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dApps are decentralized applications that operate on the blockchain |
An application on the blockchain is a decentralized application (dApp) that utilizes smart contracts to automate and execute transactions without the need for a central authority. The data and transactions are recorded on the blockchain, which provides transparency and security. Examples of blockchain applications include decentralized finance (DeFi) platforms, supply chain management systems, and voting systems.
Blockchain applications have the potential to revolutionize the finance industry by enabling faster, more secure, and more transparent transactions. Decentralized finance (DeFi) platforms, for example, allow for peer-to-peer lending, borrowing, and trading of digital assets, without the need for intermediaries such as banks. This can reduce costs and increase access to financial services for individuals and businesses around the world.