DECENTRALIZED APPLICATIONS (dApps)

Decentralized Applications refer to a type of application that runs on a Decentralized network. This ultimately helps to avoid a single point of failure.

Decentralized applications or programs exist on a blockchain or P2P network of computers instead of single computer. More importantly, these are outside the purview and control of a single authority.

The use of dApps depends on the blockchain platform. These applications are also used by small and large businesses in tracking and tracing of goods as they move around the world and allow for cross-border financial transactions without needing the services of intermediaries such as a central bank.