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Ethereum: The Platform That Brings Blockchain Into the Mainstream

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Ethereum: The Platform That Brings Blockchain Into the Mainstream

Ethereum's blockchain platform is growing more and more mainstream. Read this article to learn more about the future of blockchain.

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Ethereum was an invention by Vitalik Buterin. He introduced this open-source blockchain platform in a 2013 white paper. Vitalik Buterin, a Bitcoin programmer at the time, wanted to expand the use of cryptocurrency applications. And, thus, Ethereum’s blockchain was introduced in July 2015, seeking to incorporate

Deciphering the Meaning of This Trending Technology

Firstly, let’s understand blockchain technology. In a nutshell, blockchain is defined as a transforming technology. It utilizes a decentralized ledger to manage a sequential, chronological record of transactions and events. Given its open source nature and distributed database, not only does it leave zero points for failure (making it less vulnerable to hacks and cyberattacks), but it democratizes ownership transactions and records. Everyone on the network can go through transaction details, so it’s tough to alter records. It can also maintain the anonymity of users.

Real Use Cases

With Ethereum’s blockchain, any centralized service can be made decentralized including the industries controlled by intermediaries — payments, banking, insurance, real estate, etc. — are some of the potential use cases of the Ethereum-based blockchain. However, it can be applied to enhance the voting landscape, IoT applications, digital media rights, forecasting, and supply chain management around the globe.

In fact, many big names across various industries are looking to adopt Ethereum in their blockchain applications. The new name is Microsoft Azure. It’s a blockchain-as-a-service platform. It uses many distributed databases in its service offerings, including Ethereum. As a matter of fact, in January 2016, eleven banks, including UBS, Barclays, and HSBC, decided to incorporate the use of the Ethereum protocol using Azure to analyze a bank-to-bank platform. This imitation of the process allowed instantaneous transactions between banks, as compared to current systems where processes take up to several days or weeks. Supporters even claim that blockchain technology may be commercially used by global banks to execute the transferring of real assets in the coming days.

Trust and understanding are two of the biggest hindrances to blockchain’s mainstream adoption. And, for Ethereum to become the most preferred platform in blockchain, it will have to focus on network effects.

Some Key Considerations in Assessing its Network Potential

Global adoption will be potent. Because of its decentralized protocol, Ethereum’s transactions and payment systems aren’t restricted to region-specific compliance like many other payment systems, thus, allowing for mass adoption and usage globally. Having said that, Ethereum must quickly leverage this concept and expand its reach to a more prominent mass of adopters.

Ethereum is one of the biggest and most trusted names in blockchain platform technology. Surely, it has got an edge with competitors, since it is one of the most trusted blockchain platforms. And, we know that ‘trust’ will be the key feature for blockchain’s worldwide adoption.

Due to its open-source nature, Ethereum can intermittently update its protocol based on the latest blockchain advancement in the market. This allows for flexibility in the blockchain market that is experiencing changing tides.

Market liquidity is a must. During payments and transactions, market liquidity is the key factor that spins the flywheel to get supply and demand onto the platform. So, if Ethereum doesn’t fail in creating a critical mass in market liquidity, it will be emerging as the most dominant technology in blockchain transactions.

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Topics:
blockchain ,cryptocurrencies ,crypto ,security ,ethereum

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