The below-mentioned information explores how Ethereum is making headway in different areas such as finance and healthcare. Because of its distributed nature, a blockchain ledger is a perfect way to track the movements of goods worldwide. When it comes to cotton, importers, and exporters of raw materials rely on every step from planting to shipping and transport being handled correctly. Ethereum Smart contracts can have a use case in this process by providing the infrastructure for various companies to report on farm-gate prices, shipping volumes, commodity quality, and more.
Ethereum in healthcare
Ethereum’s blockchain ledger is helping not just the insurance and financial sector but also the healthcare field. While most services offer smart contracts for primary care, Ethereum contracts offer an excellent opportunity to create a type of medical home. It can have a use case to store personal health records and other information necessary to patients. Health insurers may also use smart contracts to determine coverage, payments, and other conditions based on patients’ records/data. A blockchain ledger is an immutable record of events validated and secured by miners working on Ethereum’s blockchain platform. Although ethereum transactions are typically processed through a network of users called miners, unlike a standard database, which can be easily manipulated, Ethereum’s blockchain is encrypted and distributed. Transactions go through the following steps: Contracts are created that would be stored on the blockchain as smart contracts. Once a transaction is sent to the blockchain, an agreement or contract has been activated and recorded. Personal data can be stored on Ethereum smart contracts using an ERC 20 token instead of storing sensitive data directly on the blockchain. The ERC 20 token is built on the Ethereum platform created and activated within an ICO (Initial Coin Offering.
Ethereum in Global Trade
The global trade and supply chain industry are currently antiquated; it’s almost non-existent. Currently, global trade is controlled by banks and payment providers responsible for managing invoices, letters of credit, guarantees, and the like. As a result, lots of paper is needlessly exchanged at every step. Smart contracts on the Ethereum network would be able to execute digital transactions and payments that significantly drive down costs for companies. In addition, due to the immutability of blockchain ledgers and the valuable information gleaned from intelligent contract agreements, companies will be able to save millions once Ethereum technology is implemented into their supply chains.
Ethereum in finance
Ethereum Smart Contract could take over the world of finance by creating a decentralized platform for agreements on how much a product should be shipped and when it should arrive. Banks play an essential role in creating financial agreements; with their use of smart contracts, which are, in essence, computer codes that dictate transactions, banks would have to compete with decentralized platforms. Furthermore, smart contracts are known for their security and can save millions spent on audits and error checking by banks. Ethereum blockchain technology can also have a use case to build decentralized exchanges where buyers and sellers do not need to rely on an intermediary or a third-party service like developers are now building cryptocurrency exchanges and other decentralized applications on ethereum blockchain easing the international exchange.
Ethereum in Game-Fi
Playing to earn games with nonfungible tokens are backed by blockchain as their primary rewards. Most of these projects are found using the ethereum blockchain, as the scalability of the ethereum blockchain is unbeatable. All the more, one can execute as many intelligent contracts as one wants. With the help of smart contracts, game developers can create their decentralized in-game economy, which will be based on the Ethereum blockchain. Ethereum was initially created as a more stable platform for smart contracts and cryptocurrency transactions. Ethereum is the world’s leading authority on decentralized applications (Dapps), providing better security and a larger ecosystem to developers worldwide. This platform is now being used to develop other new blockchains, such as NEO and EOS, with many other projects using ethereum as a platform or foundation. GameFi is the future of the gaming industry, offering players a chance to earn a decent amount of money with a fun side.
