We are a dApp development company that brings Distributed ledger technology to life for users through strategic planning, design, and development, and user testing. Decentralized apps or dapps for short, are open-source applications that run on of peer-to-peer networks.
They don’t have any downtime nor can be shut down. Bitcoin is an example of a decentralized financial app. Businesses should especially stay aware of this developing technology.
It is creating opportunities for accepting payments, cloud storage, crowd-sourcing, and more. Three ways why your business requires dapps are:
1. Alternative to expensive cloud storage
Businesses looking for an alternative to more expensive cloud storage services should look to dapps. For example, Sia is a Distributed ledger technology cloud storage app that combines unused hard drive space around the world to create storage centers. There are approximately 1.8 billion individuals worldwide that use cloud storage. These decentralized servers cost 90% less than other cloud storage providers with one terabyte of space only costing $2/month.
All of a user’s files are encrypted, and they have full control over their encryption keys. Third-party companies cannot access their data, giving them the utmost privacy. A unique cryptocurrency called Siacoin can be mined and traded for more storage.
2. Security and identity protection
This kind of dapp is beneficial for businesses as it can be used to protect the identity of employees. It can also be useful for verifying freelancers or contract workers if services are outsourced to third parties.
Secure login and registration will ensure that only the correct individuals have access to the web or mobile apps.
Programs like customer relationship management software can contain sensitive information that must be kept private, for example.
3. Business intelligence and invoicing
Decentralized applications can even help in the world of invoicing. Populous is just one example of a decentralized Distributed ledger technology app that offers business intelligence and invoicing services for its users.
The invoicing system reduces the amount of time it takes to get paid by offering to fund until a customer pays. This helps businesses manage their expenses better as they do not have to wait for extensive periods to have invoices paid anymore.
Populous business intelligence platform gives users access to large amounts of data sets and tools to analyze them. With this, it’s possible to do performance benchmarking, analyzing scenarios, identifying trends and more. All data is recorded through Distributed ledger technology, maximizing accuracy and security.