Smart Contracts & Decentralized Apps: Blockchain Development Potential
It’s estimated that the global blockchain market is expected to reach $403.36 billion by the year 2030. Few industries have remained untouched by the revolutionary capabilities of this new technology. And nowhere is that more apparent than with app development.
Smart contracts and decentralized apps have opened up new possibilities for both businesses and individuals. In this guide, we’ll be explaining why you should care about this technological development.
We’ll also convince you why building apps on blockchain is the right next move for your project. That way, you can take advantage of the brave new world emerging in your industry.
How Are Smart Contracts Causing a Digital Revolution?
Smart contracts are a type of digital protocol that exists on a blockchain. These types of self-executing agreements are started immediately once pre-set conditions have been met by the parties involved.
Gone are the days when contracts relied entirely on trust or intermediaries. Since they’re governed by code, smart contracts create more transparency in the digital environment when it comes to agreements.
Not only that, but they also virtually eliminate the possibility of tampering and fraud. We recommend checking out this helpful guide if you want to learn more about the specifics of how smart contracts operate.
The Rise of Decentralized Apps
Traditional app development is dying, and that’s not a bad thing, thanks to decentralized apps. Thanks to the rise of both blockchain and smart contracts, we’ve seen the distributed infrastructure being applied to apps.
Decentralized apps rely on P2P interactions, which removes the need for intermediaries. The decentralization inherent in them is appealing because it gives more control over everything from who has their data to who they’re interacting with.
Currently, we’re mainly seeing decentralized apps in cryptocurrency (Ethereum is the company that made smart contracts) and decentralized finance platforms. However, the sky’s the limit when it comes to the future of decentralized apps in different industries.
Consider Building Apps on Blockchain
There are a lot of reasons why you might want to consider building apps on blockchain. For starters, it can lower costs since you don’t need to rely on intermediaries.
It can also significantly improve the processes on your app while simultaneously buffing up the security. Lastly, it builds your customers’ trust since they control how they use their data and who they interact with through user ownership.
Remember that decentralized apps are still in their infancy. So anyone who gets in on the ground floor can position themselves as a clear leader for the future. Make sure to check out this resource to learn more about how Builder.AI can help you with building apps on the blockchain.
Builder.AI Makes App Development Easy
We hope this guide helped you learn more about smart contracts and decentralized apps. Here at Builder.AI, we firmly believe that building apps on blockchain shouldn’t be hard.
That’s why we make our service as easy as ordering a pizza. Here’s how it works: you tell us your blockchain app idea, and then we make it a reality.