Ethereum is taking the same peer to peer blockchain technology currently revolutionising the finance sector, and bringing it to every other industry you could imagine. A new form of blockchain, it not only allows for transparent, automatically executed transactions in the same way bitcoin does, but is able to store other rules and conditions as well. In doing so, Ethereum allows what is now known as a Smart Contract an application that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Since the technology is so new (Blockchain has been around since the 90s and Bitcoin was created 7 years ago, but Ethereum was only established early this year), it is hard to imagine just how much of a game changer it could become, feasibly disrupting every industry that involves trade, trust or ownership (aka every industry).
We’ve put together a list of examples of how Ethereum and other blockchains could be (or is already being) adopted across governance, healthcare, law, energy, travel and recruitment to name just a few, in order to get to grips with some of the real life applications of the decentralised ledger technology (and give you a few ideas around how your organisation could be using it too.)
3 ways Blockchain will fundamentally change the power industry. “The ledger function that the Blockchain provides will allow 3rd party technology and service providers to safely interact with the end consumer in a relationship that up until now didn’t exist.”
Internet of Things
Finally, there are currently over 200 DAPPS (Decentralised Applications) that have been built on top of Ethereum’s technology enabling smart investment plans, the monitoring of election data, password vaults, voting with time and much much more.
While Ethereum is still only months old, organisations both big and small are cottoning on to its potential to build unique competitive advantages and entirely new ways of creating value. With application across every sector you can think of, the race is on to embrace the decentralised ledger technology in meaningful ways, or risk becoming outdated.
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