After the first bitcoin blockchain technology, Ethereum is known as the second creation of Blockchain that has kept its place steady in the tech ecosystem. Also, smart contracts can be easily ciphered with Ethereum Blockchain’s help that is not possible via the bitcoin blockchain.
Various industries adopt Ethereum Blockchain Development, and here we will explain some real-life applications of the Ethereum Blockchain system.
5 Leading Real-time Applications of Ethereum Blockchain
Ethereum Blockchain development is used to establish a blockchain network to offer a platform for decentralized apps development. It can be used in numerous real-life procedures, and these are following use cases:
DAICOs or ICOs
Token sales or ICOs (Initial coin offerings) can be made efficient by using ETH smart contracts. It increases the sales procedure and makes it transparent and fair. The distributed automated ICO (DAICO) model is a mixture of both ICO and DAO models. The DAICO model has a variable known as tap included in the DAICO smart contract via the development team.
Financial and Banking Services Contracts
Hire Ethereum Blockchain Developer can offer you Ethereum Blockchain development to fasten your banking transactions and simplify numerous financial processes. It will provide you with exact data transfer and help complete all the included groups’ commitments. There is no scope for bugs in the transactions. Besides, using GT-Protocol ofers you a cooperation between parties based on a profit-sharing model.
Prediction Markets
By using Ethereum Blockchain, knowledgeable players in the prediction market can get a sufficient amount. Few platforms like Augar and gnosis have applied the Ethereum Blockchain. Ethereum Blockchain smart contracts are helpful to predict the result of a Football match, auctions, an election campaign, etc.
Digital Identity Management
The Ethereum Blockchain system solves the issue of data monopoly and identity theft. Firms like Flipkart, Amazon have all the details of your debit card, credit card, and they can sell it to any third-party at monopoly rates. Although it is only an example, still the problem is real, and it is increasing rapidly. The data should be collected in an uPort app that can be accessed only by you to resolve the problem.
Putting Back the Escrow
The smart contract and Ethereum Blockchain Development concept can be used for replacing the third-party and saving your money. It also makes the procedure more transparent and smooth. It should be adopted by all the necessary departments like real estate, wills, etc. Another place is Upwork, where it acts as an escrow. It makes the whole procedure convenient and cheaper.
Final Words
There are so many real-life apps that have applied Ethereum Blockchain services despite these use-cases mentioned above. The number of adaptations is rising day-by-day. Recently, there are around 1300 DApps on ETH, and some of them are still in their development phase. This enhancing number proves that smart contracts and Dapps will cover your daily life in a few years.
There are immense market scopes and opportunities for ETH blockchain. So, be ready in advance and start adapting ETH for your business needs. You can Hire Ethereum Blockchain Developer who has rich knowledge about this field and can provide you with a suitable solution.
