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How are Decentralized Apps becoming popular each day?

Published Date: 13th Mar 2023

With remarkable developments in Blockchain and its mounting prevalence worldwide to enable enhanced efficiency & convenience for both users & businesses, it is evident that this technology is here to stay.  One of these advancements is the advent of DApps (Decentralized Applications, which receive data from numerous sources and process, compute, & manipulate the same as per user requests. As these applications are not under the control of a single entity, they don’t encounter a single point of failure.

Considering the continuous growth of blockchain, mobile computing, & edge computing, control distribution is becoming unavoidable, and DApps are already a trend. In view of these aspects, a recent research report has projected that the Global DApps Market would register around 52.3% CAGR during 2023-28. The rising consumer demand for quick & error-free transactions as well enhanced security & privacy in online payments, coupled with the growing online gaming industry, especially after the Covid-19 pandemic, which has increased the use of digital currencies, would propel the market growth in the future. Some of the recent developments in the industry include:

  • ConsenSys partnered with Kaleido in February 2023 to transition its QBS (Quorum Blockchain Service) customers to Kaleido, i.e., in line with ConsenSys' aim to deprecate QBS and focus more on MetaMask & Infura.
  • Blockchain Intelligence Group announced the availability of the Cardano & Stacks blockchains on its platform in December 2022, which would provide intelligence & security to cryptocurrency firms, law enforcement, governments, & banks for crypto transactions.

Almost every app development firm worldwide is willing to invest in decentralized applications as they are highly secure and protect sensitive business data from hackers or unauthorized tampering, which, in turn, will enable developers to serve their customers better and generate better revenue. In addition, since DApps are resistant to censorship, they can also be developed as alternative social media platforms, as no single participant on the blockchain can delete or block messages from being posted. These trends are shaping the DApps industry and creating remunerative prospects for the leading players operating in the market.

Key Factors Underlying the Market Dynamics

  • Currently, there are more than 4,000 DApps globally serving industries, such as gaming, gambling, health, & insurance, among others. While the leading ones are games & exchanges, financial applications are also gradually gaining ground.
  • Of all Blockchain technologies, EOS holds a notable market share, as it provides the PoS (Proof-of-Stake) mechanism and helps eliminate virtual transaction fees. The rising consumer requirements for various gambling models are pushing the demand for the highly-scalable EOS that can perform transactions of the essential credit cards.
  • Gambling through DApps offers various benefits over the traditional models, such as flexible bets and terms & conditions, as well as fund protection. Blockchain-enabled gambling applications allow two parties to deal with each other directly without the need for any website connections.
  • On the other hand, among different end-users, the e-commerce industry has a prominent hold on the DApps industry. Several organizations operating in the e-commerce industry are working on discovering apps that can eliminate various issues faced by consumers while shopping online or making digital payments. They are massively investing in developing more efficient & quickly executable payment procedures in order to improve the customer buying experience.
  • Talking about the regional projection of the industry, North America tops the list, which owes to the ever-growing consumer interest in crypto transactions and the increasing implementation of Blockchain technology.
  • In addition, the rising prevalence of smart contracts, digital identity collection, & online payments in the US & Canada and rising cases of identity thefts across both government & public/private organizations are also instigating the adoption of DApps across North America.

Future Ahead

For several years, Blockchain technology has been undergoing rapid changes worldwide, with continuous innovations across several industries, i.e., enabling organizations to introduce new & exciting services for their clients. Decentralized applications are just one of the parts of the blockchain that offers secure open-source software for individuals & enterprises. With the ever-increasing number of people entering the digital asset business, the need for DApps with enhanced functionality, security, & scalability is significantly rising. The world is set to witness improved privacy, the independence of cryptocurrency trading, and more affordable, quick, & easy financial transactions, which, consequently, shall boost the global DApps market.

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