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.