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Key Use Cases for Ethereum and Blockchain

 

Use case #10: Blockchain for the Supply Chain: The blockchain can be used to automate the tracking of goods from manufacturing to shipping to the final point of sale. It can also be used to share provenance records as goods are moved around the globe. The Lab’s goal is to offer the public a space where they can interact with news in today’s world and keep up with the latest happenings in news and culture.


While Bitcoin pioneered blockchain technology as the first cryptocurrency, Ethereum has expanded on Bitcoins decentralized digital currency by building a global network that undergirds an interconnected marketplace of decentralized applications (DApps) from decentralized autonomous organizations to Initial Coin Offerings (ICOs), stable coins, decentralized finance (Defi), and non-fungible tokens (NFTs). Ethereum’s use cases are vast and expanding fast, offering blockchain projects enhanced efficiency, security, and decentralized equity to industries across the globe.


Ethereum Blockchain: Background and Use Cases


The Ethereum blockchain is powered by its native cryptocurrency ether (ETH) and enables developers to create new types of ETH-based tokens that power DApps through the use of smart contracts.


Ethereum’s permissionless blockchain which allows for the creation and development of applications without oversight from a central authority creates a space for experimentation. There have been thousands of DApps built on Ethereum, millions of users, and many billions of dollars generated.


Let’s take a look at some of the major use cases that have arisen on Ethereum so far.


  • Decentralized Autonomous Organizations


An early use case unearthed by Ethereum developers, decentralized autonomous organizations (DAOs) is blockchain-based organizations that operate without central authorities. They are governed by rules coded in software and administrative decisions are voted upon by a community of stakeholders.


  • Ethereum Token Launches


Initial Coin Offerings (ICOs) are token sales that function similarly to the traditional Initial Public Offering (IPO). Ethereum-enabled startup fundraising played a huge role in the growth of blockchain and crypto throughout 2017 and 2018. While Ethereum’s use of crowdfunding to bolster its protocol’s development in 2014 was novel, token launches exploded during what is known as the ICO boom. This increase in funding for crypto startups presented a paradigm shift in the way innovative startups raise funds.


  • Enterprise Ethereum


Enterprise Ethereum refers to customized software and networks based on Ethereum that are created for private corporations and businesses. These networks are permission, meaning enterprise clients retain control over the architecture, the valuators, and the users.


  • Non-Fungible Tokens on Ethereum


Non-fungible tokens (NFTs) are unique, indivisible, and provably scarce digital assets that are useful in gaming, art, and ensuring the provenance of luxury goods. The hype over NFTs began in late 2017 with the launch of Crypto Kitties’ digital cat collectibles, but since then, the applications for the technology have grown rapidly.


  • Stablecoins

Stablecoins are cryptocurrency tokens pegged to another asset, typically a fiat currency.


  • Decentralized Finance


Decentralized finance (Defi) is the newest innovation to see an avalanche of use and growth on Ethereum. Defi platforms are reinventing traditional financial products and services, adding programmable, decentralized, and censorship-resistant features to create brand new financial products


A Breadth of Emerging Use Cases for Ethereum


There are myriad sectors in which Ethereum is providing utility and creating value. Industries from healthcare to entertainment to real estate are creating novel tools on the protocol to enhance efficiency, trust, and democratize access to various types of services.


Finally, Ethereum tokens democratize access to products that were once beyond the reach of many. There are Ethereum-based startups offering fractional ownership owning a piece of a good, rather than the whole of luxury goods and real estate, allowing consumers to diversify their investments. For instance, Meridio offers fractional ownership shares of real estate, and 55.com allows you to own a share of a high-value streetwear product, such as a Supreme hoodie.


Ethereum is the network of choice for innovation in the blockchain and cryptocurrency space. With its flexibility and robustness, new applications continue to emerge, and increased scalability in the future will continue to support development. From DAOs to Enterprise Ethereum to Defi, the future of Ethereum looks more exciting than ever.


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