Although Bitcoin brought the potential of blockchain technology to our radar, the network has expanded beyond one digital coin. Ethereum is gaining traction in popularity, having expanded Bitcoin’s vision of a decentralized payment system.
As a cryptocurrency, Ethereum is being used today in many different ways, including those you never considered possible. But the blockchain’s immutability and transparency make it an ideal network for applications and products that need an open network to run, beyond just making payments.
Let’s break down the different unconventional uses of the diverse Ethereum blockchain.
Creation of a Digital Identification System
Our means of identification has always been through passports are made of paper and that we must carry everywhere. This identification has persisted mostly because the government couldn’t check the authenticity of online documents, but that has changed. One of the significant use cases of the Ethereum blockchain is that it enables a transparent verification of data. Companies can use it to create digital identification systems – which many have begun already.
Casinos and Sports Betting
Recently, we have seen the adoption of digital currencies in casinos and sports betting. Unlike before, users can now gamble and place bets at sites included in the ultimate guide to ETH casinos and sportsbooks using cryptocurrencies like Ethereum alongside the fiat currencies they are used to.
Many casinos and sports betting websites allow users to credit their gaming accounts with Ethereum, so it’s vital to do the research before starting to play.
In the Healthcare System
Ethereum blockchain facilitates an easy and convenient way of storing, accessing, and sharing patients’ records in the healthcare industry. There are many reasons why this is a good thing, including the ease of preventing viral outbreaks – or treating them. A crypto network makes things easier for patients in that they can now travel without worrying about missing checkups.
For example, you can visit your doctor back home in Hawaii and still go for a checkup when you travel to Thailand. What’s more? Both doctors will have the same information about your medical history. The Ethereum blockchain brought about digital wearables such as smartwatches that store your health information. You probably didn’t know, but this information is automatically shared with every hospital in the world – thanks to Ethereum.
More Secure Payment Systems
Ethereum holds the promise of changing transactions forever through smart contracts. Smart contracts enable the risk-free exchange of anything of value and this transaction is recorded in unbreachable computer code. For example, rather than buying a photo from Shutterstock, you buy directly from the photographer. Ethereum features an IFTTT (If This, Then That) logic that allows you to initiate a contract with the photographer.
Decentralized Finance (DeFi)
Decentralized Finance, also known as DeFi, is one of the use cases of Ethereum, encompassing decentralized exchanges and smart-contract-powered loans among others. DeFi platforms are creating new financial products through the reinvention of traditional products and services and the implementation of decentralized resistant features. A good example is the peer-to-peer offer on DeFi platforms, stablecoins and other features, giving crypto enthusiasts passive earning opportunities.
Tokenization of Real-World Assets
Ethereum is one of the networks enabling the security token market to become a multi-trillion opportunity. Security tokens are basically blockchain-based representations of real-world assets that issuers can transfer and transact more easily than with paper-based contracts. PolyMath, among other projects, is responsible for asset tokenization, being one of the powerful use cases of the Ethereum blockchain.
Voting systems are beginning to adopt Ethereum to ensure a fair and transparent election process and eliminate voting malpractices. We all know that the democracy story politicians sell us is not entirely true; poll results are often altered. With Ethereum, it is physically impossible to alter voting records since the results are publicly available and nobody has complete authority. With the Ethereum blockchain, democracy will not exist in name only; every citizen will see its manifestation.
Ethereum is a flexible and robust network of choice for innovation, enabling the emergence of new applications. The future of Ethereum in the cryptocurrency world looks brighter than ever with its many exceptional use cases, from DeFi to healthcare applications.