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Regarded as the most significant event of this cycle, the “Merge”, which will mark the end of proof-of-work, is drawing a lot of attention and fostering discussions about the future of Ethereum. Patterns are helpful indicators of the future of ETH, yet much depends on what happens in the upcoming months, with completing the Ethereum 2.0 upgrade. ETH’s future is thus uncertain, and despite this, many individuals are turning up and asking questions about Ether, staking yields, technical specifications, and so on. While Bitcoin remains the preferred cryptocurrency, Ethereum’s new consensus mechanism and the scalability that follows catch the interest of entrepreneurs, who can benefit from its disruptive potential.
Using Ethereum, enterprises can future-proof their business networks, yet implementing blockchain technology requires careful planning and research to establish success in the long run. It is recommended to implement ETH in phases taking into account the current situation and the future plans of the enterprise. Innovative enterprises already make use of Ethereum technology, of which mention can be made of Amazon, JP Morgan, and Microsoft. Contrary to popular opinion, ETH is not just a system for exchanging tokens but a place where decentralized applications can be added. It is affordable, open, and very convenient.
What Can You Do with Ethereum? The Use Cases
It is unquestionable that enterprises have different needs from regular individuals as far as the peer-to-peer network is concerned. Business needs come down to cash flow, competitiveness, and market share, the drivers of change, and ETH is the most promising blockchain. The Ethereum blockchain is powered by its native token, Ether, which can be used for various things on the network, such as receiving funds in real-time. Crypto exchanges like Binance facilitate the process of buying and selling digital assets, offering many advantages over peer-to-peer trading. Crypto payments and low-fee crypto exchanges can be made outside the Binance ecosystem with the help of secured, prepaid codes.
Ethereum application use cases include:
Comply With Privacy Obligations
Many enterprises are gathering, exchanging, and making accessible sensitive data about customers, employees, and suppliers, which is why data security and privacy compliance have become a top consideration in the context of day-to-day operations. Proliferating breaches and the demand for better control of data is good enough reason to make the switch to the Ethereum network. Its decentralized architecture enables a better allocation of information, and it is not necessary to rely on a central entity to manage the system or mediate transactions. Enterprise applications can be built on the public permissionless Mainnet of Ethereum or private blockchains based on ETH.
In case you did not already know, the Mainnet is the blockchain where actual-value transactions take place, so when people and exchanges raise the issue of ETH prices, they are actually talking about the Mainnet ETH. Besides the Mainnet, there are test networks, private networks, and parallel networks. You can create a private network to store sensitive data, which should not be visible to people outside the enterprise. Only the nodes with the right permission will be accessible to the blockchain. Every ETH network with its connected nodes is private, yet private does not imply any protection or security; the network is simply reserved and isolated.
Raise A Good Amount of Money
Enterprises can raise money on the blockchain by selling a new cryptocurrency. Decentralized finance differs from traditional finance models in the sense that enterprises may offer Initial Coin Offerings (ICOs) to raise capital for a project by means of crowdfunding. After the price is set, it is up to the market to decide whether it will increase or decrease. The proprietary virtual currency comes in the form of tokens or coins that can be purchased by investors using another currency, for example, Ether. The prospect of the ICO being a financial success is not a guarantee, let alone the development of the value of the investment.
Tokenize Any Asset
Tokenized assets represent blockchain-based assets that have a value that is proportional to the value of the asset they serve as a foundation for, allowing for a secure and transparent transfer of ownership. Enterprises can tokenize various assets on the Ethereum network, including but not limited to real estate, rare art, and partnership shares. By doing so, they can offer fractions of assets to the public, expand their line of products, and unlock new incentive models. While there is no obstacle to tokenizing assets on the Ethereum blockchain, it is important to exercise caution. It is necessary to examine the attractiveness of the asset.
Asset tokenization is not a simple process, meaning that there are several regulatory guidelines to follow when it comes to the creation and initial sale of tokens. To ensure the trading of the digital assets on regulated marketplaces, it is essential to pay attention to procedures that guide ownership, private valuations, investors, and so forth. NFTs issued for your assets can be listed on the public ledger; you can do a one-off token sale or gradually increase the number of tokens. You can boost NFT value and attract new users by striking the right balance.
Engage Smart Contracts
ETH introduced the smart contract functionality to the blockchain network and is recognized as the king of DApps. A smart contract is basically a type of Ethereum account, so it has a balance and can be the target of transactions. Ethereum is a highly capable, programmable blockchain, so it should not come as a surprise that it is leveraged in industries like finance, asset management, and supply chain, to name a few. Since smart contracts are dynamic, the conditions and values negotiated can adapt to numerous variables. Written in languages like Go or Solidity, smart contracts are self-executing pieces of code, useful for commercial and legal applications.
All things considered, the Ethereum Merge will most likely drive enterprise adoption, but blockchain technology has some obstacles to overcome before it will become a game-changer. To run applications and have control over what happens on the network, it is crucial to have Ether, which can be purchased from exchanges like Binance with a credit card or bank deposit. Research the technology behind ETH, and you can play a part in solving its issues.
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