David Morey 
Ethereum is one of the best examples of platforms that have taken the potential of blockchain technology to the next level. Ethereum has a native token, Ether or ETH, which has raised tremendously over the years and has become the second-largest cryptocurrency by market cap. How did this happen? Well, because plenty of people have become interested in how to purchase crypto currency, and Ethereum has also brought numerous advantages to the crypto landscape.
In this way, Ethereum represents one of the most important blockchains centered around embracing multiple innovations from Web3. Still, its advantages don’t stop here, as Ethereum’s blockchain also has plenty of applications in the real world. In this article, we will explore a few of them, so keep reading to find out more.
Decentralized Finance (DeFi) applications
Ethereum has become popular for integrating many innovations, and DeFi applications are one of them. They are built directly on the blockchain, and because of this, they don’t require the use of traditional financial systems. Particularly because they are created on the blockchain, a decentralized ledger, these applications have more advantages than traditional ones, as they are cost-effective, transparent, secure and immutable. Ethereum is a decentralized network, so anyone can access it, and developers can inspect the code and determine whether it is safe.
Plus, as transactions can’t be modified once they are recorded on the ledger, the blockchain that stores all these decentralized applications maintains a high level of security and transparency.
Smart Contracts
Smart contracts are contracts with the terms of the agreement already written into code, eliminating intermediaries and simplifying many operations. This is why smart contracts are excellent for companies that want to collaborate with freelancers, as they can state the terms and conditions in these smart contracts and automate them when needed.
Because of this, they won’t need to opt for the services of other parties, who come with even higher expenses. In this way, anyone can ensure that all business operations work smoothly.
Non-fungible tokens (NFT)
NFTs are also important innovations in blockchain technology, representing individual virtual items that can’t be owned by more people at the same time. Currently, NFTs are used for plenty of assets, including collectables, artworks, in-games and even real estate. And do you know what is the platform that created the most important and known NFTs? Well, Ethereum is at the forefront of this amazing innovation. Ethereum is the go-to place for plenty of creators worldwide because you can access a large community and open your creations to a larger base of audience. Ethereum is also the best platform for transferring ownership of these assets.
Identity And Self-Sovereign Identity (Ssi)
People worldwide should do everything it takes to stay safe online, especially now, when hackers are trying to steal plenty of information that can pose problems to humans worldwide. Unfortunately, in most cases, platforms that central institutions control haven’t always focused on security; because of this, they are vulnerable to unauthorized access or identity theft.
However, blockchain could improve that part as well, as it can integrate self-sovereign identity (SSI), so we could have better control over our identity in the online space. All data about identity can be stored on Ethereum, leaving it open for individuals to decide with whom they want to share this data. Luckily, SSI can be used in plenty of amazing ways, including in healthcare, voting, travel, or the financial sector.
Improved Supply Chain Management
In most cases, supply chain management is not always traceable, and because of this, customers and businesses can deal with counterfeit products, which no one wants to experience. However, with the help of a blockchain, more specifically with Ethereum, companies could improve the processes in these operations, including the movement of goods, thus leading the way to better traceability. Because Ethereum is a transparent ledger, people can access data stored there all the time, making it very easy to check something.
Plus, information can’t be altered once it is stored on blockchains, which reduces the possibility that someone will need to deal with fake and counterfeit goods. Ethereum can also automate and streamline many tasks, saving both money and time. Walmart has realized that the Ethereum blockchain has plenty of advantages in the supply chain, and because of that, it uses the Ethereum blockchain in this process.
Better Health Data Management
Ethereum also has the power to improve healthcare data management, reducing the chances of encountering leaks or data breaches. This is especially important in healthcare, which stores access to plenty of sensitive information that must remain private and shared only with those needing access.
Ethereum can also simplify some operations in healthcare, as it is an interoperable blockchain that can share data more efficiently between different systems.
Remittances
Many individuals have turned to cryptocurrencies when dealing with remittances because they offer an improved experience and a way to send money abroad. When someone sends money home with fiat money, they can encounter various challenges, including slow transaction processes, more expenses, and the need to exchange currencies. However, that is not the case when sending money with cryptocurrencies. So, Ethereum can also improve operations in the remittances market by offering a transparent, speedy, and cost-effective platform for transactions with its native token, Ether.
The bottom line
Ethereum is a platform that has brought plenty of innovation to the world and will probably continue to do so in the future as well.
Ethereum is committed to always offering the best experience to its users, and because it has a large community of enterprises, developers and other users, Ethereum will always improve its blockchain with its help.
