ETHEREUM BLOCKCHAIN AND ITS USE CASES - WHAT CAN I DO WITH ETHEREUM BLOCKCHAIN?

Bitcoin came into existence as a blockchain around 2009, and something that started as or looked like a joke has gone on to be something that individuals and businesses are beginning to embrace with more understanding of its benefits. If we can remember that in 2008 we had a global financial crisis due to the housing bubble burst in the US, this affected billions of innocent people around the world financially, and the people who caused this financial crisis were bailed out in return for their mess.

Ethereum technology is a decentralized blockchain platform that runs smart contracts came into existence around 2014, and this led to a sharp rise in the value of cryptocurrency around the globe. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference, and Ethereum made smart contracts very popular at its inception back then.

Ethereum can be used to create Decentralized Autonomous Organizations (DAO). DAO is fully autonomous, decentralized organization with no single leader. It's an organization that exists on the blockchain and acts through rules encoded in its software.

Financial Services

Payments are one of the most obvious use cases for blockchain technology. The Ethereum network has been used to create decentralized payment systems, such as Request Network, which allow users to send money directly from one person to another without needing an intermediary like PayPal or Venmo. These platforms such as Chipper Cash of Africa offer lower fees than traditional payment processors because they don't have any centralized servers or middlemen taking a cut of each transaction.

They also allow you to track your funds all the way back through their network so that you can see exactly where your money is coming from and going at any given time. As these services grow more popular among consumers who want more transparency in their financial transactions, we'll likely see more companies adopt this model in order keep up with customer demand or risk losing market share.

Supply Chain Management

Supply chain management actively streamlines a company’s supply-side operations from planning to after-sales services to enhance customer satisfaction.

Supply Chain Management (SCM) refers to controlling the entire production flow, from acquiring raw materials to delivering the final product/service at the destination. In addition, it handles the movement of materials, information and finances associated with a good or service.

Even though the supply chain and logistics are sometimes confused, logistics is actually only one part of the supply chain. Traditional supply chain management systems involve steps like planning, sourcing, manufacturing, delivering and after-sales service to control the supply chain centrally. However, with platforms such as VeChain, Provenance and more bringing on blockchain capabilities, things have only gotten better for SCM. 

There are other ways Ethereum can help with supply chain management as well: smart contracts allow buyers and sellers to agree on terms before making payments or shipping goods; this means there's less chance that either party will cheat because both sides have agreed on everything up front. Other key applications of blockchain within SCM include:

• Compliance
• Food Safety
• Sustainable Sourcing
• Inventory Management
• Paperwork Reduction
• Product Authentication
• Quality Control
• And so on.

Government and Governance

There are a number of use cases for Ethereum in government and governance. One of the most obvious is digital voting, which allows voters to cast their ballots online instead of at polling stations. The blockchain can be used to ensure that each vote is counted correctly and can't be tampered with by anyone but the voter themselves.

Another exciting use case for Ethereum is decentralized autonomous organizations (DAOs). These are organizations run by smart contracts on the blockchain, rather than humans in an office somewhere. This has huge potential for improving efficiency and transparency in government agencies around the world, as well as helping them make better decisions about how much money should go where based on real-time data from citizens instead of just estimates from bureaucrats who may not always know what's best for everyone else.

Another exciting potential use case for Ethereum would allow regulatory compliance officers at banks or other financial institutions access real-time information about transactions happening across multiple blockchains and even between blockchains, so they can monitor activity more closely than ever before without having access to certain parts of those networks themselves. This is important for the Financial Intelligence arm of the government.

Healthcare

Blockchain is an emerging technology being applied for creating innovative solutions in various sectors, including healthcare. A Blockchain network is used in the healthcare system to preserve and exchange patient data through hospitals, diagnostic laboratories, pharmacy firms, and physicians.

Blockchain applications can accurately identify severe mistakes and even dangerous ones in the medical field. Thus, it can improve the performance, security, and transparency of sharing medical data in the health care system. This technology is helpful to medical institutions to gain insight and enhance the analysis of medical records.

It can help avoid the fear of data manipulation in healthcare and supports a unique data storage pattern at the highest level of security. It provides versatility, interconnection, accountability, and authentication for data access. For different purposes, health records must be kept safe and confidential. Blockchain helps for the decentralised protection of data in healthcare and avoids specific threats.

Retail and Ecommerce

One of the most obvious use cases for blockchain technology is retail and ecommerce. Blockchain can be used to process payments, manage loyalty programs, and create digital wallets.

Payment processing: With the rise of cryptocurrencies like Bitcoin and Ethereum, it's no surprise that many retailers are looking into how they can accept these forms of payment at their stores. One company called BitPay has partnered with many major brands including Microsoft and Amazon to help them accept cryptocurrency as a form of payment.

Loyalty Programs: Loyalty programs have been around since before the internet - but they haven't changed much since then (except maybe getting more complicated). Blockchain could offer an improved way for businesses to create better customer experiences through loyalty programs by offering rewards based on individual behavior or preferences rather than just spending habits alone

Real Estate

Property Listings

Ethereum can be used to list properties and provide transparency to the real estate industry. Smart contracts can be used to store information about properties, such as price, location, amenities and other details that are important when buying or selling a property. This will allow buyers and sellers alike access to this information without having to rely on third parties like agents or brokers who may have their own agendas in mind.

Tokenized Assets

Ethereum also allows for tokenization of assets such as gold bars or diamonds which would then be stored in an Ethereum wallet address where only authorized persons can access them through private keys similar to how you would access your bank account. This provides security against theft since no one else has access unless they know your private key. Even if someone did steal these tokens from you it would be hard to  use them because they're useless unless someone knows how much money is stored within each tokenized asset's wallet address.

Energy Management

The energy sector is one of the most important industries to be disrupted by blockchain technology. The smart grid industry alone is expected to reach $50 billion by 2024 according to Fortune Business Insights, and this figure doesn't include other areas like renewable energy and power trading.

Smart Grids are networks that allow consumers and producers alike access information about their energy consumption in real time. This allows them to make smarter decisions about their power needs, which can then be used as input data for algorithms that optimize production or consumption. As a result, we can expect a more efficient use of resources while reducing costs for both producers and consumers alike and all without compromising security.

Insurance

One of the most promising uses for Ethereum is in the insurance industry. The blockchain can automate claims processing and data verification, reducing costs for both companies and customers. It also allows for better risk management by providing an immutable record of all transactions that have taken place on the network. This makes it easier for insurers to verify clients’ claims about their past history and current situation, something that is particularly vital and necessary when assessing high-risk individuals or groups like drivers who have been involved in accidents or criminal activity.

Closing

In this blog, we have explored some of the use cases of Ethereum. You should now be able to understand how Ethereum can be used for various purposes and why it is so popular in the current world we live in.

More and more governments and corporate execs are realizing the much-needed solutions that blockchain and particularly Ethereum can bring to their organizational settings, with advantages that cannot be ignored any further.

Gerald Munduga

bladuneet@gmail.com

(The writer is a Communications and Media Blogger)