When Bitcoin came into existence in 2009, it changes the age-old idea of the transaction. Again after eight years of bitcoin’s birth another technology, Ethereum is revolutionizing the financial transaction. Biotin introduced the world with shared ledger now Ethereum is exploring the same technology and is taking the transaction process to another level.
Many developers tried to use the same technology used by bitcoin but many failed to impact the technological and financial communities because of their limitation to few functionalities. However, Ethereum has overcome those limitations and have incorporated blockchain into their network by using their native programming language.
Although bitcoin has paved the path for the evolution of Ethereum, Ethereum is eclipsing the growth of bitcoin. Ethereum reached the market cap of $2.57 billion dollars in 2017. Ethereum is getting constant support from financial and technological industry, the companies have understood the immense potential of this technology that is yet to be unleashed and have formed Enterprise Ethereum Alliance.
Below are the some of the application of Ethereum that are applied by today’s cutting-edge business.
- Protection for online data
Hacking and malicious attacks are an impending threat for today’s online business. Companies can rely on Ethereum for the safety of their business by simply blending few identification processes and KYC regulations. The platform protects the KYC data through a series of cryptographic programs.
- Crowdfunding capabilities
The idea about raising capital for the business has changes today entrepreneur don’t have to depend only on private funding. An entrepreneur can seek public support through crowdfunding. Ethereum with its smart contracts has given more power to the crowdfunding option. The smart contracts ensure complete transparency and strict adherence to the contract limits.
Ethereum through its smart contacts helps in transporting anything that has value like, bonds, shares, money or data. The rules and regulations are immediately enforced that are associated with smart contracts.
- But Erin and his team is a strong believer of decentralization and are continuously working towards it. They believe that the user should have complete control of their money. Ethereum also helps the entrepreneur in team building where the shareholders will have the democratic right to vote to build the company. The shareholders will get automatically updated with the latest updates based on the contracts.
Ethereum has also reduced the operation fees as they have eliminated any intermediaries which in turn has increased the speed and efficiency of the transaction. To know more click Ethereum Code.