Ethereum and its many uses explained

Ethereum is one of the most popular cryptos on the market. Since its initial release back in 2015, Ether has become the most successful and influential altcoin out there, with many traders including it in their portfolios. The platform, known as Ethereum, although this name is also habitually used to designate the coin itself, runs on a blockchain system. This decentralized network allows open applications and features. And while Ether is the most important coin on the platform, there are many others as well.

Ethereum has many advantages for traders, including its transparency and resistance to forms of censorship. The blockchain itself is the perfect place to conduct decentralized finance services or create decentralized apps. And while there are still some issues stemming from scalability and potential security issues (crypto wallets are some of the favorite targets of hackers, so you must be sure to keep your passwords and codes safe and secure), investors are still drawn in by crypto in general, and Ethereum in particular.

But what are some of the ways in which you can actually use Ethereum? While not yet on the same level as fiat money, cyber coins have been enjoying an increased number of uses due to their adoption by more and more mainstream mediums. Let’s explore some of them.

Decentralized finance 

Known colloquially as DeFi, decentralized finance is set to change the world as we know it. These processes include smart contract-powered loans, exchanges and minting stablecoins. The most promising aspect lies in the fact that DeFi eliminates the need for an entity mediating between the two parties involved in a transaction. As a result, there are also no additional fees that banks and other companies use for their services. Within decentralized finance, every venture follows the peer-to-peer model.

There are many advantages, the main of which is heightened accessibility. Anyone with an internet connection can go on a DeFi platform and commence a transaction. There are no geographic restrictions, and everything happens much quicker than in the case of traditional undertakings. You can also negotiate interest rates when you lend money via a decentralized network. There’s also a significant deal of security and transparency you benefit from, much like in the case of other blockchain tasks. Records of completed transactions are available for anyone to review, but your identification credentials remain secure and encrypted. Blockchains are also immutable entities, so nothing can be changed or altered after completion.

Retail payments 

Many businesses and vendors have begun accepting crypto alongside cash and credit. Currently, most sellers only allow it for online shopping payments. It makes sense, considering how cryptocurrencies are fully tech-based. Nevertheless, there’s also been an increasing number of stores that have begun allowing digital money payments in brick-and-mortar locations. You can also convert your crypto into fiat money and pay for your shopping that way.

However, it is safer to check the current Ethereum price before placing your order if you’re looking to purchase more things at once. While ETH sees fewer price variations, which tend to be milder, you must still check before spending a lot. Being on the safe side of things can help you avoid feeling like you’ve squandered your Ethereum. If you check after a while and notice that the values have changed to figures, that would have been much more beneficial for your wallet.

Tokenizing 

If you’re a trader, your portfolio should contain various assets. It’s the best way to safeguard your holdings and savings against crashes, market or bank failures and inflationary events. But is there a way to combine real-world assets with technological developments at the base of crypto processes? The answer is tokenizing. Expected to be a multi-trillion opportunity, this method is estimated to become all the more relevant for the market. The Ethereum blockchain is very likely to be one of the platforms that will enable this process, at the forefront of the development, given their already trailblazing activities in the fields of decentralization.

In essence, this process refers to creating a blockchain-based representation of a real-world asset. The holdings could be in any branch, whether real estate, precious metals, stocks or bonds. The process ensures that issuers have the possibility to transfer and transact easier and faster than if there was a contractual representation.

Healthcare 

The applications of blockchain technology in the healthcare sector are still at the theoretical stage, but they’re expected to find practical applications sooner rather than later. For starters, all hospitals and clinics worldwide will be able to store and access patients’ records more efficiently. Data breaches are likely to become less of an issue, and leaks won’t be as common as they are now. It will also help with the distribution of medicine, particularly vaccinations, and can also help prevent viral outbreaks.

Suppose you’re traveling to a country far away from yours, on another continent. If you become ill on your trip and have to see a doctor, your information will be recorded on-site. However, your general practitioner will also be able to access it upon your return; as such, it all adds to your medical history. From then onwards, your physician will be able to make better-informed decisions and not prescribe you any medication that’ll interact with anything you’ve been advised to take while on holiday.

There’s also a case to be made for faster, more accurate diagnosis. Although the medical field has developed immensely over the past few years, there are still instances of malpractice. Picture a wearables-like device that can record your data daily and share it with your doctor. In medical emergencies such as heart attacks, the tell-tale signs can show up days or weeks before they strike. Medical practitioners would notice that and take the necessary steps to prevent it from happening.

When you put it into perspective, blockchain technology and Ethereum have one of the widest ranges of applications for anything ever created, coming second only to the internet itself. From paying for your shopping to potentially saving lives, there’s nothing it can’t do if technology and society allow it.