In this article, we will discuss the need for Blockchain Solutions and how it’s recent spike in growth and use will demand for more DApps and solutions in the world today. We will take a look at how Algorand, one of the best Blockchain Protocol can be used to develop more Blockchain DApps.
It is without a doubt that the rise in value of Cryptocurrencies has made a huge impact in the use and demand for Blockchain solutions.
Blockchain has proven to be an immutable and secure (if not the most secure) solution in the world today, while many people value their privacy and security, which is a need and is in demand, Blockchain has provided the perfect solution to those needs.
What is the Good News?
The Blockchain Industry provides proper decentralized solutions to many sectors in the world today.
The Need for more DApp Solutions
It is certain that more DApps in the world today means more solutions which would definitely help the world today, with digital transactions made on the Blockchain, all that is left is the right platform to be used. There are many Blockchain protocols in the world today, some are still under development, some are mature enough and secure to use, but one thing is certain about choosing the right platform.
Some of the things to look out for are:
How scalable is it?
How expensive is it?
How Fast is it? Of course, speed often plays an important role, nobody wants to spend 2-3+ hours waiting for a transaction to process.
This is why the Algorand protocol is by far one of the best Blockchain protocol if not arguably the best Algorand protocol in the world today for DeFi.
Algorand has proven many times that it is among the top elite Blockchain protocols regardless of how new it is to the eco-system.
Algorand has solved the issue of scalability which many other Blockchain suffer from, the inability to develop flexible and maintainable DApps that would scale.
Algorand is easy to use and Cheap (low transactions fees) which makes it more suitable to be used.
With a transaction speed of less than 4 secs, it is faster than many other big Blockchain giants in the world today being used.
More DeFi solutions simply means more solutions to real-life problems in the world.
With involvements in the Blockchain sector, most especially the DeFi space and other sectors that require the involvement of transactions, the Algorand Protocol has proven to be a perfect use-case for some of the sectors in the world today,
Some of which are:
- Banking Sector: With the aid and use of Blockchain for the DeFi system also known as Decentralized Finance, with DeFi, each and every single person can have his/her own money or funds safely stored in their wallet, this 100% replaces the use of Banks which often waste time and requires procedures that one is not often ready to comply with. Banking System will soon be replaced (it is already being replaced) by Digital means through the use of Blockchain.
What are some of the Disadvantages of Banks?
- The long queues at Banks often waste time, in the digital age, everyone wants speed to make transactions
- Requires many procedures to create a Bank Account, unlike the on the Blockchain, with some simple steps and clicks on the internet, one is ready to make transactions (sending and receiving) in cryptocurrencies.
- Cases of fraud, insecurities and hacks, it is not a new thing to hear that Banks were robbed or hacked, with the use of Blockchain which is properly secure, hard to hack (nearly impossible – I would say not possible to hack) because of the secure systems it has.
- Government (Voting): In many countries, the corruption in Voting is massive and unbearable because of some corrupt politicians and leaders, manual voting with the use of Ballot boxes no longer work efficiently, the use of Blockchain can come in handy in this sector, with Decentralized systems, citizens can now vote securely and exercise their rights to vote for their leaders. The adoption is all that is needed and required.
Disadvantage of the regular voting systems:
- The long queues when people go to vote can be unbearable, with the adoption of digital and Blockchain use, citizens can vote for their leaders at their comfort zone, the Blockchain is secure and as such it provides a solution for corruption
- Real Estate: Real estate Blockchain applications can help record, track, and transfer land titles, property deeds, and much more, it also ensures security and safety. The most important aspect? It can help ensure that all documents are accurate and verifiable. With the use of Blockchain, people can almost forget the need of physical or one-one-one meetings to transfer legal documents with one another.
- HealthCare: It is clear that when dealing with medical and healthcare services, trust and security is very important. Many healthcare institutions suffer from an inability to securely share data across platforms with the fear of being hacked or data transfer being bridged or stolen. The security and safety of patient’s health details is what matters the most. With proper use of Blockchain and how secure it is, people no longer need to worry about stolen information.
“Use of blockchain technology could allow hospitals, payers and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.” – CBINSIGHTS
- Crowdfunding: According to CBINSIGHTS, “The crowdfunding industry emerged to disintermediate capital formation by giving backers (aka “pledgers”) or individual investors the ability to directly fund creators and entrepreneurs, providing a natural alignment with blockchain capabilities.”
- Gaming: Online gaming continues to see growth, most especially sport, with cash prizes. Sport is now considered as one of the most competitive games in the world today. We constantly see how online games are being played online between peers of competitors to win compete against one another for cash prizes, which is a very profitable competition. Blockchain technology enables gamers to have a more even playing field regarding to how secure it is, games and competitions will be fairer than it has ever been. With the use of Blockchain, getting rewards is now safer and more secure than ever. Through Blockchain, digital assets can be shared or exchanged for cryptocurrencies without any means or use of third-party investments.
- Cybersecurity: Cyberattacks are top threats to our digital world today. One a daily bases people, companies, business men and women are getting hacked or having a data bridge in some way. Cyberattacks is something that has been happening in the world for decades without any real solution until the mass adoption and introduction of Blockchain. Because the blockchain is a decentralized system, that has made it the ideal system and environment for high security in demand operations. All the information stored on the Blockchain is secure and encrypted, even if bridged (the actual data would not be seen, rather some encrypted characters with the cryptographic algorithm). Also, malicious attacks can be identified before any real damage or harm is done to the data stored on the Blockchain. By eliminating central authorities or third parties, blockchain privately stores information without disclosing any detail to anyone.
- Insurance: According to business Insider, “Arguably one of the greatest blockchain application for insurance is through smart contracts. These contracts allow customers and insurers to manage claims in a transparency and secure manner. All contracts and claims can be recorded on the blockchain and validated by the network, which would eliminate invalid claims, since the blockchain would reject multiple claims on the same accident.”
- Media: According to BusinessInsider. “Media companies have already started to adopt blockchain technology to eliminate fraud, reduce costs, and even protect Intellectual Property (IP) rights of content i.e., music records.”
Smart Contract Solutions on the Algorand Protocol
According to Silvio Micali on the Algorand Smart Contract Architecture, “Algorand Layer-1 smart contracts execute many common, simple transactions directly in the Blockchain itself. For example, Algorand Layer-1 smart contracts make the atomic swap transaction almost trivial. Layer-1 contracts provide atomic transfers, a built-in mechanism that ensures that multiple transactions authorized by mutually suspicious parties are executed as a single atomic unit: either all succeed or none do.”
Check out this Video tutorial on how to develop a DApp for atomic transactions using the Algorand Protocol: Link.
With all we have seen and read, the need for Blockchain is needed in our world today to eliminate illegal or fraudulent activities going on in the world today such as in the Banking (DeFi) system and Health Sector to keep important personal data secure, and many more sectors. Leveraging the use of Algorand Blockchain today will help the world in better and positive ways. With its secure system, finality, low-cost (transaction fees), scalability, and speed, it is definitely a protocol worth looking at. It is not just about building DApps, but also building scalable DApps.