Industry Transformation by dApp Development

mike@fueled 0 2K Views

Real Estate and Other Industries That Will Be Transformed by dApp Development

Smart contracts represent a new technological breakthrough that will transform many industries. Smart contracts allow decentralized applications (dApps) to be built on the blockchain. Smart contracts are self-executing contracts that can be coded onto the blockchain. There are a few major smart contract blockchains today, which include Ethereum, Qtum, Ethereum Classic and EOS. Ethereum and Qtum hold the title for the largest smart contract blockchains right now. They both allow for decentralized applications, but do it in a very different way.

Depending on the type of dApp development you’re looking for, your blockchain developer might choose to work with the Ethereum or Qtum blockchain. DApps are the interface that non-technical people use when they interact with a smart contract. They are very similar to website interfaces. When you decide to order a new t-shirt online, all you do is go to Amazon and search, click and check out. It’s all very simple and you never need to read or write computer code. The same is true for a dApp. You can interact with the smart contract on the blockchain by using the dApp, and you won’t need to read or code a smart contract. Industries that utilize smart contracts will also need to spend time on dApp development to ensure their customers can benefit from the latest technology.

There’s a laundry list of industries that can be transformed with dApp development. Eventually, every industry will be using some form of smart contracts and blockchain technology. The industries that will be immediately impacted and transformed are real estate, healthcare, insurance, finance, automotive and the supply chain industry.

Let’s take a look at the real estate industry. The real estate industry is notorious for having tons of paperwork and contracts that need to be read and signed for every property transaction. Every step of the process requires a new stack of paperwork – from getting your bank loan to finally getting the keys to your new property. Because of all this paperwork and contracts, there are a lot of middlemen that make a living helping others with all the paperwork. Now, imagine all those middlemen becoming irrelevant. That’s what dApp development has the potential to do for the real estate industry.

When the real estate industry completes its transformation, you will no longer need middlemen to help with all the paperwork and contracts. Smart contracts running on the blockchain will replace paper contracts and middlemen. The power of smart contracts is that they are self-executing. This means that mistakes are virtually impossible. Once the parameters of the contract are coded, they can’t be changed or altered. The chance for human error is zero. While human errors occur often with paper contracts, those sorts of mistakes are eliminated with the use of smart contracts.

Are you in one of these industries that’s expected to be transformed with the implementation of dApp development? If you are, then why not get ahead of the competition by working with a blockchain developer? If you’re ready to get started, contact an expert with experience in blockchain and smart contract business solutions.

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

Looks like a rehash of https://www.banklesstimes.com/2018/06/18/these-industries-will-be-changed-by-dapps/
Also reads as advertisement or press release rather than a tutorial.

Member Avatar for Dani
Dani 4,084 The Queen of DaniWeb

How did you find that article, rproffitt? Just a regular ole Google search based on article title? I actually had never heard of dApps before reading this article so I found it interesting. I agree they're very similar but this one focuses on benefits to the real estate industry and that one doesn't mention it. Also, we should be encouraging contributions, no?

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

I used google as you may suspect. Contributions would be great but this reads like a press release or advertisement and not an editorial. Maybe there needs to be a different system for press releases so they don't get called out like this.

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Dani 4,084 The Queen of DaniWeb

Well we call these Op-Ed, which pretty much means blog post, opinion piece, long-form post, or other such contribution. The primary reason people take the time to write and contribute these for free is to promote their expertise for their own self-interests, etc., which I'm perfectly fine with as long as they limit their self-promotion to their signature or About the Author blurb. When I first read the article, I learned something I didn't previusly know, and as readers, that's our goal, right?

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

Michael Kelley has some association with fueled.com which could explain a lot. This does not read like a blog or op-ed. It does read like their other pieces which appear to be fishing for fueled.com. If MK had been more forthcoming I may have not written a word. Instead I did a google and found a prior piece which was interesting to compare.

What would be very interesting is to see an article about API First systems.

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Dani 4,084 The Queen of DaniWeb

If MK had been more forthcoming I may have not written a word.

Oh, but he was forthcoming, no? His username is mike@fueled.

Additionally, he had a "fake signature" at the bottom of the editorial that said that he is a representative of Fueled. It was snipped when this was published and he was urged via PM to contribute a proper About the Author blurb instead.

What are API First systems?

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

The Real Estate industry is FIGHTING CHANGE. At least in the USA. https://www.cnn.com/2019/05/15/economy/real-estate-commissions/index.html is a recent read on this. I did speak to a few RE folk and the battlelines are drawn so MK's view of the future remains to be just that.

Real Estate transactions are steeped in legal code that changes from US state to state. I don't know how much we need to cover here but MK really would do well to point out the lawsuits and how state laws would have to change. This is not going to happen overnight but MK and others are pinned to the sidelines until someone slays the current industry.

Redfin tried to refund some of the usual 6% but (see article) the beast rose up and beat them back into place.

There's so much more to be written here but blockchain isn't going to solve this one. For now it's courts and our legislation that needs to make the change happne.

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

API First and called by other names are an attempt to prevent lock in to a particular developer. Blockchain for the database is one of the key tools to break free of the vendor.

For example a company I work with has a tracking system and it's data lives in the usual SQL type system. Since the company has the services under their roof in every way, those that use this can't walk to another developer or house so easily. Blockchain for the data is one of the ideas to break that lock.

Member Avatar for rproffitt
rproffitt 2,580 "Nothing to see here."

This just in. Zillow is making inroads to change in the real estate market with their ibuyer program.
Pick up more with https://www.google.com/search?q=zillow+ibuyer+program&gl=US

The RE industry strikes back (cue The Imperial March or Darth Vader's Theme) with counterclaims that you don't get as much for your home. It's easy to see it did cut out one side of the real estate marketplace but it does look like a way to offload some of the usual headaches of selling your home. That is, you can opt for your home to be sold as-is and the ibuyer system does the repairs and you get a price and you are done without entertaining offers, counter offers and more.

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Anninflow 0 Newbie Poster

Really helpful content and discussion. Thanks.

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gta5mobileE 0 Newbie Poster

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