Ethereum blockchains allow users to open and run decentralized applications on them. Ether is the native currency of this platform. It is paid to miners to verify blockchain transactions. The transparency and immutability of the Ethereum blockchain make it a good choice for applications and products that require an open network. It can be used for various applications in health, finance, and politics. Here are some real-world applications of this blockchain.
- Decentralized Finance or DeFi
Ethereum’s use in DeFi applications is widely appreciated. Ethereum blockchain helps in stablecoins minting, loans that are smart contract-powered, decentralized exchanges, etc. MakerDAO is a popular project that comes under this category.
- Digital identity
The authenticity of digital documents is still under question. However, Ethereum offers a transparent and open method to verify data. Thus, it can be used to develop a digital identification system. Many companies are already working on such projects.
The security token industry is expected to grow dramatically in the coming years and Ethereum can play a big role in this paradigm shift. Digital tokens are blockchain representations of real assets such as precious metals, stocks, real estate, etc.
- Health apps
The healthcare industry is expected to face a drastic revolution through Ethereum. It will help hospitals to store, share, and access patient records. This data will help in developing preventive vaccines during the outbreak of viral diseases.
As there is no central server, it is extremely difficult for hackers to enter the websites. Thus, your personal information and websites remain safe.
Transactions are an important part of the world economy. Smart contracts can be created on Ethereum. Thus, you can exchange anything of important value without any risks. The records of these transactions will be recorded in the form of computer code.
- Privacy from intermediaries
Most search engines collect personal information from users and sell it for advertising. This problem can be solved using the Ethereum blockchain. When the search engine tries to use your data, Ethereum blockchain logs and those logs will be made public.
Every educated citizen casts their vote in the political elections of their country. However, many incidents have happened where the poll results are altered. If votes are cast on an Ethereum blockchain, this alteration becomes impossible.
- Storing data
Many companies store their data on server farms. This can be a problem as it can be easily destroyed in terrorist attacks and natural calamities. A decentralized storage option is the best solution to this problem. Instead of storing data in one or two server farms, an Ethereum blockchain allows data storage in hundreds and thousands of data centers located around the world.
- Initial Coin Offerings (ICO)
Initial Coin Offerings or ICO is a fund-generating method by which startups in their early stage create tokens to sell to earn Ether. The tokens created by these startups must have a role to play in the startup’s application. People purchasing them must be able to use them in this application.