As of now, no industry is safe from disruption by Ethereum. Top experts predict that virtually all supply chain relationships will be based on blockchain technology in ten years. It’s an exciting prospect indeed, and while there are still a lot of risks involved with investing in this particular cryptocurrency, there’s no denying that it has the potential to send shockwaves across society over the coming decades as it enters into more industries than ever before. You can learn more info about Ethereum and its Blockchain if you are interested in it.
Ethereum has the potential to radically reform finance, banking, and the internet itself. It can transform industries from real estate, healthcare, and voting, to food distribution and shipping. Ethereum’s potential for disruption is hardly a secret in an increasingly digitising and decentralising industry. With only a vast number of high-profile companies involved in the Ethereum market today, its future looks to increase significantly over the coming year as more companies become interested in blockchain technology.
But what is the use of Ethereum? What industries can Ethereum disrupt?
Ethereum’s potential for enabling intelligent contracts in supply chains is one of its most essential features, making it an industry revolutionary. Because of this feature, business relationships can be made by people to employ autonomous agents or systems which can act on a set of rules defined by the two parties involved in a contract.
This feature allows a blockchain to be used irreversibly, eliminating the need for third-party intervention and adjudication. Because of this, users can make contractual relationships using completely autonomous machines and allow the party involved in a contract to rely entirely on their decisions and the terms they set down in the contract.
In addition, Ethereum technology offers an opportunity for intelligent contracts of various types to evolve into conscious entities and automate entire functions within companies. The scope for disruption here is vast. For example, there is potential for specific tasks within supply chains or banking practices – such as housing inventory management – to be automated with Ethereum’s smart contracts.
The entertainment industry is an exciting industry to consider when considering where Ethereum can disrupt. Ethereum technology can allow for entirely virtual world economies, allowing users of virtual worlds to trade and barter in real currency. Games like this and a blockchain-based video game marketplace could be created with Ethereum smart contracts, allowing complete trading and bartering process automation. Such a system would enable advanced in-game economies to develop, along with advanced loyalty systems and rewards.
The real-estate industry is one of the biggest industries in the world, and Ethereum has the potential to disrupt it in more ways than one. The first way that Ethereum can do this is by allowing users to sign contracts digitally. It allows for contracts signed on a blockchain to be legally binding and irreversible, meaning that disputes over them are minimal or non-existent. Ethereum also allows for the seamless peer-to-peer transfer of funds, helping purchasers secure loans and make payments without going through banks or other third parties. Healthcare:
Blockchain technology is already seeing the potential to revolutionize healthcare by allowing smart contracts to manage patient records in a secure, peer-to-peer fashion. It allows for complete transparency of all data and information stored on a blockchain network, which can help users control their health records. It also makes it possible for doctors and medical professionals to be paid automatically through automated processes, as well as all of them being paid simultaneously. It, in turn, would reduce the overall cost of healthcare tremendously since there would be no need for institutions like hospitals and doctors’ offices to exist anymore.
People could use Ethereum to create a distributed autonomous organization or DAO. It is a set of smart contracts which are not controlled by any person but by everyone involved in the smart contract. People could use this system to manage elections, allow workers to control their finances, and even manage law enforcement in a way that works for everyone.
Such a system eliminates the need for mediators and third parties to be involved in any disputes or decisions, potentially revolutionizing many industries. The way that Ethereum can disrupt these industries is endless. While this is still very much in the early stages, there are several ways it could do this, giving it huge potential for disruption in the future. It is an industry to keep your eye on if you’re looking at where Ethereum can disrupt.