Introduction

The rise and success of distributed record storage, decentralized finance and cryptocurrencies has inspired an understanding that decentralized internet protocols with the use of blockchain technology can be used to radically improve socio-economic infrastructure. However, the current blockchain technology is suffering from numerous drawbacks, including lack of adoption, real world use cases and immature governance mechanisms.

An ideal solution to all these drawbacks is an open ecosystem that proposes a value driven decentralized economy and applications. Utilizing blockchain for better application and real world use cases is the next phase towards the mass adoption of blockchain technology.

The scope of blockchain powered applications is infinite as it does not stick to the traditional rudimentary working channels. Blockchain technology has a strong stance with freedom, ownership, and decentralization. With the characteristic of decentralization, blockchain strives to give full freedom to the users to own, create, and earn without depending on any central entity. Blockchain infuses high-end security, transparency, and immutability to the essence of an economic system.