Skip links

What are Decentralized Apps?

The world is changing and so are the business models. These days, we have seen a lot of startups, enterprises, and corporations all looking into the blockchain technology, which has enabled them to provide a decentralized solutions for their users, popularly called decentralized apps (DApps).
DApps are the future of apps – but there is still a long way to go.
If you’re reading this, then chances are that you’re already familiar with what decentralized apps (DApps) are. If not, here’s a quick recap: DApps are applications that run on a blockchain and allow their users to retain control over their data. As opposed to traditional applications such as Uber or Facebook which use centralized servers as intermediaries between users and developers, DApps do not rely on third parties and can be accessed directly by anyone in the world who has access to the internet.
The recent explosion in popularity of cryptocurrencies like Bitcoin and Ethereum has demonstrated how powerful decentralized networks can be when used for financial transactions or data sharing purposes – but there is still plenty more potential for them beyond these two cases! Some emerging use case relevant to Dubai and the MEA region include;

A close look at decentralized apps and uses case relevant to Dubai.

1. Supply Chain Tracking with Blockchain Technology

Imagine a world in which every shipment of goods is on the blockchain. You’re probably thinking about how much more efficient your supply chain would be—and you’d be right! But what if I told you that blockchain technology could also make your supply chain safer and more secure?
A few years ago, some savvy blockchain developers realized that they could use decentralized applications (dapps) to optimize each step of a supply chain. If you’ve ever done any work in supply chain management, you know that getting reliable information about where your products are and what condition they’re in can be a huge challenge. There are so many different entities involved—manufacturers, distributors, warehouses, shipping companies—and each one has its own system for tracking inventory and transactions.
In addition to the hassle of dealing with multiple databases and systems from multiple vendors, there are also challenges related to security and privacy. If you’re trying to track an item through multiple points in its journey, how do you make sure that everyone involved agrees on what happened when? How do you protect against data tampering? How do you ensure that only authorized personnel have access to sensitive information like customer credit card numbers or addresses? Blockchain technology can help solve these problems because it provides an immutable record of events that are protected by cryptography and accessible only by authorized parties.
Dubai’s emergence as a regional trade hub places it in a unique position to leverage blockchain technology to further optimize logistics operation. Several companies in this sector are already integrating technology in their operation. Adopting DApp as part of their tech stack would see them improve efficiency, optimize cost and enhance customer satisfaction.

2. Decentralized exchange

Decentralized exchanges are a type of cryptocurrency exchange that does not rely on a third-party service to hold the customer’s funds. Decentralized exchanges are not as common as centralized exchanges, but they provide users with more privacy and control over their funds.
With a decentralized exchange, your funds are stored in your own wallet, not on a third-party server or database. This means that there’s no longer any risk of getting hacked—because there isn’t any server for hackers to hack. It also means that you have full control over your money at all times: you can send it wherever you want instantly, without waiting for approval from anyone else. And if something does happen with your account (say, someone tries to steal your funds), it’s easy for you to move them elsewhere without worrying about getting scammed along the way—and without having to worry about whether or not an exchange will be able to reimburse you for lost funds because they’re so tightly regulated by federal law enforcement agencies like FinCen and SEC.
With the introduction of virtual assets regulatory law in Dubai, the space has become more active with companies like Binance extending their presence Dubai.

3. Decentralized apps in hospitality

Hospitality is a $2 trillion industry that has been largely untouched by technology, but that’s about to change. The introduction of decentralized apps (dapps) into the hotel industry will drive disruption in all areas of the business, from payments. to guest loyalty programs and more.
Imagine a world in which you do not have to ever again make reservations for a hotel room or book flights. In this world, there are no more middlemen—in fact there is no centralized server at all. You simply download an app onto your phone and enter where and when you want to go on vacation; then the app automatically matches your request with other users looking for someone who wants what they have (a room or flight) at the same time that they want it.
This sounds crazy! But wait: it gets better! In this same alternative universe, once matched up with another user wanting what you need at the same time as yourself, instead of going through Expedia or American Airlines or whoever has partnered up with those companies’ services in order to facilitate online booking agreements between them and hotels/airlines/etc., now these companies are forced into competition against each other by virtue of the fact that anyone can now do their own research on prices before booking anything (or even just use Google).
As such, whether one chooses Airbnb over Hilton Hotels’ website does not matter anymore because both sites offer similar pricing structures based on supply-and-demand principles instead of artificially inflated costs due solely because big corporations have bought out smaller ones (i.e., buying out competitors).
With the thriving hospitality sector in Dubai, there are ample opportunities to leverage blockchain technology to uncover substantial growth opportunities, we just need to put our thinking caps on and power our ideas via dApps.

Conclusion

Looking at some of these DApps and their potential for the future, it’s clear that we are only at the tip of the iceberg. With more development and investment into decentralized apps, there will be many more exciting innovations to come.

Leave a comment

This website uses cookies to improve your web experience.
Explore
Drag