Ethereum: Revolutionary Platform With Varied Applications

by Adekunle Daniel Crypto Expert

Ethereum is a model blockchain platform that enables products and applications to run transparently and smoothly on an open network. Here’s a look at some of the applications of Ethereum.

Decentralized Finance and Digital Identity

DeFi or decentralized finance includes the minting of stablecoin which is a digital token that is aiming to become a global currency. Since Ethereum is largely controlled by computers and not banks it also encourages decentralized digital exchanges. The Ethereum platform supports digital identification in order to verify data through a very transparent process.

Asset Tokenization and Payments

Real world assets can soon be replaced by security tokens that will make transfer and transactions very easy and convenient. Exchange sites like www.swiftypay.net enable customers to buy and sell Ethereum in Nigeria in a risk free, open system. ‘Smart contracts’ on the Ethereum platform are now slowly changing the way transactions are conducted. All the agreements, exchange of money, shares and transactions are recorded digitally instead of a paper contract. The built in IFTTT logic makes it possible for customers to entire into a direct agreement with a vendor or seller in order to buy the product.

Health applications And Security

Since the Ethereum platform can store and share all hospital records around the world, it will provide path breaking and revolutionary solutions. Patients can now be treated from anywhere in the world since all the necessary information is available online while the medical experts will have access to preventive treatments, new technologies or vaccines and learn new medical procedures. Ethereum also guarantees a secure platform that is risk free, ensuring data protection.

Politics, Data Storage and Gambling

Digital Currency Ethereum can also be used in a political setup where people cast votes during an election. Since every change and input is open to the public there is little scope for manipulation, ensuring a fair and transparent democracy. Unlike server farms, Ethereum does not store its data or information in a single location. Instead its storage covers numerous data centers around the world. When customers buy and sell Ethereum in Nigeria, this decentralization keeps data safe and facilitates quick encryption and data transfer.

Apart from being able to buy and sell Ethereum in Nigeria, the platform allows developers to create different kinds of applications.