Ecommerce Organizations Should Make Use of the Vitality of the Ethereum Blockchain
Before diving deep into learning more about the world of tokens and their potential applications, you may be wondering exactly what is ethereum. The short answer is ethereum is an open source, decentralized, public ledger with smart contract functionality built on top of blockchains like Hyperledger and Consensys. Ether is its native token. When you hear the word “etherium”, you probably think of computer parts or electronics.
One of the best uses for ethereum, and the reason why it’s growing in popularity so quickly, is in the realm of smart contracts. Smart contracts are a way for different parties to write smart contracts, which execute in the form of automated transactions between the two involved. A perfect example of a smart contract would be an insurance contract, where a person agrees to purchase a specific amount of insurance over a certain time period. If the insured party does not fulfill their end of the bargain, a transaction will be triggered in order for the other party to receive the full amount agreed to them. An example of a smart contract in this case would be a contract for rent where the tenant agrees to pay a certain fee for a certain duration.
In the world of smart contracts, the most popular use is probably ethereum’s Whispernet platform. This is primarily due to its low cost implementation and its unique set of features, which make it very easy to program such apps. Since ethereum does not yet have a native mobile platform, the easiest way to implement these apps is through the use of an iPhone or Android app. Users can transfer funds through their Facebook and Twitter accounts as well as through their ethereum wallet, which is integrated directly into their devices. Because of this low cost and fast transaction speeds, these apps have become some of the most heavily used methods for transacting money in the world of ethereum and the likes of Facebook and Twitter.
Another great option for ethereal users is to tap into the world of decentralized apps. The advantages of using these types of apps include a lower barrier of entry and less dependence on a particular company’s servers. With that being said, the relative advantage of ethernet is still relatively low. This is mainly because ethernet is still a very immature technology, and is not a commonly used form of transport for people who wish to transact money in a more secure environment.
With that being said, the second most popular method of transaction is through ethereum’s native token, thorium. While etherium is strictly meant for use with ethereum apps, there are a few instances where it makes perfect sense to transact in an ordinary currency. For instance, if you want to purchase a plane ticket in Australia, the most common exchange would be the AUS Dollar to Australian Dollar. Since thorium is also a highly valuable virtual commodity, it makes perfect sense to transact here rather than convert to cash.
Despite the potential popularity of ethereum, there is still room for developers to start creating applications around the protocol. The use of this powerful protocol is only limited by the imagination. However, there are several examples of developers leveraging the power of ethereum to create exciting applications that will transform how business is conducted. One such example includes the development of a new kind of online marketplace for eCommerce businesses.
By making use of smart contracts written in ethereum’s own language called ethereum Solidity, developers have the ability to simplify and fully automate a variety of transactions including sale and purchase of products as well as lending. Since the execution of smart contracts is strictly governed by the rigid guidelines defined by the distributed ledger itself, eCommerce organizations can enjoy the increased speed and efficiency when making large transactions. Smart contract programming has been made easy with the use of ethereum’s native token, thorium.
Aside from simplifying the transaction process, the ethereum ledger is also useful for auditing and debugging purposes. This is because every transaction that goes through the ethereum network is recorded in its native form on the block chain. The versatility of the ethereum network makes it possible for any user to test out a smart contract before putting his money at stake. Hence, eCommerce organizations stand to benefit a lot from the use of this cutting edge technology.