UNLOCKING THE POTENTIAL OF BLOCKCHAIN TECHNOLOGY
Blockchain has become a new buzzword for the technologically curious to throw around, but few people can truly recognize the aspects that make it transformational. Decentralized applications, or DApps, are now emerging as the key to unlocking the capabilities of blockchain technology. These are applications which facilitate the transfer of information or digital assets on a decentralized network.
The primary qualities of a blockchain network that make it such an appealing concept are its peer to peer transactional interface and distributed record keeping. These two attributes provide the groundwork for building decentralized applications.
To elaborate, the fact that a blockchain network allows for two anonymous parties to conduct transactions with each other without the need of a central facilitator to establish trust has enormous implications. The cost and timing of processing transactions using today’s method generally have legal obstacles and charges involved, which can be significantly reduced.