, the autonomy and ownership of the data are not controlled by any single entity.

While we were researching and learning more about DAPPS, NFTs, and all things related to Blockchain, we came to know about various utilities attached to buying NFTs. So, can you please explain the difference with respect to, the utility that comes with owning something in the Web 3.0 world?

In terms of utility, the most significant difference, and probably the biggest advantage is that users are in control of their data, and no one can steal it from them. 

For example, the content uploaded onto Web 2.0 platforms like Youtube, is solely controlled by Youtube and its algorithms. They own the right to delete or censor content as per guidelines. But, assets in the Web 3.0 world, like an NFT of a music album, gun skin in a game, etc., have themselves recorded on the blockchain, and no central authority can influence or control it.
 

Web 3.0 is just around the corner, but there are still many things to learn about it, and as we know, Web 3 is a massive platform for Dapps. So, what can a typical user expect from a Web3 Dapp, and what changes can Dapps bring to one’s life?

In web3, users not only generate data but also own the data. And, when Dapps is first deployed, it has its own bylaws that are hardcoded into the smart contracts and the decentralized protocol. As a result, unlike in the case of a centralized application, every significant decision made in a decentralized application is based on the judgement of the entire community. 

The concept of decentralized applications (Dapps) has changed people’s lives and proven worth in the recent Russian- Ukrain war crisis. 

The Concept of Dapps and What it Holds for Future Entrepreneurs

FinTech and gaming are the tipping points for widespread blockchain adoption. What other industries can we expect to see rapid blockchain adoption?

Blockchain has given us access to some amazing opportunities and products we didn't even know we needed. With decentralized exchanges and cryptocurrency, it is only obvious that the finance industry has been completely revolutionized. 

The current emergence of decentralized autonomous organizations has opened doors to blockchain being applicable to sectors like healthcare, governance, supply chain, insurance, transportation, and more.

For example, in real estate, all of the land registers are already public, and putting them into a decentralized network makes them publicly verifiable and tamperproof. Therefore, blockchain technology is still in a very early stage, and while it may take a long time for industries to change, eventually they will have to.

Blockchain technology is slowly taking over the world as it attracts more and more users. But, compared to traditional apps, what are the real-world complexities involved in developing a Decentralized App?

Though people worldwide have been talking about blockchain and its benefits, not everyone is aware of the difficulties involved in making an app that’s truly decentralized. 

The Concept of Dapps and What it Holds for Future Entrepreneurs

The dapps of today, by nature, are a bit complex to operate because of additional wallet or extension integration. But this is slowly improving with new plugins in the market.

Could you describe some intriguing Deqode Dapps projects? And what challenges does one face while developing blockchain applications?

Be it in healthcare, transportation, or telecommunications, we have worked on a lot of different types of Blockchain-based projects. But the most intriguing project for us was developing our product that helps users build their own Web 3.0 store in minutes. It’s called the SimplyNFT.

Building an online store in Web 2.0 is a lot easier because countless platforms like Amazon or Shopify allow people to set up their online store in a few clicks without worrying about anything from a technical viewpoint. 

The Concept of Dapps and What it Holds for Future Entrepreneurs

Can you provide a few pointers and takeaways on the blockchain future to the next generation of entrepreneurs?

The world has been globally accepting blockchain and the growing number of use cases only prove that it isn’t going away anytime soon.

The Concept of Dapps and What it Holds for Future Entrepreneurs

And, the biggest takeaway for budding entrepreneurs would be to not focus on what blockchain is capable of ‘today’. They need to think about its potential and what it will do tomorrow.

What Next?

With every new version added to the blockchain domain, immense opportunities and possibilities await new business owners. And, with new and improved technical advancements, more and more businesses will be looking to work with the best Blockchain development companies to develop dapps that will increase their revenue exponentially.

About GoodFirms Leaders Roundtable

Leaders Roundtable is a campaign undertaken to discuss the pain points of budding entrepreneurs. In this campaign, we talk with representatives of successful IT companies and take their views regarding topics in technology, business strategies, and more. 

To get your company enrolled in our campaign, please drop a mail at [email protected]

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