The industries can be made more secure and legitimized by introducing decentralized applications into enterprises. Blockchain would become the most outperforming technology throughout the next ten years as it revolutionizes the way we share information, transact and interact, according to various experts. This innovation of decentralization has helped industries like media, finance, and technology in becoming more efficient, transparent and engaged with lesser intermediaries.
Importance of DApps
Enterprises, traditionally are built on tightly-knit frameworks which are challenged by this decentralized structure, and it represents the transparency and decentralization of an enterprise. Shifting the society, making it decentralized would produce more efficient, safer and transparent operations and services. Everyone wants to have control over their finances and other important aspects of their lives.
Although decentralization is helpful in maintaining efficiency and transparency, it is difficult to carry out operations when the system is not centralized, so the decentralized apps have to cater to third party sources in order to carry out operations like paying dividends and taking loans.
Decentralization applications are used by over 1 million users worldwide, and the demand is exponentially increasing with time. Blockchain technology is secure and trusted, which significantly can reduce the risk of data manipulation, hacks and attacks.
Bridging the Gap Between Traditional and Decentralized Systems
The data oracles are used in this regard with the blockchains to connect real-time data with smart commands, which are executed when a certain operation is performed, for example, the liquidation of the collateral. This is done with the help of a price oracle. The data oracles are very important for blockchains when there is no centralized command centre in order to execute operations efficiently.
The security-sensitive industries such as healthcare, real estate and insurance are very keen on using the data oracle tech. The problematic traditional structure of these industries has created a very easy entry path for this technology. In order to move to this technology, the organizations have to change their structures from web 2.0 to Defi web3.0. The use of Defi has increased exponentially in the previous year but is yet to be accepted by the masses.
The pioneers have to educate other companies to adopt the Defi system because more and more corporations using decentralized blockchains in order to strengthen their business models.