Top 5 use cases of Ethereum Smart Contract

Top 5 Use Cases of Ethereum Smart Contract Ethereum is considered the second generation of the Blockchain which has kept its popularity fixed in the tech ecosystem. With the help of Ethereum Blockchain, Smart Contracts can be easily coded. Smart Contract Blockchain has regenerated many platforms and also provides speed, transparency and security.

Vitalik Buterin formulated Ethereum Blockchain that can execute scripting of advanced levels such as Smart Contracts. It helps to create a Blockchain network that can bring a platform for the development of decentralized smart contracts.

The Ethereum Smart Contracts can be used in several real-life processes and it has many use cases.

Banking and Financial Service Contracts

Ethereum smart contracts have many use cases for the financial and banking sectors. Smart contracts can be applied to areas such as government bonds, payments and insurance claims, etc. The importance of Smart Contracts in the banking industry can simplify several financial procedures and can accelerate banking transactions. It will help in achieving the obligations of all the parties involved and also in the exact transfer of information. Since all conditions are fully visible to everyone, there is no room for mistakes in financial transactions.

ICOs and the DAICOs

Ethereum Smart Contracts can make the whole process of ICO much more effective as it enhances the sale process, make it more fair and transparent.

Vitalik Buterin has recently suggested a DIACO model which is a combination of both ICO and DAO models. The DAICO variable is called “tap” which is used with DAICO Smart Contract. This is a bit different compared to the old ICO contract, but it also starts in "Contribution Mode" just like the old ICO contracts where investors can bring in Ether according to the ICO rules.

Digital Identity Management Digital identities can run through the Ethereum Smart Contracts to resolve the millions of issues of data ownership and identity theft. With the help of the Ethereum Smart Contract based identity management projects such as the uPort, it will provide the option of self-determination of identity to its users. People cannot see or copy this unless you verify it through your uPort app on the phone

and it is always stored on the Ethereum blockchain which becomes a trusted source for the requester of the information.

Replacing Escrow Ethereum Smart Contracts helps to replace the intermediaries and help you to save your money. This concept also helps to make the process more transparent and can be applied in real estate transactions, wills, and places where there are nominees. However, this concept must be applied and tested thoroughly and must be applied in all required departments before finally testing it. Another platform on which the smart contract can be used is Upwork, where it can act as an escrow.

Prediction Markets Another wonderful use case of Ethereum Smart Contract is the prediction market.

There are some platforms based on Ethereum Blockchain that have implemented the use case of the prediction market. Expert players can win a considerable amount of money with the help of the Ethereum blockchain. Predictions are best when forecasters and researchers collect data to predict the probabilities of future events.

Conclusion There are many registered accounts on Etherscan.io that already use the smart contract development services and have implemented them effectively. This number is still rising every day and the number of dapps is also increasing. There

are around 1,300 dapps on Ethereum. Some of these applications are active and others are in development. Are you planning to develop your own Smart Contract on Ethereum? If yes, you can contact us.

Awapal provides the best blockchain-based smart contract development to help companies with strong digital protocols for smart contract development. Our skilled professionals have experience in Ethereum, EOS, and more platform development. We offer Ethereum Smart Contract development services with customizable digital contracts to reach your business requirements.

Reference Url: https://www.storeboard.com/blogs/technology/top-5-usecases-of-ethereum-smart-contract/5355264