Ethereum blockchain is one of the most wanted tools for many companies, as it benefits sectors where traditional technology starts to lose ground. On the other hand, cryptocurrency is becoming a true adversary to Bitcoin as it provides more value. If you check Ethereum’s price, you can see how its value depends on each other, showing that Bitcoin is losing fame since Ethereum is both a tool and a store of value.
We’ll list some of the few uses of the Ethereum blockchain in real life that currently no one could top. At the same time, we’ll discuss what improvements they would need because blockchain technology is relatively new in this state, and cryptographic ecosystems do indeed require upgrades, despite their high security.
Ethereum in logistics: providing accessible control
The supply chain industry is one of the most important for the world to function. However, it’s also the most challenging due to its size and operability requirements. There are constant difficulties in this area, from tracking inconsistencies to shipment visibility. Unfortunately, supply chain companies are also disrupted by actual problems in the world, such as the recent conflict between Russia and Ukraine that led to increased transportation costs across the globe.
Most of these problems could be solved by implementing a blockchain-based solution backed by Ethereum. One of its biggest benefits is that it can track supplies at every point in the supply chain through an individual QR code placed on the tamper-proof ledger. But Ethereum is also an excellent tool for protecting companies against counterfeit products since it can help verify their authenticity.
An important reason for Ethereum to be used more in the supply chain is the smart contract function that ensures all parties are satisfied and protected. A smart contract executes itself only when all conditions are met, obliging parties to be transparent.
Ethereum in healthcare: better patient documentation
Data breaches heavily challenge the healthcare sector, as hackers frequently target institutions, knowing their lack of IT infrastructure will rapidly allow them to enter systems. Data breaches expose millions of records, putting patients’ safety at risk. At the same time, cybersecurity issues lead to reputational and financial losses.
Ethereum could help healthcare with record keeping but also improve other branches of this industry. For example, it could enhance how pharmaceutical businesses track their products, while doctors could better monitor patients’ medical devices at home. It’s safe to say that record-keeping in some facilities is still written on paper, often leading to errors and miscommunication between the actors involved.
Ethereum in transportation: from point A to Point B in a few seconds
Transportation is a crucial step in the supply chain system, so these sectors are somewhat connected. But transporting products from one point to another requires different blockchain structures to lead to improvement.
Transport systems are important elements to the supply chain and worldwide proper functioning. However, it’s heavily hindered by problems like capacity concerns since circulation bottlenecks often restrict bigger carriages. At the same time, transfer points and routes cannot always be reliable, considering that in real life, roads can have poor quality compared to what’s shown on the maps.
But transportation can be improved with Ethereum, of course, up to a point, since many developments necessary might require physical involvement. For example, smart contracts can be used to facilitate rental transactions, which are known to be time-consuming. At the same time, they can pose as tools for damage validation which can store images of the vehicle before and after use, which can also protect drivers and companies against theft.
Ethereum in real estate: eliminating bureaucracy
Real estate has two prominent problems: bureaucracy and increased costs due to intermediaries involved in purchasing and lending. But besides that, behind the curtains, an entire system can be improved in terms of streamlined transactions and processing securities. Unfortunately, these aspects are still handled the traditional way, which is why real estate has yet to develop until it reaches customer demand.
Using the Ethereum blockchain as a solution allows optimizing any process and transferring it to the online environment, which replaces papers and land titles with digitalization. It can also improve asset management and real estate funds through real-time data that is more efficiently organized with smart contracts.
With the help of Ethereum, concepts like tokenized real estate aren’t that for to achieve. Through this process, assets can be fragmented into digital tokens representing the actual property and including its rights and obligations. The approach leverages smart contracts to create contractual aspects of the agreement.
Ethereum in sports: one step ahead
The sports sector is too broad to analyze each of its problems, but it’s sure that, like any other industry, it faces digitalization issues. Besides the crypto betting websites that are taking a toll on the internet, blockchain can actually do much more than provide betting and trading platforms in sports.
For example, Ethereum-based programs for fan tokens can help increase revenue streams and teams and increase engagement as it targets an additional fan base. Customers could purchase these tokens with fiat money and then exchange them for merchandise or collectibles. Blockchains can also become the perfect ecosystem for creating fan loyalty and engagement platforms as they’re decentralized, meaning they can’t be exposed to bias.
Finally, sports companies can use blockchain for ticketing systems as it makes it easier and safer to purchase, store and transfer tickets before an event. As the blockchain is immutable, the problems of false claims of purchase or prices would cease. Plus, ticketing systems can immediately be updated if events are postponed or delayed so organizers can make rapid fixtures.
Ethereum blockchain is one of the latest and most uprising tools in regard to decentralized systems. With the help of its unique smart contracts, the ecosystems make it easy for multiple industries to improve their programs and organize them modernly. Among the benefits of using blockchain technology, we can count on data safety, an anti-theft system and better organizational control.