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Applications Of Ethereum

Introduction to the Applications of Ethereum 

8 Applications that Will Transform the World of Technology

Living in a completely decentralized world is the dream of many people these days. Ethereum was the first spark to make this dream come true. In this article, we are going to discuss the applications that Ethereum will have in the real world.

Ethereum is recognized as the second generation of blockchain technology. The first generation of blockchain is Bitcoin. Bitcoin has no competitors in terms of assets and security, but this digital currency may not be of much use in some areas, and this has led to a smart contract-based network called Ethereum.

Using the Ethereum blockchain, some works can be done that maybe bitcoin and bitcoin blockchain can’t handle them. Of course, Ethereum also has some problems and its relatively slow transactions cannot be ignored, but the platform is developing and there is a lot of hope for it right now.

 

The most important areas in which Ethereum is used are

  1. Applications of Ethereum | Improve banking and financial services

It can be said that the use of ethereum in the banking and financial fields is numerous. Such uses are activities such as plan-related activities, bonds, contracts, payments, and insurance matters.

For example, suppose someone fails to pay some of their monthly installments without the bank’s knowledge. In such a case, a full-time smart contract can be used instead of denying all rights of the borrower to the lender, in which all terms and conditions are paid and received. That is to say, if a person does not pay his installments, such a thing would happen.

Or in the case of government bonds, if the contract is executed by smart contracts, the buyer can be awarded the money in due date.

These can be considered as one of the most important and best applications of ethereum in the banking and financial systems.

Decentralized payment software is another of the most commonly used applications of ethereum in the real world. This type of payment, known as the DeFi in short, includes loans that are executed in the context of smart contracts and decentralized currency exchanges. MakerDAO is one of the most famous of these projects, using Ethereum’s smart contracts to create a stable digital currency (fixed-price currency) called DAI and backed by Ether. The interesting thing about this coin is its constant 1 dollar price.

The global economic system is based on transactions, and ethereum is set to change it forever. In smart Ethereum contracts, such a change is possible. These contracts can transfer anything valuable without the potential risks. Smart contracts can be signed in computerized form without signing a traditional paper contract.

Imagine, instead of buying a photo from a platform like Shutterstock, you can buy this image directly from the photographer; you just have to start a two-way deal. This is easily accomplished by a few simple commands on the Ethereum platform. For example: If the buyer puts money in a contract account, the photo upload will begin.

 

  1. Applications of Ethereum | Forecast markets

The use of Ethereum smart contracts in forecast markets is another interesting application of this technology.

There are several platforms for prediction markets, such as Gnosis and Augur, which utilize Ethereum blockchain and smart contract mechanism.

Forecast markets are markets in which you can predict the outcome of a particular event. The result of a football game, the outcome of an election campaign, guessing the price of goods, the chances of creating a community on Mars by Elon Musk, and so on are some of the areas called forecast markets.

In such trends, tokens and Ethereum smart contracts, which also do not need to be trusted, can also be used to reward those who have participated in the market or who are known as winners.

Betting centers or surveys related to the need to supply a specific product by a company can be considered as applications of Ethereum smart contracts. On the other hand, the cheapness of the process can be said to be the advantage of smart contracts based on Ethereum blockchain.

 

  1. Applications of Ethereum | Tokenization of real assets

Many believe the token market can turn into a multi-trillion-dollar opportunity, and Ethereum has proven to be the right platform to do so. In short, securities tokens represent assets such as stocks, real estates, precious metals or…. By tokenization of these assets on the Blockchain, exporters can move and operate them much more easily than the physical processes and paperwork available.

 

  1. Applications of Ethereum | Digital Identity Management

Smart contracts can also be used in Digital identity management, eliminating the costly problems of identity theft and data monopoly. Through smart contracts provided by projects such as uPort, one can obtain intelligent identity management services that the user is responsible for their identity information.

For example, you intend to travel abroad and enter your passport information in the uPort service. Now in the Document Review section, you provide the selective information you need.

If so, no one will be able to see or use your information unless you have given them permission with uPort. Your information is stored on the Ethereum blockchain and you are only able to authorize it to be reviewed by the uPort app.

 

  1. Applications of Ethereum | Political democracy

People go to the ballot box every few years and vote for their favorite candidate.

But what if there is a fake election?

With the use of Ethereum and since no one has direct control over its network, there will be no further distorted results. That is why Ethereum will help to bring about more democracy.

  1. Applications of Ethereum | Respect for privacy

Do you know the search engine that most people in the world use every day? Yes, the same engine that starts with the letter “G”. You may not believe it, but the company stores all your personal information and sells it to advertising companies, making billions of dollars in revenue each year.  Ethereum blockchain could put an end to that.

Since anything is possible, Ethereum cannot end it completely. But with Ethereum, it can make the records of the system every time the information is stored by search engines. Therefore, such engines need to be more cautious about storing your information so that their public image remains positive.

 

  1. Applications of Ethereum | Secure data storage

Companies such as Dropbox or Microsoft store large amounts of data on server farms. A server farm is a building that houses hundreds of servers to store different information. The problem with server farms is that large volumes of information are concentrated in one place and therefore are subject to destruction by many natural and abnormal factors.

The solution to this problem is decentralized storage facilities. Where information is not only stored on a few server farms in the United States, but it is also stored in hundreds or thousands of databases around the world. Of course, this is very unlikely now, as building such a secure and fast network between servers is a big challenge. However, Ethereum is a viable solution because blockchain technology can be used to encrypt and transmit data quickly.

 

  1. Applications of Ethereum | A revolution in the field of health

Ethereum can revolutionize the health system around the world. All hospitals around the world can store their patients’ records on the blockchain anywhere they can access. Such a process could help develop vaccines and prevent the spread of deadly viruses or prevent the production of such viruses. You have the opportunity to go to the doctor during your holiday in Thailand and do your general examinations and report back to your doctor when you return home to New York.

But that’s not all the benefit of blockchain in the field of health. Just remember the feverishness of wearable gadgets that have intensified for many years. Now just imagine that the information recorded by your smartwatch can be available to all hospitals around the world. In this case, patterns of medical conditions such as heart attacks or strokes can be recorded and warn people before they occur. This can be done by ethereum and may one day save your life.

 

Conclusion

So far, over 900000 Ethereum accounts have been registered with Etherscan.io that use various forms of smart contracts, while growing daily.

Besides, the number of decentralized Ethereum programs is increasing, with more than 1,300 decentralized programs available. Of these, some are in the process of development, some in the process of proving the idea, and some are in the process.

Both of these indicators are good signs and promise that in the coming years we will see a more vibrant presence of smart contracts in various industries, especially decentralized applications.

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About Sean Patterson

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