As per the statista research department, global spending on blockchain solutions was recorded at 6.6 billion dollars. Forecast suggest that by 2024, the blockchain solutions will reach almost 19 billion US dollars.
Moreover, for all the experimentation carried out in the year 2017, 2018 will be the year of execution. The businessmen will look forward to bring innovation for full blockchain deployments.
However, this doesn't solely consist of financing the financial domains like banking; blockchain technology has raised the momentum for the non-financial sectors like e-commerce, healthcare, gaming, casino, transportation, and logistics as well.
Wondering how?
Decentralized app or dapp is the answer!
What is a decentralized app?
Decentralized applications or as popularly known as dApps are applications that work on a peer to peer basis with no centralized party in place to track and monitor the working.
Decentralized applications don’t necessarily need only two end users to carry out the transaction for a particular system. As opposed to this, dApps can contain an unlimited number of end users.
But the question arises, what differentiates a dApp from the existing apps?
For an application to be a dApp, it is mandatory to meet certain benchmarks
Open-source The app must have no central authority to control its transaction. For future implementations, the decision can be taken mutually by the dApp users and an entity, however, it must be autonomous in operation.
Cryptographic data storage One of the major concern about dApp is, the data and the record of the transactions carried out by the dApp users have to be stored in a cryptographic format. This is to avoid the time-consuming process and failure instances from the central entities.
Read more: Unique ways to harness blockchain technology
Which sectors are to be influenced by building a dapp?
The search engine result volume of keywords with, “ eCommerce app development”, “Uber-like app development”, “on-demand solution” is high. This implies to the fact that many businessmen have their eye on developing a business with this domain.
However, with so much demand, there is surely competition in the picture. Every business is seeking innovation in their business and dApp can be the conclusion to their search.
Today, we are going to talk about e-commerce, healthcare, and transportation sectors being revolutionized by apps. Let us take a look at how these industries look like with a decentralized app.
The revolution to ecommerce
While there are many third-party APIs responsible for processing the payments, apps have the potential to simply eliminate the need for centralized banks and the third party by making it a peer-to-peer event. As a result, the customer engagement and experience can be enhanced easily.
The existing problems solved by dapp for ecommerce:
The benefits of blockchain technology will help to solve many of the problems of e-commerce such as:
Faster payment processing
In spite of the fact that there are many global players like Paypal and eWallets, transaction failures, late processing, and payment goof ups are a common scenario.
With dApps, e-commerce will witness a peer-to-peer transaction with visibly low possibilities of transaction errors. Plus, there will be no third party influence for drawing a transaction fee!
Decentralized online market
DApps are an entrancing technology that is becoming the new choice for app development for various domains.
The DApps “market size is projected to reach USD 21,070.2 million by the end of 2025”.
(Source: Blockchain Examiner)
In a decentralized e-commerce app, the entire power rests upon the end users. They decide on the upgrades of the platform and the transactions.
With blockchain taking hold of e-commerce, online markets will definitely rise and the customers will be able to put forward their demands and the supply will be planned accordingly without a central entity.
Organized supply chain
In order to keep in mind the satisfaction of the end users, it is important that the product reaches to the customers faster.
Blockchain technology with its dapp has the capability to organize a big supply chain. It can also help you monitor the delivery from the starting point to the end point. So, in case of mishandled product, delivery can be rescheduled and the end users would not have to suffer.
How to monetize your e-commerce dapp?
While there are many monetization models available for the e-commerce, it is important that you build your e-commerce dApp by wisely choosing a revenue model.
A larger share of revenue for dApp comes from the online shopping done by the end users. But with an Amazon Prime, it is proven that even subscription model could work the best for the e-commerce industry, given that it provides a superior quality of service to its users.
The revolution to transportation
As the transportation of today mainly involves the service provider and the passenger, there is still an opacity in the system when it comes to revenue. The service providers are not always happy with the admin of the company and strikes are a common scenario.
However, with dApps, this relationship between the service provider and the user will turn into a transparent one and more flexible. The revenue model will be revamped and nobody at the end of the day will feel “cheated”.
The existing problems solved by dapp for transportation
Blockchain technology has some really exciting features and advantages for Transportation app development.
Quick transactions
The basis of a successful transportation service is an instant flow of money. However, it is not the case today. The on-demand drivers suffer the most with late payments because of plenty of third-party intervals.
As a solution to this, your Transportation dApp with the benefits of Blockchain technology can help process the payment faster as no central body is required to pass the payment.
Reduced cost per transaction
Cancellation feed in the transportation business is a well-defined factor. However, the transaction fees can be frustrating at times for the drivers, especially when they earn nothing more than peanuts for a ride.
Read more: How much does it cost to make an app?
With Blockchain technology, there is a peer-to-peer transaction. This allows the users to carry out their transaction without any or a minimal charge to be paid.
Peer-to-peer transactions
Bitcoin has brought about new expectations for the transportation industry. People no longer want to carry out transactions with somebody monitoring their assets.
A dApp with Blockchain technology can make businesses secure with its data storage capabilities at every node and so the chances of fraud are reduced significantly. With the contemporary money transfer services, the users have to keep in mind the minimum transfer amount, geographical location, etc. This helps run a smooth transportation business.
How to monetize your transportation dapp?
No matter how much we know about the fact. The entire transportation industry runs on the wheels of transaction charges. But with dApp in the picture, how to monetize your transportation business?
The answer is, by providing more transparency in the transaction process. This way your business will not lose on your service providers and will be able to make money consistently.
The revolution to healthcare
Today, almost every other research in medicine is chasing the cure of Cancer and finding different chemicals. Consider the fact that all these research is going on in parallel.
However, to find an effective cure out of all these efforts put in the research, there has to be a point of intersection for the researchers to collate the solution into one. dApp is the key to it.
It will allow the doctors and surgeon to exchange the information in real-time and the same will be updated for every doctor to see and leverage out of it.
The existing problems solved by dapp for healthcare:
If you are looking forward to Healthcare app development with blockchain technology, you will be able to cut down on many of the current problems as it has opened the doors to new possibilities.
The decentralized crypto-enforced DApps system has the potential to revolutionize the healthcare sector in colossal ways like data exchange, data security, public health, hospital administration, managing patient data, and more.
Better accounts management
Doctors can be benefited to the maximum with decentralized applications. If we consider a portal for doctors to share their studies, the portal has to be secured and transparent at the same time. But with many parties involved today, it becomes a bit difficult to claim authenticity as anybody can edit any data.
Blockchain technology provides the ease to record data digitally and secure data overriding. This data is recorded at every touch point nodes and so it is verified many times before its utilization. This makes it user-friendly and assured the source of information.
Read more: Blockchain & IoT: securing our personal data
Digital agreements
Say contracts, agreements and all you will visualize is a time-consuming process. Not any more. In case a person is to be operated, the family members of the person can easily manage the digital forms.
Blockchain technology turns out to be suitable for this 4th generation with its feature of digital agreements. It operates without any involvement of a centralized authority so the processes are faster as compared to the conventional ones and the life of any person is not compromised.
Efficient supply management
Even the healthcare industry could not resist but fall for the charm of the on-demand service model. For making businesses such as on-demand medicine, on-demand doctor possible, it is important to have a reliable supply chain management.
This is where Blockchain technology can be a saviour. dApp has a far-reaching capability to handle even a big supply chain. It can help you track the complete trip and even point out at the defects or flaws which can be solved quickly and no end user has to suffer.
Read more: Mobile technology is revolutionizing healthcare industry
How to monetize your healthcare dapp?
If you are planning to build a dApp with Healthcare as its domain, you need to make sure of the functioning of your application.
However, while most of the revenue will be service based, you can try freemium or subscription model to monetize your healthcare dApp.
Takeaway message
DApp is right on the horizon of app development industry. With benefits such as scalability, flexibility, transparency, and payment ease, it is sure to take the e-commerce, healthcare, and transportation business to a whirl.
Bitcoin being a parent to the decentralized app will sooner or later convince the app industry to go dApp for their business. On the other hand, the end users will govern many of the operations and so it will be easier for them to adopt the app.
With so many business ease provided by building a dApp, there's no reason enough to not develop a dApp. Maybe you could probably be thinking that the cost of building a dApp must be out of your budget. Just like the cost of mobile app development, the coat of building a dApp can be estimated only on the basis of the requirements.
The only advice while building a dApp is to start small but concrete. Do your part of market analysis well and take your business to the highest spot with dApp development.
