With blockchain dominating recent tech news, it is has become almost impossible to avoid hearing about this cutting-edge technology. The rise of blockchain has led to thousands of startups looking to create decentralized applications, also known as dApps. These dApps commonly look to utilize smart contract services to simplify and expedite business transactions that would normally be rather costly in terms of both time and money. While some companies such as Google and Facebook have been reluctant to jump on the dApps bandwagon, tech giant IBM has developed its own “blockchain-as-a-service” platform, which allows client companies to implement their own smart contract services through Hyperledger Fabric. Companies should explore developing their own dApp platform, considering the benefits smart contracts have for various business transactions.
One beautiful thing about blockchain and smart contracts is the ability to eliminate otherwise redundant tasks and apply more automatization to transaction processes. Smart contract services can reduce the burden of chores such as remembering to make payments or going through lengthy contractual hearings. One question that often arises is whether smart contracts are part of a blockchain. In a way, yes they are. However, smart contracts are, in fact, code that is written on top of a specific blockchain. The code specifies actions and conditions that must be performed in order for certain permissions to be granted through the dApp. Although dApps and smart contract services have the benefit of being fast, what are some of the other benefits? An article from Ambisafe addresses this question, explaining that smart contracts have the power to create processes that are: automatic, fast, direct, cheap and transparent. The directness of dApps allows for more peer-to-peer transactions by eliminating certain third parties. Crowdz and their “Zenomarket” blockchain platform is one such company that uses smart contracts to promote the survival and prosperity of small and midsize enterprises by promoting affordable financing to millions of SMEs who have long been excluded from the SCF market. Because of the disruptive nature of dApps, this allows the processes to be cheaper and more efficient. The dApp allows businesses to know at all times where specific transactions are headed and grants them the ability to track who has received certain payments. Businesses will be able to monitor their finances more closely because of the transparency of dApps. Opportunities abound for dApps in fields such as finance, healthcare, real estate and even gaming.
With so many possibilities related to dApps, some business leaders may be wondering where to start. According to an article from Altcointoday, once you have gotten your team onboard, there are a few recommended steps to follow when creating your dApp. First, it’s important to hire a blockchain developer who has a deep understanding of various blockchain technologies and who specializes in smart contract services. Once your team of developers has been formed, there is little room for error when creating a smart contract. Any contract that is deployed will perform automatically, meaning that if there are any errors in the contract, it can quickly prove disastrous. After researching which blockchain would best fit your company’s needs, have the developers begin designing APIs, nodes and any other needed components. Outline the rules and conditions of the smart contract for your dApp. It is essential to test your smart contracts before deployment to ensure there are no mistakes or vulnerabilities. If your team follows these development rules, you will be on the fast track to implementing reliable smart contract services within your business’s dApp.
It is becoming increasingly clear that blockchain technology will fundamentally change several industries. Startups and businesses that are already moving forward with this technology are ahead of the game. To survive and thrive, businesses must adapt to change. Worker bees and CEOs alike must start educating themselves about blockchain and figuring out how best to implement the technology in their business in the near future.