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Ethereum might be just what’s needed to start solving this problem, as it can take into account contractual instructions or rules which allow for the automation of many processes. At the same time, with smart contracts, transactions are more transparent since they can incorporate clauses that can be audited and traced.
Blockchain technology is a solution to two of the most pressing problems facing the finance and tech industry. First, smart contracts provide an efficient way to process transactions in a fair manner that is also transparent. Second, Ethereum allows for integrating smart contracts, which automate business processes as needed.
Ethereum can offer significant benefits to businesses:
Data coordination between companies or industries is part of an everyday business scenario. For example, if a company needs to move logistics goods from one country to another, certain geographical constraints could require the goods to be moved efficiently. With smart contracts, it would be possible for goods to move automatically between countries, and companies can rest assured that they have been appropriately handled.
Trust is a real issue within the finance industry, where connections can range from financial products and services to insurance issues. Ethereum can offer improved verification of transactions without compromising on encryption, which is only possible with blockchain technology.
Ethereum also allows for transparency as it has infinite data replications, and each transaction results in a replicated copy of the entire ledger being updated immediately. It allows customers to access the latest information regarding transactions being processed against their data at any time.
Although it is possible to create a public blockchain with every node (or user) able to see every transaction, such a system would not be scalable or sufficiently secure for most business platforms. For ethereum to function correctly, an agreed-upon set of rules must define valid and invalid transactions on the blockchain.
Ethereum has a robust permissioned blockchain which allows for selective validation and easy access to data in addition to other benefits. Permissioned blockchains can also improve scalability through their ability to use multiple nodes as validators and provide more security since leading organizations usually choose nodes with the appropriate network security measures in place.
Scalability and performance:
Ethereum smart contracts are written using its native programming language, Solidity, which makes it possible to write hierarchical, reusable and secure code. These smart contracts are then compiled into byte codes that users can easily exchange with other applications, and the Ethereum Virtual Machine (EVM) can execute. In addition, this architecture reduces the network’s data traffic by almost 1000 times.
Ethereum can also process more transactions per second than any other blockchain-based platform, as it can process more than 20 transactions per second instead of bitcoin’s 7 transactions per second. Ethereum aims to achieve over 25,000 transactions per second, making it possible for mainstream enterprises to use the platform with efficiency and speed.
Ethereum for tracking natural disasters:
The global insurance industry is worth approximately $5 trillion and is one of the most affected industries by natural disasters. The aftermath of a destructive natural disaster can be untraceable if there are no records of what happened to an individual’s property.
People could use Ethereum to implement an insurance system connected to a blockchain to better track and trace the information required by the parties involved in the insurance process.
Ethereum for smart cities:
Smart cities are based on digital infrastructure, which gathers data that can be used for various purposes. Ethereum has already been trialed for this purpose, allowing communities to organize more efficiently and use their budgets and resources better.
The healthcare industry is facing an unending stream of challenges where the pressure to improve and maintain records for various populations is evident. The user could use blockchain to streamline access to medical information and more effectively manage patient data.
Supply chain management is the backbone of any industry that manufactures goods. Blockchain technology can improve the efficiency and accuracy of data analysis and track goods through multiple stages in their production cycle. As a result, it would not only allow organizations to save more money on costs, but at the same time, they would be able to provide better products too.