If you are looking to digitalize your business, there is no better option than blockchain technology.
Since its inception Blockchain has successfully created thriving ripples in the world of technology. But the attributes like smart contracts and dApps (Decentralized Application) sets it apart from others is that it has virtually no competitors to challenge its regime.
So with this flood of attention from businesses across the globe, it is no wonder intelligent companies are investing in it. And that’s why it is growing at a meteoritic pace.
Good news is that businesses don’t need to invest huge capital to adopt it. However, still, many businesses fail to craft magic and squeeze maximum by adopting it.
Sounds pretty interesting, Right!
Let me cast a spotlight over this. If a blockchain powered business wishes to succeed then it needs to understand all its technical features as well.
And not only understand but also need to learn how to apply these for in the interest of a specific business.
Better a business learns the technicalities involved better the chances of its success become.
Anyway in this blog post we are not going to discuss all the technicalities. Rather here we are going to cast the spotlight on two most important features i.e. Smart Contracts and dApps.
Now, let’s begin by understanding Smart contracts.
What is a Smart Contract?
A Smart contract is a sort of pre-written contract or programming code based on digital technology. The beauty of smart contract development code is that as an intangible protocol it executes on-its-own.
To put it, in other words, a smart contract defines the rules and also acts as a digital enforcement agent. Such a self-executing digital nature provides it with an automatic power to control any business operation or financial transaction.
The best part is that as smart contracts are stored in distributed blockchain ledger, therefore, it is impossible to alter them. Moreover, as the information stored in a block or node, therefore, there are no chances of any information loss.
Now, considering their automatic secure and self-executing nature businesses are applying them in various fields.
The crux here is that smart contracts in blockchain make business operation and financial transactions secure, efficient and cost-effective.
Now, let’s check out a brief about dApp.
Read More: What is smart contract and how it works?
What is a dApp?
dApp or decentralized applications means an application whose code runs on a decentralized peer-to-peer network. Likewise, smart contracts the underlying technology of dApp is also blockchain that is not controlled by any single entity.
The feature that sets dApp apart is that it is free from all sorts of middleman to maintain information. Best is having a unique timestamp feature this decentralized technology is absolutely immutable.
In nutshell, it is an agile distributed computing platform that successfully trims down a single entity’s control and external intervention. All this makes business process powered by dApp development and adoption absolutely scam free.
What is the difference between Smart Contracts and dApps?
By now it is pretty apparent that both smart contacts and dApps have features that blockchain a powerful technology. In fact, considering them as the most crucial features of blockchain is not wide of the mark. There is a pretty sleek line that differentiates both these features.
Well to efficiently utilize the blockchain technology for running business operations right comprehension about these differences is pretty essential.
Actually, dApp is a blockchain enabled website or portal, contrary to this smart contract connects dApp with blockchain. We can also say that smart contracts act as an API of the conventional web application that connects dApp with blockchain. So, basically smart contracts are playing the role of API connector.
In dApp back-end code runs on the decentralized program whereas as a small code smart contract is a part of dApp. In short, dApp uses smart contracts to operate. Good thing is that dApp connects a user with a provider directly.
In nutshell, we can conclude that a dApp is a technical blend of front-end and smart contracts. So, we can say dApp is a complete computer program while the smart contract is its one small component.
Snapshot of differences
|Blockchain enabled website||Smart contract connects dApp with blockchain|
|Individual program||Acts as a connector|
|Back end code runs on a decentralized program||A pre-written small code that is a part of dApp|
|Complete computer program||A small component of dApp program|
Blockchain technology has come a long way since its launch and the ride is not over yet. With its new features and applications, the way we look and use this technology is evolving daily.
By understanding and utilizing such new features even the businesses that are on their last legs have a fighting chance.
So to help a brand set apart all a business need is to understand innovative features before competitors catch on.
Start by ensuring that you have a thorough understanding of smart contracts and dApps. And finally, take steps to integrate these with your business to gain maximum benefits.
And it’s sure if you will approach blockchain with the right approach, you will be in a position to lay a solid foundation.
If you need further assistance to understand smart contracts and dApps development feel free to connect with Webcom Systems.
Hope you found this article insightful. If you like this article, don’t forget to share it on your social media profiles!