When blockchain technology went mainstream in late December 2017, little did many tech analysts, IT experts, and ordinary users know that the industry was heading into an unprecedented revolution era. At that time, few cryptos like Ethereum and Bitcoin were all over the news making popular headlines as prices kept soaring high.
It was at this point that many enterprising individuals and business organizations saw the need to adopt relevant blockchain solutions by investing in the technology. Most folks who were already tired of the old, dysfunctional monetary system didn’t hesitate to join in the bandwagon too. Within two months, the crypto market seemed to have gone out of control, blowing everyone’s imagination with a 400 percent increase in value.
While Bitcoin was (and still) leading at the top of the table with the greatest market share, Ethereum was making remarkable waves in its own way second to it. At this point, it seemed as if the sky was going to be the limit for this new blockchain technology until something happened. It was at this time, that things began to slow down dramatically simply because Ethereum and other crypto networks were inundated with transactions.
With other many factors, it was evident that blockchain technology was not fully ready to meet up with users expectations based on the huge promises made about it. It was upon this realization that the entire market went into a huge decline and it’s still yet to recover. However, it is interesting to know that Ethereum and its proponents have all been making giant strides to not only make a big come back but likely take over the blockchain platform.
What you need to know about Ethereum
Like many other blockchain solutions available today, Ethereum is an operating system designed for feature smart contract functionality. Basically, it operates as a blockchain-based distributed computing platform with open-source ability. The blockchain platform is established to provide users with a secure means of storing information and making quick and convenient transactions.
In the summer of 2015, the Ethereum platform went live. It was at this time that Ether was launched by the open source blockchain network as its own cryptocurrency. Despite shedding a significant amount of its value in the last couple of years, Ethereum has still managed to hold its position among the top three cryptos in the market. Currently, it is now valued above $100.
Interestingly, several industries and reputable IT professionals like Steve Wozniak have touted this amazing blockchain platform to be the next big thing in the IT world and the entire industry. Due to the fact that the blockchain solutions offered by Ethereum can change lots of different processes and transform industries, many entrepreneurs and business owners are already beginning to have a very positive outlook on Ethereum.
In fact, a good number of tech analysts believe and are also very positive that Ethereum will do to the blockchain industry what Apple did to the mobile industry. To people like Steve Wozniak, Ethereum is capable of sparking the next big IT revolutions that is imminent to the extent of controlling the entire industry. No doubt, it won’t take up to a decade for this dynamic blockchain technology to achieve its full potential.
What does Ethereum have in store?
Like several other cryptos, Ethereum is unrelated to a central authority such as governments simply because its operations are based on mathematical settings that can rarely be altered. It is pure science. Interestingly, many blockchain companies established today are adopting this technology to help enable business growth and development in several industries. By implication, there is no limit to what can be achieved with the technology.
Just so you know, Ethereum is more than a cryptocurrency, it is in itself a platform. Today, there are quite a good number of blockchain companies that are adopting this open-source platform to carry out some crypto-related projects. When it comes to using cryptocurrencies, Ethereum provides one of the most secure and reliable platforms for such development.
The platform offers several blockchain solutions that are widely used by many modern enterprises. It is rarely difficult to experience third-party interference, censorship or even fraud with Ethereum it runs exactly as programmed. Basically, the platform is designed to feature smart contract functionality as an efficient operating system and distributed computing platform.
How companies can benefit using Ethereum
As a viable blockchain technology, many experts and professionals in the industry strongly believed that Ethereum can be used to create other applications, as well as initiate major changes in a wide range of industries. Already some blockchain companies have begun adopting the technology to not only drive digital currency exchange but also improve security in many other sectors.
Security of financial data and other important information has been a major global concern to big tech players and every other person involved in the industry. There has been wide adoption of this technology to improve security in recent pasts as part of efforts to strengthen existing security solutions. Today, there are many developers and blockchain companies that are looking to make use of the decentralized platform to build and design a range of applications.
It is interesting to see how this technology is been efficiently used across a wide range of industries to address certain challenges associated with digital transactions including currency reproductions, frauds, chargebacks, cross border transactions, data security, and double spending across.
Melissa Crooks is Content Writer who writes for Hyperlink InfoSystem, a mobile app development company in New York, USA and India that holds the best team of skilled and expert app developers. She is a versatile tech writer and loves exploring latest technology trends, entrepreneur and startup column. She also writes for top app development companies.