Since its establishment in 2015, the Ethereum or Ether blockchain has evolved considerably. The platform has one of the largest network effects compared to other blockchains with many use cases as well as projects being built on it, ranging from NFTs and DeFi applications to Play to Earn Gaming.
Ether currently has the largest market cap among cryptocurrencies, and due to this, it is used to power many transactions. As a result, it is currently being adopted widely as a digital currency in most industries, including sports betting. And that means there are many Ethereum sport betting sites available out there.
Many newbies who are embarking on their cryptocurrency journey don’t know the real difference between Ethereum and other crypto products, as well as what this technology entails. So if you are wondering what some of the real uses cases for Ethereum are? Just keep reading to discover the most important ones, which are:
Decentralized Finance
One of the promising real use cases for the Ethereum blockchain is decentralized finance apps. Abbreviated as DeFi, decentralized finance apps include smart contract-powered loans, decentralized exchanges, and minting of stablecoins.
MakerDAO is one of the notable projects in this category. Through the utilization of elaborate smart contracts, MakerDAO has enabled the creation of DAI, a stablecoin that is backed by Ethereum.
Data Storage
Many companies across the world, including betting firms, store massive amounts of data in server farms. Server farms are simply buildings where thousands of servers are located, which are used to store data. The issue with server farms is that firms concentrate a huge percentage of their storage capacities in a single location. And that means they can suffer massive losses if their server farms of choice are destroyed by terrorist attacks or natural disasters.
The only solution to this is a decentralized storage facility. With this facility, information isn’t stored in some server farms but in thousands of information centres across the world. Up to this moment, this hasn’t been achieved since it’s a massive technological challenge to create a network that connects thousands of servers safely while enabling data transfer at the same time.
However, Ethereum is likely to be a perfect solution to this issue since its blockchain technology can not only encrypt but also quickly transfer information between thousands and even millions of servers across the globe.
Payments
The economy of the whole world is 90% based on online transactions. And the Ethereum blockchain is ready to change all of them forever. Smart contracts can be made on Ethereum, making it possible to exchange anything that holds value without any risks. Instead of creating a physical agreement on paper, the transactions are recorded in computer codes.
For example, just imagine purchasing a product directly from the manufacturer instead of a third party and initiating a contract to acquire it. This is possible by the IFTTT, If This Then That, a logic that is deeply built into the system of Ethereum.
Health Applications
The Ethereum blockchain technology can completely revolutionize the healthcare sector. All health facilities can store, access, and be able to share the records of patients. This is an important factor in terms of developing new and effective vaccines for any viral outbreaks. Also, it can help to prevent these outbreaks first-hand.
When you are on holiday in another country, you can go for a checkup with a foreign doctor and to a hospital when you’re back at home again. With the decentralized platform that Ethereum offers, both of these will have the same details and information about you.
Digital Identity
In the past five decades, the way that people have been identifying themselves has barely changed. People across the world still use passports which are made of paper. And the most annoying thing is that they must carry them around everywhere. The main reason why people have not shifted to digital systems is that it is difficult for Governments to check and verify the authenticity of virtual documents.
Ethereum enables the identification and verification of information transparently and openly, meaning it can be used to pioneer the development of digital identification systems. Some companies, including sportsbooks, have already realized this potential early enough and are working to achieve this.
Final Thoughts
As one of the latest technologies, Ethereum builds on the innovation of other popular cryptocurrencies like Bitcoin, with some massive differences. Ethereum is programmable, meaning it is possible to use it for different digital assets. That means the blockchain is for more than just making payments.
It is a perfect marketplace of games, apps, and financial services that cannot steal your sensitive information and censor you. It does not matter whether you are a sports bettor or any other type of investor; you will find Ethereum a perfect match for you.
