Recent statistics have indicated the rise of blockchain technology in the coming decade. It is argued that it may be declared as the most innovative technology the world has seen in a while. This is because blockchain has introduced decentralization, which essentially has shifted finance industries towards transparency and competence.
Traditionally, enterprises were dependent on a highly centralized and closed-door arrangement, leaving room for exploitation. As a counter attempt, projects affiliated with decentralization and a more democratic finance department were introduced. Examples of which include Dapps. These projects essentially carry aspirations of making financial services securer, reachable and transparent.
Nevertheless, due to the heavy influence of the banking system in the finance department, projects like Dapps had to associate themselves with third parties. In that regard, third parties could project data that shall aid projects in completing transactions or generating loans without facing obstacles set out by the banking system. The data generated from Dapps and other related projects shall be protected through the oracle system. Whereby real-world and off-chain information will be linked through smart contracts.
Also read:Projects such as Dapps are essentially incorporating data manipulation and hacking techniques to generate a secure system without the involvement of existing enterprises, banking systems, and regulations induced by the government. Hence, the use of technologies, such as oracles, was introduced to establish a safe link between companies and a decentralized system. This system is innovative and is spreading across several institutions, such as healthcare, insurance, real estate, etc.
Connection To Web 3.0
However, to become a part of this system, companies need to connect to Web 3.0. Unfortunately, most of the contemporary companies have associated themselves with Web 2.0, and that Web does not contain the structural capability to link companies to a decentralized system. Web 2.0 does not contain the learning curve and organizational flexibility to execute this task. Nevertheless, oracle technology can be employed to provide a platform for alteration into Web 3.0.
Indeed, the predictions for the future indicate a decentralized world, where huge enterprises will induce decentralized technologies in their business models. Hence, it is critical for the leaders of traditional businesses to invoke a revolution to decentralization; where, transparency and competence will prevail to make their industry grow.
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