Founded by Vitalik Buterin, Ethereum is a decentralised platform that runs smart contracts. These are applications that run entirely as programmed without any risk of censorship, downtime, fraud or third-party interference.
The applications run using a custom-built Ethereum blockchain. A blockchain is an incredibly powerful shared global infrastructure, able to move value around and represent the ownership of property.
Ethereum is well-known for being one of the biggest cryptocurrency assets on the market and for having a substantial amount of crowdfunded money.
Let’s take a look at some of the ways Ethereum blockchain technology could hugely benefit your business.
What is blockchain?
Blockchain represents some of the best technology that has ever been developed, named ‘blockchain’ because it is made up of several transaction groups called ‘block’. ‘Blockchain’ is the result of the linear sequence that these blocks form. All blocks are cryptographically linked to one another in a highly secure way.
What is Ethereum blockchain technology?
If Ethereum blockchain technology is used, parties involved in transactions can use smart contracts to encase all the rules of the transactions. After the execution of the transactions or agreements, the smart contract then initiates compliance checks based on the rules encased within the smart contract.
Ethereum and digital money
The founder of Ethereum designed the platform to enable anyone in the world to encode secure smart contracts. An Ethereum smart contract is initiated by making a payment in Ether, which is the cryptocurrency of Ethereum. To explain this digital concept, it’s a bit like putting cash into a vending machine. You put coins into the machine and the technology inside the machine stores it safely.
Businesses can use Ethereum as a platform to develop decentralised applications, which allows you to run experiments by yourself. No matter who you are, you can execute smart contract codes for whatever you want to agree upon. Ethereum blockchain has provided a lot of global industries with better blockchain solutions. In particular, banks and governments are becoming increasingly interested in investing in blockchain technology.
Benefits to your customers
When drawing up paper contracts, the process can often take weeks or months. If you’re conducting global business, this can also mean that you need to journey to a different country for them to consider your contract. Smart contracts provide an excellent alternative to this process. They automate transactions and agreements, and they can be of great use to your company. Blockchain development is being encouraged across the globe for increased convenience and time-saving.
Blockchain technology is designed to automate transactions, while making them safe and secure for all parties involved. You can also configure the platform to execute at any time you like, which is an attractive element to partners and customers.
Taking the time to research cryptocurrency, Ethereum and Ethereum blockchain technology can be hugely valuable to your business.
It’s important to remain aware of cryptocurrency trends and how they could benefit your company and its processes. Luckily, by following the most recent Ethereum price news at BTCNN or a similarly renowned news source, you can help to ensure exactly that.