Since the fall in prices at the end of 2017, passing through our days, Blockchain technology and cryptocoins have not had an easy road to travel. Volatile prices, threats of regulation by financial authorities, hacking and criticism have surrounded the market and this has affected in one way or another the definitive adoption of cryptomedas in the world.
However, the life and usefulness of Blockchain extends beyond the cryptocoins, the expectations for its development remain valid. As an example we can see the boom that Cryptokitties had last year, we can also observe the growth of Earn.com and Steemit and we can also study the impact that Telegram’s ICO had collecting more than 2 billion dollars.
The dApps and their growth
The use of dApp (Decentralized Applications) has also spread among the public and according to data from Dapp Radar, currently the most used dApp are video games with 21 applications among the 50 most used, followed by Exchanges applications that are 11 applications. Both the videogame and Exchange applications included in this list have a weekly transactional volume of more than 100 thousand dollars, which shows that their use is really impactful.
But what do people look for when they use a dApp? People need to see certain characteristics in projects in order to get involved in their use and according to what we have been able to study, these are the elements we are looking for:
- Really necessary implementation of Blockchain technology
The euphoria of Blockchain technology has caused everyone to want to use its technology, but the truth is that it is not adaptable to everything. Misapplying Blockchain technology can lead to the creation of an extremely tedious and complex application that in the end will not be well received by the public because they prefer another system simpler and faster to use, we can see a little ecosystem and diversification in the computer graphics @Joss_nussbaum.
- Value beyond privacy and security
Blockchain is built on the pillars of privacy and security, but the vast majority of people prefer convenience over these things. Competing against established systems that are very comfortable to use for the end consumer is not an easy task if you only start from the beginning that you will have a more secure and private platform. The dApp must have a differential value that the user can see to justify its use, otherwise it will remain faithful to traditional applications.
- Ease to use
Performing a transaction on a dApp can be quite complicated for anyone not involved in the crypto world, causing the user to become discouraged and end up going the traditional ways already known. Offering people a simpler and more user-friendly method of use should be a goal in which all dApps should work, no matter what branch they are in.
Markets where the use of Blockchain technology can be leveraged
Besides observing the characteristics that we should look for in Blockchain projects, we can also identify within the market some sectors that can attract an important amount of consumers and that move important amounts of money. However, the competition in these sectors is not at all simple since it is necessary to surpass the traditional companies with Blockchain applications that really demonstrate an added value to what already exists. Some of the markets where we must pay attention are:
- Data and Identity Management
Keeping track of a company’s data and employees through a Blockchain network is a quiteinteresting utility to apply this technology and in fact some companies are already implementing it (for example Cambridge Blockchain). With this technology is possible to do: property tracking and their respective history (useful for luxury goods and real estate), verification of personal data (governments can carry the information of people more securely) and finally, can also be used for quick and secure access to private data for conducting transactions.
- Rental of digital spaces
With Blockchain technology the rental of assets such as computer storage space, computational power or data is completely possible. The problem is that currently making these rentals is not so simple and can only be done by people with computer knowledge. However, we believe that in the future it will be possible to observe applications that are easier to use.
- Streaming videos with built-in payments
The rise of Youtubers has shown that streaming videos over the Internet is a great source of entertainment. With the application of Blockchain technology is possible to make payments easier, safer and also with low commissions for all those videos that are transmitted online.
As we can see, there is a diversity of uses beyond the crypto currencies for Blockchain. We have to continue studying technological developments to see what advances and facilities this technology will provide for our lives.