For a second, if we keep aside the fact that blockchain is a booming industry and mute all the buzz about this hot technology, is there actually any reason to invest one’s time and money into it?
Of course, all the tech behemoths and finance industry leaders are investing billions of dollars into blockchain technology. But is that a reason enough for everyone to look to blockchain for some future innovation?
In this article, we answer these questions in consideration of one of the most eminent use cases of blockchain — decentralised applications or DApps. And to do that, we need to understand the basic fundamentals of blockchain technology and how building DApps over traditional applications could prove more beneficial in both the short and long term.
Traditional applications lack security. While developers deploy various security shields to protect their applications and their user data, they are still vulnerable to attacks such as DDoS and SQL injection. This is because the application is hosted on a central server and hackers can easily target their attack.
When a developer chooses to build a decentralised application, they shield the app against any such attacks as the blockchain infrastructure is decentralised. This makes it unfeasible to target a central server or node to steal or tamper with the application data.
On the Alacrity Network, developers can easily use the SDK to develop innovative decentralised applications and source their data from the real-world using Alacrity’s Integrated Oracle. The inbuilt oracle adds extra security for off-chain data transmission onto the blockchain by not involving any third-party oracle.
Data transparency and Ownership
The last few years have unveiled the ugly side of many famous internet applications. It is now clear that users hardly control their data on those apps. Additionally, many applications also steal their users’ data.
With more such cases being highlighted, internet users are growing more aware of their internet privacy and are demanding applications that do not track, trace, and keep a record of their personal data.
Decentralised applications built on a blockchain such as Alacrity gives users complete authority of their data. Not to mention that DApps are secure against external attacks, which have grown common in traditional applications.
As more users look to better alternatives for traditional internet applications, developers must look to building DApps from the long term perspective.
Developers building applications on open-source blockchain platforms can get their hands on the best resources on the platform itself, which considerably reduces development costs. In return, developers can offer services to their users at a lower cost while still generating a better return on investment.
Additionally, blockchain platforms can be powered by their native tokens, which is distributed among all users, developers, and the rest of the community members through automated protocols, without any bias. Alacrity uses the same framework to incentivize DApp development. The platform also shares a portion of its block rewards with DApp developers apart from the application’s exclusive revenue.
The blockchain industry is estimated to grow at a CAGR of 66.2% between
2019 and 2027. At this rate, it will have a tremendous impact on an array of industries in the next few years. And while there still exist many pitfalls when it comes to developing DApps, cutting edge solutions by decentralised blockchain platforms such as Alacrity will bring a paradigm shift in how we interact with and use computer applications.