Usage of Blockchain

Decentralized Application

One of the most popular opportunities for blockchain utilization is delivered by DApps. DApps offer the possibility to create practical value outside of TX operation, where the benefits of the blockchain technology can make the value of economic and financial processes more efficient. DApps are not only for supporting business processes, but they can also be used in other territories; one of their most prominent potentials is in game development since financial transactions in these games can be very well replaced by coins.

Smart Contract

One of the greatest challenges associated with blockchain technology is how to integrate blockchain systems into business processes in the most effective way. This will require the resolution of countless technological challenges, such as the increase of block size and the question of security. The on-chain approach of smart contracts lies within the fact that all the elements of business processes happen inside the block. Unfortunately, current solutions do not satisfy the maximum utilization potential of the blockchain. Several projects are currently developing smart contracts, but only a few of them can show real, tangible results that could cause a real change on the market.

Data Storage

Most companies focus on off-chain based developments as on-chain solutions seem to come with way more and bigger technological challenges. One of the most biggest shortcomings of off-chain is that – due to centralized data storage – decentralization cannot get realized in a way that it could if we applied the on-chain system. The on-chain system allows for the creation of a data storage system where the decentralized approach and security can be implemented at the highest possible level in accordance with the benefits of the blockchain.

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