Blockchain solutions are highly adapted in the market by big organizations that participate in networks and manage sensitive transactions between multiple parties, not because they make their transactions easier but also, they manage the transitions, bring security, scalability, and also become a major root of survival.
Blockchain is a digital immutable, secure, encrypted, and distributed ledger for recording real-time transactions. Distributed ledger technology holds immense potential for improving efficiency, providing real-time information, and reducing costs. Ethereum blockchain extends this potential and enables four key enterprise solutions. the main advantages of Ethereum blockchain solutions are:
- Lower costs in the trust establishment and coordination with external entities
- Empower new business openings with multi-sided markets and computerized resources
- Improve the business coordinate with operational effectiveness and responsibility
- Advanced business models against legacy process models
Enterprise Ethereum Use Cases and Applications by Industry
Ethereum is a blockchain platform that enables inventive characteristics like decentralization, transparency, automation, and immutability. five major industries' blockchain use cases are discussed below
- Banking and Finance
- Digital Identity
- Government and the Public Sector
- Healthcare and the Life Sciences
- Media and Entertainment
Banking and Finance
Banking and other financial services often deal with problems in the process of transactions, security, transparency and payments.
Many blockchain development companies are working on Ethereum blockchain-based financial solutions can address these problems directly by implementing the algorithms that include accountability and transparent governance systems, secure technology infrastructure, and efficient business process models. also, financial digitization can be done to reduce the risk of counterpart and provide greater liquidity.
Digital Identity Management
identity theft and fraud are rampant these days, data breaches are soaring high. using and securing user's identity has become a huge problem and this has been affecting almost everyone involved. in simple words, no one has control over their digital identities and information.
Ethereum blockchain comes with a solution here, it provides a data management system which once saved cannot be changed or updated: its tamper-proof and interoperable. It benefits enterprises, users, and IoT management systems.
Government and the Public Sector
it's no secret that the technology government uses in outdated which leaves huge room for vulnerabilities. security is a major attribute that is needed in the govt. and public sectors then comes privacy and security.
Ethereum’s distributed encrypted ledger and smart contract functionality can enable governments to establish trust, increase efficiency, improve accountability, and develop high-performant government operations with more agile, secure, and cost-effective structures.
Healthcare and the Life Sciences
healthcare can only run efficiently if the systems are fast speed, data consistent, error-free and with sufficient information. Ethereum blockchain provides all of these factors that are needed and lead to efficient, secure, and fast medical data management, including drug and medical device tracking. it can also improve the quality of the previous systems, improve patient care, expedite medical discoveries and advancements while also ensure the authenticity of drugs being used.
Media and Entertainment
Ethereum blockchain provides visibility, traceability, and transparency to the media and entertainment companies and the supply chain trade partners. blockchain technology helps the media and entertainment companies to effectively protect Intellectual Property (IP) rights of content such as music records. it can also create a distributed ledger to track the cycle of content, protect digital content and reduce piracy of intellectual property.
these are just 5 of the many industries that can use Ethereum blockchain, which many of them already to make their businesses more successful. But many industries like the law, eLearning, education sectors are coming towards it.