The trend of Blockchain has risen over the years and has expand its functionality from cryptocurrency to all the industries. Because of distributed ledger technology it empowers the business to change they way they operate. Blockchain surely transform the existing business models and showed a significant impact on them. Following are some of the industries that has forced other the older forms of business to rethink .
NFTs: Non fungible tokens or NFTs’ are digital form of art that works on the platform of blockchain. One can make digital asset of physically present things and showcase it to world. Entrepreneurs use NFT to encapsulate the art inside the frame, make it as their service and trade it to digital NFT marketplace platforms.
Smart Contract: Smart contract applications are tools that automates the transaction process and make it easy for users to access it. In simple ways, it is just like AI or IoT ease the tasks for us and reduce the work efforts. Smart contracts are build on Ethereum platform which automates the transactions if they met required conditions, even without the involvement of third parties.
DApps: Decentralized apps or DApps works on decentrlized p2p network using smart contracts. They possess open source ecosystem which cut downs the possibility of single point failure in a network or ensures that applications will work if there is any network glitch.