The future is now and it is better than ever! From futuristic robots to virtual currency, technology never ceases to amaze us. With thousands of new inventions surfacing each day, we are constantly being exposed to groundbreaking innovations. This technology, if nothing else, aids in the development of more effective methodologies along with theories, that serve as the basis for further improvements. One such top-notch technology is the creation of the “Blockchain”, with one of its prime users being “Ethereum”. With so many new ideas, can Ethereum Blockchains truly revolutionize our antediluvian practices?Before digging into the details, let’s get a basic understanding of what we are dealing with. A brief introduction into the futuristic world of Blockchain technology and how it works is necessary before discussing whether it has the potential to revolutionize the way artists and investors get paid. Firstly, Blockchain is a robust system with the potential to store valuable currency within blocks of information. The chains of information are identical across the network and cannot be controlled by a single person or entity, also the entire Blockchain network has no single point that can be subjected to default. Secondly, Ethereum is a software based program that functions on the basis of Blockchain technology. It serves as a platform for developers to show their level of creativity by building a decentralized application and deploying them simultaneously. When it comes to discussing Ethereum and Blockchain technologies, people often associate them with Bitcoins. While Bitcoins do have a striking resemblance to Ethereum, they are not the same thing. They both are distributed on a publicly visible Blockchain network, along with storing shared records of any and all transactions. When dealing with an Ethereum application, certain aspects should always be kept under consideration, such as;
- keeping track of the current information provided by all of these Ethereum based applications.
- keeping track of the balance each user has in his or her individual account
- keeping track of the smart contract code
- having a record of where the storage is being done
So, how can Ethereum Revolutionize the Payment Process? Ethereum uses crypto tokens as fuel that help administer the entire networking process. What’s more, is Ethereum isn’t limited to being used as a crypto-currency. Ethereum acts as a form of payment for the Ethereum developer’s transaction fees along with services they provided on the network. Smart Contracts: When using Ethereum to increase your assets, we form a smart contract. In its most basic terms, a smart contract uses Blockchain technology that verifies, as well as facilitates, the formation of a lawful agreement. It enforces the term and conditions that the parties have acceded to and leaves no room for negotiations. Smart contract works quite similar to that of a real lawyer; they act as a safeguard in times of conflict, as well as saving you the cost of using a middleman in moments of negotian. Without any third party interference, the entire process becomes easier, faster and more cost effective, compared to the traditional out-of-date practices and systems. Conclusion: Therefore, Ethereum Blockchain is a system that theoretically has unlimited power with a decentralized nature to help keep you from being lowballed. The platform Ethereum provides aim to make the internet entirely decentralized, freeing it from single point failure. What’s more is Ethereum is used by Blockchain developers, which enables them to build Apps that hold no single owner. Decentralized Autonomous Organizations (DAO) can also be built using the Ethereum platform, which are run by programming code, and even have smart contracts. By using Ethereum as their main platform, developers can access a broader audience without being limited to a value transfer ledger. Investors and developers take a deep interest in Ethereum because of its ability to crypto currency and extend it to any application that one can think of, Ethereum broadens the options an investor has, providing them with better options. Not to mention, due to its nature, Ethereum Blockchain makes the entire process of application building, revolutionary, eliminating the need for any intrusions and being more virtually efficient. This platform alone has the potential to create a network that is so virtually advance that it holds no bounds.