But, Ethereum is really a platform. Ether is the cryptocurrency that powers it. Ethereum has a lot of other applications than being a cryptocoin. It derives its utility from the technology and its versatility.
Ethereum is a big platform that can be used to create decentralized applications. In the world of Ethereum, they are called DAPPS, short for “Decentralized APPS”. There are many developers that are trying to build something amazing on this platform. Investors can see the ball rolling and they are putting in the money to keep it rolling faster.
So, what are these applications that have the power to transform the world?
Blockchain in Healthcare
Any technology that has the potential to improve the existing healthcare system is always welcome because it is such a basic need. Any small improvement in this domain impacts every person on the planet. So, it is a pretty big deal. Ethereum has the potential to become that next big thing in healthcare.
Imagine that there is a traveler from the US in Germany. His luggage is stolen and so are his medicines. He needs a prescription refill. But, that cannot happen till the local doctor gives him a prescription. But, the new doctor may not be aware of all the conditions the patient is suffering from.
So, how will he give a safe prescription? Such predicaments can be completely resolved when the Ethereum platform is used to store patient data. Hospitals will be able to save their patient records and share it will the world.
So, the traveler can go into any hospital in the world, and the doctor will be well aware of all the conditions he is suffering from. This way the patients do not have to carry their medical records or their medications around. They know that no matter where they are, they will be able to get medical attention, and that too swiftly.
It is not just the convenience that this technology can help with. Smart wearable devices can be used to store live data from people. In such a case, the technology will be able to predict any medical condition that you may be primed for. All of that can happen by studying the patterns. That is a huge leap.
This kind of data sharing will make it for researchers to identify disease patterns, invent vaccines, control epidemics, and help to take the medical science to the next level.
Blockchain In Global Transactions
People have already seen the power of cryptocurrency as an investment. But, it is not just some gold bar that people should invest in. The underlying technology makes it a potent way make transactions of all kinds. If you have ever looked into Ethereum, you would have come across a recurring term called “smart contracts”. These smart contracts are self-executing contracts that are going to transform the world of business.
A smart contract is paperless. The terms of the contract are not written in ink on paper, but in computer code. They make businesses completely risk-free. How? Let’s say there is a new artist you find on the internet. You have a project worth hundreds and thousands of dollars.
But, you will hesitate to send any kind of money because you do not know if the artist is trustworthy or if he will be able to deliver what he promises. So, you instead go to an agent and ask for some recommendations. A third party agent is more reliable. Smart contracts do not require a third party. So, with a smart contract, you can buy the work of the artist directly from him. You save on all the transaction cost.
Now, imagine such contracts being executed in different businesses. This will simplify real estate. It will ease international transactions. People can do business with people across the globe without fearing scammers. Once there is a smart contract drawn up, there is no reason to worry. It will be executed.
Blockchain In Data Storage
Dropbox, Google, Microsoft and other big tech companies have server farms that keep all the data their users save with these services. A server farm is just a huge establishment where hundreds of servers work together and save information.
So, all the user information is stored in these server forms across the globe. That is a huge amount of information concentrated in one place. First of all, there is the fear of hackers. They can hack into these servers and steal all this information.
This can be bank data, investment portfolios, photographs, or any other personal information. Hackers can be caught and software patches may be created to make the hackers stay away. But, what can these companies do about natural disasters and man-made attacks? No amount of software patches can stop that or retrieve the lost information.
The point is that in the world of computers, keeping information geographically in one place is not a good idea. Ethereum platform can help here too.
Ethereum does not require server farms or any one location to save this information. The stored information is shared among thousands of data centers. There is a blockchain network and the information is stored across that network.
What’s more? This information is cryptographically encrypted. This provides an extra layer of security and keeps the hackers out. It is almost impossible for hackers to get in because any change in the code in one location will raise a red flag. Thus, the data is not only safer, it can also be transferred around quickly.
Blockchain In the Election Process
Ethereum can ease out the democratic process? Sure. An election can change the course a country takes. If it is the election in a powerful nation like the US, UK, or Russia, it can very well change the course of history. So, how the election process is carried out is critical for everyone.
The anonymity of the voters, the anonymity of the votes cast, and other factors have to be taken care of. After the recent elections in the US, many believed that the votes were tampered. There were widespread protests against the newly elected President. While no hard facts have come out in support of this conjecture, it does tell us that vote tampering is an issue.
Similar allegations surface every single time elections occur in any of the large democracies. It is not that difficult to understand. When such a large exercise takes place, there are bound to be some loose ends. These are the loose ends that hackers take advantage of.
They get into the system and make the changes as they please. There are mechanisms to keep the system safe, of course. But, they are not a 100% efficient. With Ethereum, all of it could be solved. That is the potential that the blockchain technology is showing right now.
With this platform, the information is distributed across the network. So, it is impossible to change any kind of data once it has been entered. There are copies of the same data distributed across the network. There is no one server where the hackers can get inside and play as they please. This leaves no room for fraudsters to get in. Any and every change is visible to all systems connected to the network.
It means that for a change to go unnoticed, a hacker will have to change the same information in all the systems connected to the network. It is not possible for anyone. This way, once a vote is cast, it is not open for any kind of alteration. This means fair and transparent elections every single time. Ethereum can change the course of history, if it is used the right way.