Software-driven platforms like blockchain allow independent parties to transact and share information in a peer-to-peer manner. Websites like the crypto genius carter their UI and strategies for experienced and new bitcoin traders. The platform has paid extraordinary attention to detail while designing its user interface. As a result, the world would benefit by using Ethereum smart contracts that would provide more favourable opportunities while decreasing costs and risk. For more information: https://ethereumprofit.org/
Businesses currently unable to start or maintain operations due to barriers created by federal prohibition laws like C-45 and C-46 can only benefit from intelligent contract-enabled trusted networks, which could enable them to scale under applicable provincial retail models. The best way to see Ethereum applied in an enterprise is through a high-level business case.
The first thing to note is that most of the applications described work better with permissioned networks and parties than with permissionless networks. In this case, the risk profile is higher, and the payoff is lower. As blockchains are considered “decentralized”, the likely scenario is that centralized participants will be closer to a privacy breach as people on public blockchains could disclose information without proper per-missioning protocols.
Let’s discuss 5 ways ethereum can benefit enterprises:
1) Distributed Mobile Payments
The ability to send money via a mobile device via a QR code would eliminate an essential cost associated with sending money using conventional banking channels. It could also eliminate the need for customers to carry around physical cash.
Using Ethereum smart contracts, payments are sent and received without an intermediary. As a result, the direct payment processing and remittance of funds from A to B are not subject to the need for a costly intermediation “service” between A and B. In financial services, traditional banking systems are not easily blockchain-integrated unless permissioned blockchains are used. It is true of both regulatory and cost concerns.
Ethereum can enable a “decentralized” banking system with permissionless nodes. It would allow for transactions between parties or transactions that do not have to be approved by a “fiduciary”, as might be the case in a traditional financial institution.
2) Distributed Logistics (shipping, transportation & shipments):
Logistics objectives such as delivery, collection, order consolidation and processing are significant trends in supply chain management. It is especially true concerning improved product tracking and shipment consolidation.
Using Ethereum smart contracts, intelligent collection vehicles can be created that only collect the goods shipped at the point of delivery for seamless transport. If a delay occurred, no goods would have been collected by the user, and an automatic refund can be made based on the length of the confirmed delay for each shipment.
2) Distributed Identity (authentication & authorization):
For applications requiring authentication, authorization, clearing and settlement, several aspects need to be considered, including credentials, trust models and the identity of users and organizations. Using Ethereum smart contracts, users can create and share their credentials in a standard format across all applications. The SME will not only be able to access the information using a personal identifier (e.g., username, password) but also with public and private key combinations. The private key will allow for secure authentication without blockchain consensus and can be protected with an authentication mechanism like multisig. In addition, the user’s identity can be verified by the network through a linked public key using the shared secret algorithm. Thus, it is possible to implement “trustless” identity management with distributed verification (e.g., fingerprints/voice prints or cryptographic signatures) or through biometric identification of users at access points.
3) Distributed Cloud Storage (data management & backup):
The cost of cloud storage is a practical concern for SMEs as it can be prohibitively expensive. Using Ethereum smart contracts, data redundancy can be effectively managed by people to reduce the risk of data being lost or hacked from an off-site location. Users could implement this use case at the enterprise level by creating a set of “trusted computers” that encrypt data at the source and stream it to an off-site location for safekeeping. It would eliminate the need for any central node in a WAN when dealing with sensitive documents or information like medical records, financial statements, etc.
4) Distributed Crowdsourcing (project management & micro-tasking):
The challenge with crowdsourced work is that it is often a race to the bottom regarding cost and quality. Timely delivery of information and documentation is often not considered in the scope of traditional contracts. Using Ethereum, distributed projects can be better managed using a token system that rewards timely delivery at a fair price determined by a pre-agreed-upon token incentive system.
5) Distributed Cloud Computing (big data analytics & artificial intelligence):
Cloud computing is finding its way into every business vertical these days. However, most apps need some background processing, including artificial intelligence and server capacity. Using Ethereum can manage the complexities of parallel processing for distributed cloud computing with a fee-less approach for artificial intelligence and big data analytics.
Public infrastructure like ethereum could facilitate a peer-to-peer distributed investment platform that can bypass current clearinghouses in investment banking transactions. Moreover, it would reduce settlement times from days to almost instantaneous. This application is made possible with permissioned blockchains that use “trusted computers”.