Ethereum is the largest open-source blockchain-based decentralized platform to exist that has stirred the world of blockchains. Enterprises require a special kind of environment compared to public peer-to-peer networks of blockchain due to their need for privacy, safety, and following regulations while handling a large amount of data.
Here in this article, we will discuss why enterprises worldwide prefer Ethereum and its use cases.
Why enterprises are choosing Ethereum?
There are number of benefits being offered by the Ethereum blockchain to enterprises and we are going to list a few of them here:
1. Enhanced Transparency
The innate nature of blockchain technology focuses on providing transparency as it is distributed ledger technology, where each detail of transactions is kept between all the nodes. The enhanced transparency lets every network participant have access to the recorded and time-stamped information.
2. Improved Efficiency
Efficiency is another quality that is offered to enterprises adopting Ethereum blockchain solutions, as there is no need to maintain any sort of paper data to trail anything. There is no question of a central point of failure due to its decentralized nature and enterprises becoming highly efficient.
3. Better Security
When it comes to security and privacy, blockchain no doubt offers great security, and for enterprises, it works wonders due to its immutable nature. The highly efficient cryptographic techniques and consensus from all the nodes prevent any sort of manipulation and data hacks while being cost-effective in the longer run.
4. Automation in enterprise
Those works which are repetitive like the verification of documents or some licensing can be easily taken care of by the use of automated “Smart Contracts” in Ethereum. The reduction of human intervention and third-party involvement would ensure that every work is in compliance and outcome happens while reducing repetitive tasks.
5. Highly Competitive
Enterprises gain a competitive edge over their rivals when they consult an Ethereum development company, as it has the potential to bring the best out of the technology and you in streamlining their operations.
Real-life use cases in Ethereum for enterprises
1. Finance and banking sector
Ethereum has been utilized in the financial industry since its debut and this had been possible due to the functioning of smart contracts with it. There are multiple DeFi apps over Ethereum that are empowering people in the financial aspect. Apart from that there are different financial institutions like banks and other corporates that have adopted Ethereum-based solutions to streamline their businesses.
The processes like e-KYC have been already automated by certain banks, and insurance companies have been looking forward to digitizing the manual work of conducting checks to disburse funds.
2. Healthcare sector
Ethereum blockchain seeks to improve the shortcomings of the healthcare industry like accessing updated health records of patients while on the move and streamlining the supply chain of medicines. Ethereum brings the permissioned data sharing of patients so that, a patient doesn’t need to go for certain tests again when he changes healthcare provider due to any circumstances.
Ethereum has already addressed the issue of fast medical data management, and medical device tracking through Electronic Health Records (EHR), which functions through a decentralized network.
3. Insurance sector
Ethereum blockchain plays an important role in the insurance and reimbursement sector, as the process of verifying certain conditions and reach to a conclusion is simplified and automated with the help of blockchain and smart contracts. The issues of fraud in the insurance sector due to faulty verifying methods of fact-checking can be replaced to save billions of funds that are disbursed incorrectly.
Ethereum is well grown and matured blockchain technology, which has been already adopted by leading corporates around the world. and others are already in the race to harness the benefits of blockchain technology.
The Ethereum blockchain offers an enormous number of benefits for medium and large-scale enterprises. Whereas, a senior Ethereum developer at Rejolut opines those enterprises that are still not sure about investing a large amount to adopt blockchain are considering SaaS solutions to scale up their business.