Recent Blockchain Use Cases And Adoption Of CryptoCurrency
The Internet is an evergreen technology! In the earlier days, we had internet accessibility only on a few devices. But the scenario is exactly the opposite now. Internet is available on most gadgets like mobile phones, televisions, computers, laptops, smart watches, etc.
Internet Of Things And Smart Homes
IoT devices are a combination of hardware & software that help in promoting automation in various fields. These devices play a fundamental role in building Smart Homes. In such automated homes, the inmates can control the home appliances from anywhere using the internet.
Smart TVs, Smart Lights, Smart Speakers, Smart Security Cams, Smart Locks, and Smart Thermostats are some examples of IoT devices in a Smart Home.
Sounds ‘SMART,’ isn’t it?
Can Blockchain Improve Smart Homes?
Smart home builders consider blockchain technology as a game-changer in home automation. They must be right about it because it has the potential to overcome the security challenges in IoT technology. Blockchain enhances data security and cuts off the risk of hacking.
The owner of the smart home will receive a private key. Then, the user can access each smart device’s data through their smartphones with the help of blockchain.
There is more…!
When blockchain combines with IoT, it will produce the following benefits.
- Immutable data storage
- Ensured data security
- Data Integrity
- No intermediaries
- Better trust and transparency
Top Benefits Of Adding Blockchain To Smart Homes
Of course, IoT devices will require regular checks and maintenance. Under such circumstances, smart contracts will help to perform automated background checks regularly. There is no need for an extra workforce, so we can save money and eliminate human errors.
A smartphone or a tablet is a medium that the owner will use to communicate with IoT devices. Whenever there is an emergency, the user will receive a pop-up notification. All these alerts will be sent automatically once the smart contract gets executed.
As IoT devices are mostly 24/7 working, they might cause problems like leakage, noise, or similar faults. During that time, smart contracts will claim insurance automatically and make payments securely.
Safer data transmissions
Due to the elimination of third parties, every data transmission will happen in a peer-to-peer manner.
We have evolved from Smart Watches to Smart homes now! These advanced technologies are going to be vital ones in the future. Make your enterprise future-ready with the integration of blockchain technology. Get help from a professional Enterprise Blockchain Development Services to obtain custom services.
Blockchain Technology In Beauty Industry
Makeup has a long history that started in the B.C. era. In ancient days, cosmetics were a marker for wealth. But things have changed a lot now. We have an affordable range of beauty products all over the world. Considerably, men’s skincare and makeup are also becoming a big hit in the market.
Beauty brands are one of the earliest adopters of new technologies. In that list, blockchain technology also seems to have a place. Blockchain in the beauty industry enriches the customer experience and enables better interaction between the manufacturer and the consumer.
In this blog, we have explained a few must-know features of incorporating blockchain in the cosmetics industry. Let us dig in!
Trust And Transparency
Do all products only have the ingredients given in the ingredients list? This will be the first question that comes to our mind when buying shampoo or a body wash. Some products in the market might have harmful ingredients not mentioned on the product label.
We guess you know about beauty brands and how they manufacture a product. The whole process will require multiple stages of ingredient processing.
Blockchain will be the perfect tool to improve transparency in all phases. So, users will gain trust in the product as they have the full product details such as price, ingredients, manufacturing date, expiry details, etc.
Payments And Supply Chain
In this digital world, online payments ease bank transactions more efficiently. As cryptocurrencies are the current trend, beauty brands are even accepting payments in crypto. Thus, money transfers are much more secure and faster than ever before. This is all possible with the help of Smart Contract Development Services.
If you’re not aware, cosmetic products are one of the most hot-selling goods in the eCommerce world. So, it is evident that we require robust supply chain management to deliver the goods. Blockchain Development Technology is more than enough to streamline the products in the beauty industry. Subsequently, this will help get rid of fake and damaged beauty products.
The popular beauty product seller ‘Sephora’ has one of the best features to personalize goods for buyers. Make-up artists and dermatologists will directly consult the customer and recommend suitable products based on their skin type and other factors.
This will improve customer satisfaction with the product and make them re-visit the store. Ultimately, it increases the number of loyal customers to the beauty brand.
While talking about loyalty, beauty brands are not hesitant to provide their regular customers with attractive offers and discounts. As a result, the company will have a higher customer retention rate.
The Arrival Of NFTs
Similar to other industries, the beauty industry is also adopting NFTs. Recent cosmetic brands like ‘elf’ have created their own NFT and entered the virtual world. This facilitates the users to get chances to utilize the company’s exclusive offers. Moreover, NFTs will promote the interaction between both the company and the customer.
Every year, a new beauty line by a famous celebrity enters the market. Comparatively, celebrity brands will create a wide fan base within a short time. So, the competition becomes harder for other companies. To over-perform the competitors, it is a must to update the industry with the latest trends and technologies.
Adopt blockchain today! Consult an expert Enterprise Blockchain Development Services and obtain custom services.
Whilst these new fields are exploring different ways to utilize blockchain technology, the growth of digital currencies is also getting high. Let us explain various factors that contribute to the growth of cryptocurrencies in recent years.
Top Factors Contributing to Cryptocurrency Growth
The cryptocurrency market is moving on a never-ending pathway, and its growth is evident. The early investors are yielding massive returns now. It all started when big names entered the crypto space. It contributed to the expansion and popularity of the crypto market among the public. The price of 1 BTC was less than 1 USD during its launch, but it has risen to thousands of dollars today.
Once you understand the market, you can get to know a suitable investment strategy. When a cryptocurrency has a huge demand and hype, it will automatically gain the attraction of investors. Other than this, several other factors determine the price of cryptocurrencies. Let us learn more about them in detail.
Ultimate Factors Affecting The Cryptocurrency Value
Will node count impact the crypto price? – probably yes!
The higher the nodes count, the higher will be the community strength. Again, Bitcoin is the perfect example of this because it has one of the largest user bases in the world. Also, a large number of nodes means better decentralization and trade volume.
We all know that thousands of cryptocurrency exchanges are available in the crypto space. But not all of them can accept all digital currencies. So, if a coin is available on numerous exchanges, then the users will most likely invest in it.
Cryptocurrency exchanges are creating a big deal these days. Get professional cryptocurrency exchange development services to make an impactful entry into the digital space.
According to a survey, 4.48 billion people use multiple social media platforms. It is more than enough to show the potential of digital media. The cryptocurrencies that create hype on these platforms will make their value to increase. Mostly it happens due to the branding given by influential people on these social platforms.
For example, when Elon Musk gave a shout-out for Dogecoin, its price skyrocketed within a few days.
Demand & Supply
Both of them are the primary things driving the crypto prices in both the long term and the short term.
If more coins have the same utility, then the supply will increase causing a decrease in demand. At the same time, if a token has a limited supply, then it will create a FOMO (Fear Of Missing Out). Thus, its price will increase accordingly.
Within a decade, the cryptocurrency market has turned into a million-dollar industry. The number of cryptocurrencies is getting higher day by day. This shows that crypto-based enterprises will thrive in the future. So, when are you going to adapt to the digital world? – The ball is in your court!
When talking about cryptocurrency growth, we should not forget about the popularity of dapps. But specifically, developers are choosing Ethereum over other blockchains.
Why Ethereum Blockchain Is The Favorite Choice To Build Dapps?
We guess you know about the world’s second-largest cryptocurrency ‘Ether.’ It is developed on the popular blockchain network – Ethereum.
Despite the competitors, Ethereum still remains the favorite blockchain for dapp development. This decentralized network acted as the only reliable place for deploying the first dapp ‘Bancor,’ back in 2017.
Ethereum blockchain has a wide range of application development tools and frameworks, so the creators consider it the best pick over other blockchains.
Ethereum For Decentralized Applications (Dapps)
The domination Ethereum has in the crypto market is far-fetched due to several reasons. It has a unique interface that helps the developers to fasten the application development process and launch it within a short duration.
The best thing about Ethereum is that it promotes flexibility and allows the creators to develop any type of application. It has specialized software that helps those creators who don’t have their own platform. It is because they can simply use the ready-made Ethereum systems.
Apart from Defi dapps development Company, Ethereum also facilitates smart contract development, gaming applications, services for supply chain management, electronic voting systems, token creation, etc.
Ethereum Virtual Machine (EVM)
EVM is a computation engine coded using solidity. In dapps, it will act as a virtual machine behind all the operations of the Ethereum blockchain. EVM is a decentralized system where millions of executable projects will exist. They play a primary role in helping the users to face fewer limitations while using Ethereum.
Every blockchain node will run on the EVM to ensure the proper functioning of consensus mechanisms. Ultimately, it is the master behind most of the critical functions that take place in the Ethereum network.
From A Developer Perspective
There are other blockchain frameworks like EOS that offer higher scalability than Ethereum. But, the list of features by the latter exceeds what other networks can offer.
Ethereum forms a firm foundation for constructing a decentralized application using application templates, development kits, MetaMask integration, and more. So, they draw a large community of developers. Also, Ethereum has a beginner-friendly interface improving the developer experience.
With the help of ready-made frameworks, the developers can speed up the application onboarding faster and easier. They ease up the work of enterprises to refine their application according to their requirements.
On the Ethereum network, the developers can easily enable monetization for their dapps on an existing crypto exchange platform or some of their own. The Ethereum-based ERC-20 token facilitates the smooth exchange of crypto assets.
These are the various reasons making Ethereum the right fit for Dapps and other blockchain products. Now, we hope it will make sense why most blockchain developers choose Ethereum over others. Contact the top dapp development services company to develop a robust decentralized application for your business.
In recent times, decentralization has revolutionized the finance sector. Yes, we are talking about DeFi. But, will that be better than CeFi?- let us explain!
How Better Is DeFi Than CeFi?- Let Us Find Out
Recently, the term ‘DeFi’ has been crawling all over the internet. The advent of technologies like cryptocurrency and blockchain has created a significant impact in various industries. Thanks to the decentralization!
The main feature of DeFi is decentralization which means there is no central authority present in the network.
Let me explain how this works. Consider you are about to apply for a home loan. To proceed with the process, you must contact various bank authorities. At the same time, it will take several days or even months to get the approval. This is the major drawback of centralized finance.
On the contrary, DeFi requires only fewer formalities and takes less time. Additionally, there will be less risk involved in this method. To look into the wide range of benefits, continue reading.
DeFi Decentralized Applications
Firstly, the main aim of DeFi is to enable a transparent and unbiased peer-to-peer finance system. For this process, it depends on the dapps (decentralized applications). These applications run on a blockchain without any central authority. They follow the pre-defined conditions coded into them in an immutable manner.
But, the tricky part is to find trustworthy Dapps and Smart contracts. If the Dapp you use does not have robust security features, your data might end up in the wrong hands. Make your own and secure Dapp with the help of a Dapp development services company.
Unlike centralized exchange platforms, DeFi dapps help the investors trade without intermediaries. It is because they only follow the terms and conditions programmed in the smart contracts. Moreover, these applications will have the most less possibility of getting hacked, mishaps, rug pulls, and scams.
Advantages Of DeFi Dapps
Here is a closer look at the benefits of DeFi decentralized applications.
A good DeFi app will have a smooth, intuitive, and easy-to-use interface. There are multiple apps for DeFi available in the market. So, one can find out their ideal choice in the market.
There will be no discrimination inside the network. For example, no user can be blocked or censored as a consequence of using a dapp.
As we know already, blockchain provides the much-needed security features for decentralized applications. It requires a huge amount of computational power to hack dapps, which is nearly impossible.
It is unnecessary to provide personal details like name, mail Id, bank details, etc. Thus, the user can maintain their anonymity.
What Does The Future Hold?
DeFi offers a more flexible and secure financial solution than CeFi. This new financial system will have no bias based on a user’s geographical location or accessibility.
Anyone can be a part of the system and earn money without giving a share to third parties. The businesses adopting DeFi will have a positive impact in the upcoming years. Dapp development services company will rise for sure, but the only question is when! Time will reveal the answer to it.