Blockchain and dApp development have become a major technology trend that business owners have looked to implement. The looming question is whether dApp development is only a trend or is it actually the next major technology that will change life as we know it? A variety of industries have found dApp development to harness the vast potential for transforming their businesses. Let’s take a look at two major industries that blockchain is predicted to drastically change.
Gaming is a billion dollar industry, not only in the form of playing video games but also with streaming video games and mobile transactions. Games ranging from mobile to PC and console games typically require in-app purchases for bonus content, in-game currency, and downloadable expansions. These add-ons have provided game companies with opportunities to earn even more revenue.
So how does dApp development help the gaming industry? CoinCentral recently detailed how blockchain is revolutionizing the gaming industry, not just with game developers but with the gaming community as a whole. For example, the current use of gaming payment systems is slow and cumbersome for consumers looking to exchange their currency for in-game items.
Implementing a dApp-developed platform allows the consumer to make exchanges using cryptocurrencies, which will be sent directly to the game publisher. Game developers can also enjoy the ability to publish their games in a decentralized marketplace instead of centralized stores like Google Play or the Apple Store. By employing dApp development, game publishers can reach consumers directly through their own channel.
The world of eSports betting can also be transformed by dApp development. Blockchain would allow for a trustless and secure ecosystem that is not subject to the various jurisdictions outlawing betting. This would ultimately allow large numbers of people to participate in eSports betting from all over the world. Multiple segments of the gaming industry, including game distribution, in-app purchases, and eSports betting, are expected to see the positive effects of dApp development. It will be exciting to see the numerous opportunities for dApp development transform the gaming industry to be beneficial for both gaming companies and gamers.
Politics and elections security
With heightened concerns surrounding the state of politics today, it’s no surprise that government affairs are hindered by fake news, hacking attempts, and election corruption. Blockchain technology seeks to fix these issues and renew the public’s faith in government by providing secure yet transparent ways for the public to keep track of government decisions.
A recent Forbes article discussed the potential of dApp development for governmental use. Forbes mentions one major concern is the wastefulness and inefficiency characterizing most modern governments. The implementation of smart contracts provides a vast cleanup of pointless paperwork taking up absurd amounts of time to produce and approve. Governments can scout the blockchain database to see who has a solid record of producing contracts on time and then directly engage in a smart contract with that entity.
Blockchain can also help cut out middlemen in citizen services requiring a transfer ownership over to another party, such as selling a car or house. Total data transparency can also keep government officials under the watchful eye of citizens, allowing them to trace any files or transactions directly back to its source. The idea of total data transparency does come with some potential drawbacks, mainly in the form of spying from rival countries that might peek into any transparent databases. By keeping the citizens’ best interests first, blockchain technology will place power back into the hands of the people. Overall this creates a more optimized way for documentation to be processed while giving citizens the power to directly influence decisions.
The future of dApp development
There’s definitely plenty to be excited about with the vast opportunities that exist for dApp developers and businesses alike. Blockchain technology not only allows individuals the chance to have a greater amount of power, it also gives business owners the ability to be free from third party interference when producing their product or service. Blockchain can also revolutionize the way government agencies operate by providing a more transparent view of government processes. The future is definitely bright for blockchain as it transforms not just businesses, but also the world.