The spread of Web 3 is accelerating day by day, but no one can predict what will ultimately define it as the next generation of Internet. So far, today, Web 3.0 can be simplified to imagine as the usual Internet, but with a new layer in the form of a blockchain. Today, blockchain as a technology is used to securely store data (assets). The technology includes a layer of logic for decentralized applications that partially replace applications that came to us from Web 2.0. At the same time, the second generation Internet still remains necessary and, in fact, today we live in a hybrid universe with Web 2.0 and Web 3.0.
Gradually, more and more users are falling under the influence of web 3.0 applications, as many web projects are tied to blockchain solutions. This approach sometimes creates difficulties in terms of its practical implementation. Not all companies can easily cope with the challenges that arise when a blockchain project needs to be brought to life. In such situations, collaboration with experienced and competent experts in the field is an absolute guarantee that everything blockchain plans are doomed to success. You can learn more about their services at https://dysnix.com/blockchain-app-development-service.
Decentralization of Web 3.0
Speaking about the decentralization of Web 3.0, in particular, about the decentralization of web applications, which are called DApps, it is important to understand whether the interactions between users and the Internet are changing. Despite the fact that DApps are still inferior to traditional web applications in terms of convenience, speed and costs when using them, they are still changing the way we interact with the Internet. The reason for this is that DApps are applications that are more secure, transparent and reliable than the web 2.0 applications we are used to.
Working Pattern of Decentralized Application
In order for the DApp to run, the user must pass certain authentication. Next, he need to create a set of transactions, i.e. prepare the data that will subsequently be stored in the blockchain network, after which the application itself automatically launches smart contracts. Smart contracts carry out those transaction checks that are provided for in their program code, and only after that certain events are generated in the network.
That is, it is smart contracts, as the second layer in the blockchain platform, that launch additional logic and generate events. The third layer of blockchain architecture is the infrastructure or platform on which the entire decentralized application is built.
Role of Applications:
- Work on behalf of users;
- Launch smart contracts to change and receive data;
- Expect events.
Tasks of smart contracts:
- Contain business logic for changing data;
- Request data;
- Publish events;
Blockchain infrastructure composition:
- Network of checking nodes;
- Distributed registry;
- Membership services (for controlled ones).
Examples of Popular Public Blockchain Platforms
- Bitcoin: Bitcoin, launched in 2009 by an anonymous entity known as Satoshi Nakamoto, is widely recognized as the pioneer of blockchain technology. It serves as a decentralized digital currency that allows peer-to-peer transactions without the need for intermediaries like banks. Bitcoin’s primary use case is as a store of value and digital gold. Its public ledger, called the blockchain, records all transactions in a transparent and immutable manner.
- Ethereum: Ethereum, created by Vitalik Buterin in 2015, introduced a groundbreaking concept by enabling the development of decentralized applications (DApps) on its blockchain. Ethereum’s blockchain incorporates smart contracts, self-executing code that automates agreements and transactions. This innovation has opened up a world of possibilities beyond cryptocurrency, including decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).
- Binance Smart Chain (BSC): Binance Smart Chain, launched by the cryptocurrency exchange Binance, is known for its high-speed and low-cost transactions. It has gained popularity as an alternative to Ethereum for building DApps and issuing tokens. BSC supports many Ethereum-compatible DApps, making it an attractive choice for developers.
Real-World Use Cases of Blockchain Integration
- Cross-Border Payments: Ripple, a blockchain company, offers solutions for cross-border payments, making international money transfers faster and more cost-effective. Financial institutions and banks are adopting Ripple’s technology to improve the efficiency of their remittance services.
- Healthcare: Blockchain is being utilized in healthcare for securely storing and sharing patient records. MedicalChain, for instance, enables patients to have control over their medical data and grant access to healthcare providers as needed, enhancing data security and privacy.
- Real Estate: Real estate companies are exploring blockchain for property transactions. Using blockchain, property ownership records can be securely recorded, reducing fraud and streamlining the buying and selling process.
These real-world applications showcase the diverse ways in which blockchain technology is being integrated into various industries to improve processes, increase transparency, and enhance security.
It is known that at its inception, blockchain technology started out as a public network and the popularity of its flagships, such as Bitcoin and Ethereum, still remains at its peak. However, today there is another trend – along with public blockchain platforms, corporate blockchains are also becoming popular. The reasons for this lie on the surface. Many companies, both financial and non-financial, are looking for opportunities to give confidentiality status not only to their documents, but also to other intellectual information. And the growing blockchain platform sector is ready to provide its solutions to various corporate clients.
Let’s look at what requirements there are for enterprise-level applications and blockchain networks.
- The developed application must have integration with corporate applications. An application that is developed separately is of little interest, since, in fact, creator will have to do everything from scratch. However, any corporation probably already has some working systems and applications. The developer’s task is to be able to tightly integrate the finished system with the blockchain platform and put there only the information that needs to be used in the networks. There is no need to try to put absolutely everything online, as this will be almost impossible and useless.
- Quick transition to industrial operation. This process is quite difficult. Since practice shows that even with the most successful and problem-free developments, transfer to operation begins to generate a large number of problems. Most often, problems are related to sustainability, security, recoverability and global coverage.
- Support for platform evolution. Any blockchain platform changes very quickly, new sets of functionality appear. It is quite difficult to track all the changes on your own.
- Platform management, which includes participant management, support, life cycle management, and high scalability. The problem is that the container itself, which runs on the blockchain platform, provides some functionality. How to monitor a container or sets of containers, how to manage them, how to manage the lifecycle of all applications, how to manage participants – this is worth thinking about.