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Ethereum Use Case

What Are The Applications And Use Cases Of Blockchains?

What Are The Applications And Use Cases Of Blockchains?

What Are the Applications and Use Cases of Blockchains? Blockchain technology is a revolution in systems of record. Bitcoin is historys first permanent, decentralized, global, trustless ledger of records. Since its invention, entrepreneurs in industries around the world have come to understand the implications of this development. The nature of blockchain technology has got imaginations running wild, because the idea can now be applied to any need for a trustworthy record. It is also putting the full power of cryptography in the hands of individuals, stoppingdigital relationships from requiring a transaction authority for what are considered pull transactions. For sure, there is also a lot of hype. This hype is perhaps the result of how easy it is to dream up a high-level use case for the application of blockchain technology. It has been described as magic beans by several of the industrys brightest minds. There is more on how to test whether blockchain technology is appropriate for a use case or not in ourguide "Why Use a Blockchain?" . For now, we turn to a discussion of the development of blockchain technology for how it could be useful. Cryptographic keys in the hands of individuals allow for new ownership rights and a basis to form interesting digital relationships. As weve discussed in our guides "What is Blockchain Technology?" , "How Does Blockchain Technology Work?" and "What Can a Blockchain Do?" , blockchains provide an opportunity to establish a strong system for digital identity. Because it is not based on accounts and permissions associated with accounts, because it is a push transaction, and because ownership of private keys is ownership of the digital asset, this places a new and secure way to manage identity in the digital world that avoids exposing us Continue reading >>

A Current List Of Use Cases Forethereum

A Current List Of Use Cases Forethereum

The last time Hackerfall tried to access this page, it returned a not found error. A cached version of the page is below, or click here to continue anyway A Current List of Use Cases for Ethereum Around The Block Medium People often ask me, What is Ethereum used for? What does it do? Even for those who understand blockchains , Ethereum , and smart contracts , pointing to specific use cases can sometimes be surprisingly difficult. So lets explore. The purpose of this guide is to act as a reference point for new members of the community who can sometimes become overwhelmed by the current disorganized nature of news flow. The themes in the following apps are trust minimization/elimination, diversity, and disruption. As you read, keep in mind how transaction fees for reputation/trust are removed by simply cutting out the middleman entirely, and how established business models across a wide variety of industries are threatened. Keep in mind, however, many of these apps are incredibly early stage, and its hard to know which ones will take off and which ones will fail. The primary use case of Bitcoin also applies to the Ethereum network. There is much debate about Ether being used as a currency or store of value, but for the time being, Ether can be and is actively being used to transfer value. Payments are validated by a network of nodes/miners and logged onto the immutable ledger, just like the Bitcoin blockchain. The team at Digix has engineered a method for anyone to buy gold in tokenized form on the Ethereum blockchain. Ask yourself, how easily (and inexpensively) can you buy, say, $500 worth of gold right now? With Digix, you can convert your fiat (or Ether) immediately into gold tokens that are cryptographically linked to and backed by the Singaporean gold vault. At an Continue reading >>

I Was Wrong About Ethereum Because Its Such A Good Store Of Value No Wait, Let Me Tryagain.

I Was Wrong About Ethereum Because Its Such A Good Store Of Value No Wait, Let Me Tryagain.

Crypto OG. Talks about Bitcoin and sometimes other cryptocurrencies. I was wrong about Ethereum because its such a good store of value no wait, let me tryagain. I was wrong about Ethereum because its such a decentra nope. I was wrong about Ethereum because everyone is using it as a supercomputer No. I do admit I didnt see this Ethereum bubblecoming But, then again I wrongly assumed that no startup would need or even dare to ask $50 million in funding. I also wrongly assumed that people would use common sense and that leading developers would speak out against this sort of practice. Quite the opposite it seems. Ethereums sole use case at the moment is ICOs and token creation. Greed from speculators, investors and developers. So lets think for a minute and think what determines the price? Supply + demand. Pretty straightforward. The tokens that are available on the market, right? But with every ICO there are more tokens that are being locked up. Obviously the projects will liquidate some, to get fiat to pay for development of their project, but they also see the rising price of Ethereum. So at that point greed takes over and they think, totally understandable, We should probably just cash out what we really need and keep the rest in ETH, thats only going up anyway it seems. And obviously there are new coins being mined, but if you look at the amount of ETH these ICOs raise, at this point, its just a drop in a bucket. You have the normal investors (who are already very late to the game at this point as usual), but the buy pressure that these ICOs are creating is crazy and scary. Take TenX for example, its an upcoming ICO at the end of the month. The cap is 200,000 ETH (at current ETH price of $370) thats $74,000,000 for a startup. Heres the best part: its only 51% of the Continue reading >>

Ethereum Use Cases

Ethereum Use Cases

Directory of Practical Applications of the Ethereum Blockchain with Definitions Ethereum is all about its use cases. They are what defines its utility. Sure its a great crypto currency and you can make money mining Eth, but the real advantage is in the many different applications it has. As it evolves, it is positioned to make some real changes in the way people interact in the future. But when I started digging into this I found detailed descriptions few and far between. This website will look in some detail at various use cases or applications of the Ethereum Blockchain technology. It will describe the technology without expecting the reader to already understand Ethereum and the diction of distributed applications. I describe things from a users perspective. So to a user, a miner is just part of the utility of the blockchain. A trader is immaterial to the operation of the smart contracts, so I will not touch on either of these aspects even though they are a big part of Ethereum. Comments are welcome as are corrections. I hope you enjoy reading this as much as I am enjoying developing it.This website has no formal association with Ethereum, or The Ethereum Foundation application , practical application , use case Grid+ is a powerful application that can be marketed to standard consumers, save them significant money without any knowledge of blockchain. The premise is very attractive. Plug in a device, give it credits and it will reduce your electrical bill for you. It introduces a household appliance that trades on the blockchain on your behalf, our first IOT device! It is also the first application detailed on this website with a snappy video introducing their product. For some of us, buying electricity is simple, one price day or night, pay for what you use. But if Continue reading >>

Use Cases Of Ethereum In Different Sectors 2016

Use Cases Of Ethereum In Different Sectors 2016

Use Cases Of Ethereum In Different Sectors 2016 A recap of Ethereum-based projects in different industries that are showing the most growth. 2016 has been a productive year for blockchain technology research as a whole. Increased interest in blockchain tech has kick-started a number of blockchain applications in industries worldwide. A recent market research report estimates the global blockchain tech market will grow from USD 210.2 million in 2016 to USD 2.3 billion by 2021. This is a Compound Annual Growth Rate (CAGR) of 61.5 percent. This is phenomenal growth for a five year period - especially for a technology thats still in its infancy. However, it isnt just the blockchain thats turning heads. Smart contracts are a supplement to the Ethereum technology that could potentially breed further innovation. These smart contracts automate many tasks that would otherwise require multiple intermediaries. This allows for less oversight and trust agents. The smart contract technology has made Ethereum an innovative platform that can revolutionize varying industries. Ether, the currency fueling Ethereums functions, currently rests as the second most valuable cryptocurrency, with a market capitalization of (at the time of this writing) $726,860,876 . Yet, the question remains: What new ideas will swing Ethereum into mainstream use? Financial Services and Prediction Markets The financial services sector is expected to expand rapidly. Platforms like Branche plan to disrupt the financial service industry by offering Ethereum-based blockchain solutions to basic financial services like Microcredit and check cashing. Additionally, investors have the option to use ICONOMI , a decentralized platform that seeks to provide investors with financial instruments that will return high profit Continue reading >>

The Definitive Bull Case For Ethereum

The Definitive Bull Case For Ethereum

What makes Ether valuable? Did we spend our money on magical internet numbers, or is Ether more than just a digital tulip? The value proposition for Ether is not easy to grasp, especially for a layman. Not only does one need to understand how Ethereums blockchain and smart contracts system works, you would also need to understand how Ether is valuable in such a system. At a $30 billion market cap, which is roughly $300 per Ether, Ive put a lot of thought into whether this hefty price tag makes sense. Heres why I think Ether is valuable, and why it continues to have tremendous upside. Im going to elaborate this in a future blog post, but I highly doubt any public, limited supply, cryptocurrency will ever be a successful currency. Such a cryptocurrency will be inherently volatile and deflationary. This makes it highly inconvenient as a medium of exchange. Why would a merchant accept your 1 Ether for his/her Xbox, if that 1 Ether could depreciate and be worth half an Xbox the moment the goods exchange hands? Conversely, why would you give your 1 Ether to the merchant for his/her Xbox, if that 1 Ether could appreciate and be worth 2 Xboxs the moment the goods exchange hands? In both cases, the volatility of Ether caused one party to lose out. This uncertainty discourages either party from committing to a transaction. Given that a healthy and growing economy needs a high money velocity, this is terrible. So if cryptocurrencies cannot serve as successful currencies, what are they useful for? The first thing that comes to mind is an alternative to gold. However, we have to keep in mind that gold took milleniums to be ingrained in the human mind as a fundamental store of value. For people to start valuing an ephermeral digital currency the some way we already value gold takes Continue reading >>

These Are 8 Real World Uses For Ethereum

These Are 8 Real World Uses For Ethereum

You are at: Home Knowledge These are 8 real world uses for Ethereum Lets talk today about some real-life applications of ethereum. First of all, Ethereum is a huge platform that is used to build decentralizedservices, also called dapps (decentralized apps).However, just like a large container ship or an airplane, Ethereum also needs fuel to work. This fueliscalled Ether and is traded publicly on several cryptocurrency exchanges. So,very important, Ethereum is NOT the same as Ether.We wrote a very detailed post about that topic some while ago, just click here if you want toknow more. Anyways, now that you know that Ethereum is not the same as Ether,lets talk about what it can be used for. As mentioned before, Ethereum is a huge network. This network is formed of thousands of computers all around the world. This is also called a decentralized network. The main benefit of this is that the computers that form it cannot be shut down, or controlled, by a single entity. And well, a secure and decentralized network has unlimited applications. Ethereum will completely revolutionize the health-care system. All hospitals around the world can store, access and sharetheir patients records. This isa key factor in developing new vaccines for viral outbreaks, or even preventing them in the first hand. You can go toa doctor in Thailand for a check up when you are on holidays and to ahospital in New York when you are back home again, and both will have the same information about you. But thats not all. Remember the whole wearables craze a couple years ago? Well, like it or not, those devices are here to stay. Now imagine that the data your smart watch records every day are automatically shared with every hospital in the world. This way, patterns could be found in medical conditions like Continue reading >>

What Are Ethereum's Real-world Use Cases?

What Are Ethereum's Real-world Use Cases?

What are Ethereum's real-world use cases? So Ethereum has a plethora of real-world use cases! Anything that can benefit from trustless interactions is a good place to start. So specifically from an organisational perspective: If you'd like to have a look at some companies already building on top of Ethereum, check out: Airlock - a IoT (Internet of Things) company implementing a decentralised generalist locking system. CubeSpawn - a FMS (flexible manufacturing system) offering big factory automation to small shops. Crypto Swartz - A tag-based backend reputation system for online content. Also IBM/Samsung's Adept (Internet of Things) is a fork of an early Ethereum Proof of Concept release. Is this answer still relevant and up to date? Heres an example within the insurance industry: Blockchain will change Insurance as we know it, the administrative burdens that the insurance industry has to deal with is both unproductive and uneconomical for both the insured and the insurer. Blockchain will drastically improve the efficiency and reliability of contract and service within the Insurance industry. Whether a person or a business, Insurers are required to verify the identity of those seeking insurance. This is to comply with anti-money laundering acts, regulatory acts and internal procedures to ensure that the person / business has an insurable interest. By using blockchain technology, an insurance company can verify the legal existence of a company via a smart contract that can be coded to search government official websites such as Companies House, which is the UK company registry. This can be instantly done on a global scale, and reduces this administrative task that humans currently do. This contract can also monitor these companies and automatically update their registere Continue reading >>

Real World Use Cases For Ethereum

Real World Use Cases For Ethereum

In addition to being a great investment coin, Ethereum is a platform that enables what has come to be known as web 3.0. Web 2.0 (the internet as we know it) is basedoncentralized servers; to have access to the internet and most of the services therein, we have to rely on third-party servers. These servers charge us fees and collect our data (often against our will). With Ethereum, there are no centralized servers. Instead, Ethereum runs on blockchain technology, a kind of distributed ledger technology that is upheld by a network of thousands of different computers, called nodes. In exchange for performing the duties that secure the network and verify the transactions that take place on it, the nodes receive rewards in the form of ETH tokens. Ethereum was the first cryptocurrency that was built to function primarily as a settlement layer. This means that it was designed as a platform for other things to be developed on. In contrast, Bitcoin was designed initiallyto transact as a form of digital cash (though,over time, Bitcoin has become more of a settlement layer itself). One aspect of Ethereums suitability as a settlement layer is its capability for creating and executing smart contracts . What are Smart Contracts? How Ethereum Works Ethereums smart contracts have been famously explained by Nick Szabo as being similar to a vending machine. When you use a vending machine, you put money in, press a button, and receive your candy. Its all automated; there is no third-party that needs to come and make sure that you inserted your coin or unlock the door to give the candy to you. Smart contracts operate similarly, except they usually have nothing to do with candy; rather, they can be applied to tons of different scenarios across different industries. Smart contracts take the Continue reading >>

Bitcoin Vs Ether Vs Litecoin Vs Ripple: Differences Between Cryptocurrencies

Bitcoin Vs Ether Vs Litecoin Vs Ripple: Differences Between Cryptocurrencies

By now, you've no doubt heard about the massive bitcoin rally this year . And you may also have read about other cryptocurrencies, such as litecoin and Ethereum , surging too. But there are over 1,300 cryptocurrencies in existence. And while bitcoin dominates the market, several other digital currencies are making waves. CNBC has created a brief guide on how the top five cryptocurrencies by market capitalization, or value in the world, have performed so far this year, and what the differences are between each of them. All market cap and year-to-date rise figures are accurate as of December 14. But because of the frenzy around bitcoin, transaction times have spiked, which could go against the original aims of the cryptocurrency. While Nakamoto referred to bitcoin as electronic cash, many experts have called it "digital gold" and said it could be a long-term store of value. At the moment, some retailers in Japan have begun accepting bitcoin as payment and there are even instances of real estate firms accepting it too . But there is little evidence of widespread use of bitcoin for payments. Ethereum is the name of a blockchain company that has created the digital token ether. But Ethereum and ether are now used interchangeably to refer to the cryptocurrency. Ether is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Take a trade finance deal, for example. This relies on each party in the deal having a paper or digital copy of the contract and needing to update it individually. It's arduous and prone to error. But a smart contract is one that is written in code into a blockchain. Once the terms of the contract are met by each party, a deal will be executed. Many major organizations are exp Continue reading >>

Popular Use Cases Of Blockchain Technology You Need Toknow

Popular Use Cases Of Blockchain Technology You Need Toknow

Popular Use Cases of Blockchain Technology You Need toKnow I am the Blockchain! I am invincible because I replicate myself on multiple computers. Yea like the Ultron. You cannot corrupt me. Though Bitcoin and Ethereum were my first applications. My true power is yet to be unleashed. Let me start with identity cards, badges, and things. Fancy designs can be replicated. You know about 3D printers right? How do you verify them? Some organisations provide online verification service. You can scan the card or punch in the number and verify if its authentic. But, this can be costly, you need to pay for the cloud. With Blockchain you dont have to build your own identity infrastructure, you can use Ethereums open Blockchain to store the identity details. Anyone who wants to verify just has to query the open Blockchain. Most of your ownership records are stored in paper ledgers. These can be tampered. The data on Blockchain cannot be altered. On a Blockchain there are two things. A block and a chain. At a very high level, it is just a chain of blocks. Since its inside computers, we can rule out the physical stuff. Here digital information is divided into blocks and linked together. For example consider the following blocks, each represent a country. Each of them contains the city names of the respective country. Wait, there is something more. Each of these blocks has something called a hash. A hash is a set of characters (eg. 1hi515AHA5H ). Hash is derived from the information contained in the block. The block of U.S.A has cities New York, Los Angeles, and Chicago. So the hash would be something like NYLAC (Technically thats not the case, but you get the idea). Every successive block will contain the previous blocks hash. This is what binds them together (The force). If someone Continue reading >>

Smart Contracts: Industry Examples And Use Cases For Business

Smart Contracts: Industry Examples And Use Cases For Business

In this article, you will learn how you can apply smart contracts and blockchain technology in your industry to secure and speed up your business operations. Well also consider the benefits of the Blockchain technology, give industry examples and review the use cases of smart contract development services. Modern technologies change our lives in many ways. Some of them provide us with new possibilities and allow to optimize the existing technological processes. Nowadays, no one is surprised by robotic assembly machines that can implement the routine operations and tasks in order to optimize production. One more interesting aspect of the cutting-edge technologies is the possibility to change the very concept of such fundamental parts of our lives as money and commodity-money relations. If you have not been in a state of informational deprivation through recent years, you probably heard about bitcoin. We wont bother you with reflections on pros and cons of this phenomenon. Mass media have already done it for us. Instead of that, well consider the blockchain technology, a shared public ledger on which the bitcoin network relies. It has many use cases. One of them, which will be also discussed, is a protocol that intended to simplify the process of the negotiation and performance of contracts called smart contract. Before answering the question how to use blockchain technology, lets check if it can represent any interest for those who dont even use bitcoins. Imagine that you want to send 100$ as payment for the provision of goods or services to a company from another country. You have to fill dozens of fields in a form. After that, a bank employee should transfer money from your account to another account in a bank for international transfers. Then, another bank employee c Continue reading >>

Ethereum - Wikipedia

Ethereum - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. [3] "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. [2] [4] Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. [5] The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. [6] This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). [7] [8] [9] Ethereum was initially described in a white paper by Vitalik Buterin , [10] a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>

Some Functions And Use Cases Ethereum

Some Functions And Use Cases Ethereum

Money that can be saved, maybe this is one of the appropriate term to describe what it was Ethereum. ETH which is essentially a computer code to make us able to do what can not be done by other money. Through Ethereum javascript programming language as an example of using Solidity, Serpent and Viper, then the user can make coding a program known as "smart contracts", where the ether that we fund, can operate automatically in accordance with what was programmed. One of the simplest examples is "Flightdelay", which is the usual site, will be but if combined with Metamask plugin, it will be transformed into smartcontract can access information in blockchain aircraft delays. What is unique about dealing with this is, it does not rely on a central server, so it does not need permission from anybody to operational. Apart from that, he can run fully automatically or exploit code to communicate directly into smart contractnya. Here all the code code is validated or executed by the thousands upon thousands of machines (the miner), making it almost impossible to be inviolable. At the same time as well, making it much more secure than a central database where one administrator can change the data at will. In this use case (Flightdelay), smart contract will gather data feeds from aircraft flight and based on a mathematical algorithm that has been set by the coders, so he can determine how much you will receive Ether (insurance) in case your flight is delayed or canceled. Again, it all takes place automatically, without the need for employees, administrators, and third parties do not need to register because the codes beroperasional own. Another use case blockhain Ethereum and smart contract is authentication. By way mark (tag) shoes (for example), or pulled-scan branded dress shir Continue reading >>

45 Blockchain Use Cases Andethereum

45 Blockchain Use Cases Andethereum

Founder @blocknubie Small in stature with Big Ideas The blockchain start-ups that have done ICOs are just at the beginning of something. Ask me how they are doing in a year or two years from now. I know for a fact it wont be any different from the statistics of all start-ups: 80% of them will not make it William Mougayar Blockchain is a nascent technology, ripe with ongoing innovations and the accelerated growth of new related-technologies continue to emerge. However we need to consider that the future of mainstream blockchain technology will rely on decreasing the startup failure rate and providing a protocol process to do so. With the emergence of Bitcoin and other blockchains, it became feasible to reconsider a solution realized in a decentralized manner, where one that does not require a central party trusted to keep all the data secure and accessible. The blockchain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties. The numerous benefits involved have already attracted the attention and hence, investments as well as many technological giants. Not only does the technology hold the ability to disrupt the way the financial sector often works but will also have ramifications on many other industries including consumer goods, technology, and media & telecom, among others. Negligible fees for transaction in blockchain distributed ledger applications, elimination of third parties in business deals, and less chances of fraud and identity theft are the key drivers for the growth of global blockchain distributed ledger market. Moreover, in Continue reading >>

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