Ethereum is one of the most powerful open-source, public and distributed platform around the world. Many experts say that this blockchain will completely change the world. But what are the real and practical ways by which it will change the world?
What are the different types of use cases available for Ethereum? Will Ethereum really be the part of daily life in the near future?
Absolutely yes, there are various use cases of Ethereum as a wide number of decentralized apps can be built on Ethereum Blockchain.
Bitcoin was developed to provide peer-to-peer payments as well as transactions. However, Ethereum is customizable. Using Ethereum, anyone who has a good programming knowledge can build decentralized apps on its blockchain. You also don’t require any programming language in order to get started, you can search for various tutorials on the web which will walk you through the entire process.
Ethereum Use Cases: How Ethereum will be useful in Real World?
Below are various Use-Cases where Ethereum can be used:
Digital Registry:
Any Government can utilize Ethereum blockchain to store data about citizens, corporations and various other entities. You would be able to store birth certificates, death certificates, social security numbers, marriage information, degrees and various other information, with a very low risk.
A National Cryptocurrency
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The Government can also issue a National Cryptocurrency based on Ethereum. Recently, Venezuela’s launched Petro, world’s first government-backed cryptocurrency. Such cryptocurrency enables the government to track the movement of funds. It can also combine the security of fiat currency along with the benefit of blockchain-based currencies.
An Education Registry
Along with other blockchains, Ethereum can work as an educational and professional registry. A Government or University will be able to store various details about citizens such as degrees, certificates, grades, education, etc. This will stop fraud cases and also help employers to hire the best people. It would also make difficult to list fake degree info on the resume.
Peer-to-Peer Financing
Ethereum is being used in various peer-to-peer financial platforms, this includes popular platforms as well as ICOs. Ethereum has provided new ways to raise venture capital funding and also used in different financial products, along with insurance registries, derivatives and business agreements secured using smart contracts.
Full Arrangements
Ethereum can be used to provide safe business-to-business and business-to-consumer arrangements. The complement arrangements are mentioned in the Ethereum smart contract to maintain proper relations between both the parties.
Decentralized Apps
Above mentioned use-cases are already used in various decentralized apps (or DApps). There are a wide number of use-cases available for decentralized apps. They can be built on various things like smart property, intellectual property, games, savings account, ticket booking, shipment tracking, etc.
Digital Identity Storage
Using Ethereum blockchain, you can store your digital identity in an extremely secure manner. You can store passport information or healthcare information on the blockchain. Also, you can share it personally with anyone who needs it.
Taxes and Voting
Ethereum allows you to perform various civic duties like paying taxes and voting. Using blockchain, you can pay taxes safely. The government can also allow each citizen one vote, backed up by blockchain, and solve issues related to polices, elections and referendums.
Final Thoughts
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Ethereum consists of a lot of potential. You can develop numerous dApps on the Ethereum Blockchain. As of now, various use-cases where Ethereum can be used include voting, financial services, games, education registry, etc.
Ethereum completed 3 years in the cryptocurrency market on July 30th, 2018. It is also the world’s second largest cryptocurrency in the world. People are expecting great things from the Blockchain in the near future.
