What is a DAPP?

BY Dan Herbatschek | 5 min read

The application of the first generation blockchain network was electronic cash. Since then, enhancements have been made to the protocol. The next generation blockchain technology is a single programmable blockchain network which can be used to develop different types of applications. Each application on this next generation blockchain network takes the form of a “smart contract” written in a high level language. A Decentralized Application (Dapp) is an application that is backed by one or more smart contracts, which are in turn deployed on a blockchain network.  In contrast to cloud applications, which are centralized even when different services are distributed over multiple server instances, no single entity controls the infrastructure on which the Dapp applications are deployed. Dapps extend the power of blockchain technology outside the realm of cryptocurrencies into the realm of any form of information value exchange.  

HOW ERDŐS INNOVATES WITH DECENTRALIZED APPLICATIONS DEVELOPMENT

\WE BUILD DOMAIN SPECIFIC APPLICATIONS

We help companies build decentralized blockchain applications that span a wide range of domains, including FinTech, Internet of Things, industrial & manufacturing, energy, supply chain & logistics, and healthcare.

BANKING

We help the banking industry use blockchain to provide faster, cheaper, and more secure and transparent transactions, in particular by reducing settlement times and transaction processing fees. Our banking clients have made use of blockchain for currency remittances, cross-border payments, and trading.

INSURANCE

We help insurance providers leverage blockchain to streamline the claims process, simplify the payment of premiums, and reduce claims frauds. With Dapps, insurance agreements, premium payments, and claims can be recorded on the blockchain in the form of a smart contract, which can automatically verify identities, validate and settle claims.

TRADING AND INVESTMENTS

We develop trading investment platforms which can automate financial services with smart contracts and render faster settlement times, greater transparency, and lower collateral requirements.

PEER-TO-PEER LENDING & CROWDFUNDING

We develop peer-to-peer landing platforms with smart contracts deployed on a blockchain infrastructure, which help connect borrowers and investors around the world. For the borrowers, such platforms make credit more affordable and for the investors, they make investing more rewarding. We create crowdfunding platforms that allow individuals and businesses to create funding campaigns and raise funds for projects which are less likely to get funded by banks or venture capital.

INTERNET OF THINGS

We help IoT systems leverage blockchain platforms to enable device-to-device and consumer-to-device transactions. Dapps for IoT can be built to allow the consumer to transact with the devices without intermediary. IoT devices can have smart contracts associated with them that can store information on the device identities and usage patterns. IoT device owners can sell the data to interested parties by accepting micropayments to the device smart contracts. We build these applications for smart locks, smart parking, and smart appliances.

INDUSTRIAL & MANUFACTURING

We are developing blockchain platforms for industrial and manufacturing systems to have smart manufacturing and diagnostics applications. These technologies are adopted for manufacturing automation, remote machine diagnotics, prognostic health management of industrial machines and supply chain management.

RECORDS & IDENTITIES

We use blockchain technology to create record maintenance applications. Blockchain acts as a distributed global ledger which maintains records of all transactions on a blockchain network. Proof-of-existence decentralized applications can be developed to verify the existence of the records at particular times. Records stored on the blockchain cannot be tampered by any means. The proof-of-existence is irrefutable and public. We use this aspect of the technology for document verification, record and certificate storage and authentication.

 

THE PROMISE OF DAPPS

As a public ledger of transactions maintained by a peer-to-peer network of decentralized nodes, no single point of failure, and strong cryptography, blockchain can claim to be trustless, resilient, scalable, secure, auditable, and autonomous. Decentralized applications promise to apply these features to the exchange of any information and value which can be captured in the form of smart contracts.