Ethereum is a new platform that is built on the concept of decentralization. A decentralized system is one that anyone can join and participate and all participants can contribute to the running and maintenance, just like internet which was designed to be decentralized.
The application built on Ethereum allows people to interact safely in a completely peer to peer fashion. It not only supports a distributed ledger but also supports smart contracts. Smart contracts are account holding objects that contain code functions and can interact with other contracts, make decisions and store data.
Ethereum has made it possible to build communities, stores, voting mediums, transparent auditing, live updating of account information, transfer of money and so forth. The blockchain technology has made the decentralization possible, the other technologies that use the blockchain are bitcoin and litecoin and many others which only assist for the transfer of money without any Ethereum is built on a revolutionary technology known as the blockchain that makes this decentralization possible. Other technologies related to Ethereum that also utilize the blockchain include Bitcoin, the most well known, litecoin, and many others. These are all largely cryptocurrencies, which only allow for the transfer of money right now, without any mediator.
The applications built on using Ethereum will be:
- Immutable: Any third party cannot alter the data.
- Secure: Applications will be well secured against hacking attacks and fraudulent activities.
- Easy for the payment: Every transaction will happen in the form of blocks which would also be encrypted so there is no chance of error or fraud and successfully carry a seamless transfer of money.
- Dependable & well-organized: Maintains the transactional records and keep them transparent at extremely low cost.
- Smart contracts: The biggest advantage of Ethereum is the use of smart contracts, with this every transaction once made cannot be changed which will be visible to all participants on the platform. Thus, this transparency will help to tackle your accounts more efficiently.
- Zero downtime: The applications build on Ethereum never go down and cannot be turned off.
- Best for crowdfunding: If your purpose of using this platform is crowdfunding, then it is highly suitable due to smart contacts.
- Trending technology: Having the small amount of expense, protection of data, transparency of data, and no need of hiring a high-class programmer, makes it a highly suitable platform not only for the financial department but for every field and industry.
- Popular: It is being used by IBM and many other companies and businessmen around the globe. There is a firm belief that it’s going to change the internet and eventually the society we live in, by the freedom and benefits associated with it.
Whatever we have discussed and understood here is only a small part of Ethereums capabilities. As the technology continues to grow and evolve, the new inventions, discoveries, ideas, and plans will continue to emerge for a decentralized model of business. For more information about this technology, you may contact a web development company in India who keep themselves abreast of every new change and update prevails in the blockchain industry.