Ethereum is more than just a cryptocurrency
It is a decentralised platform and system that is fundamentally changing the world around us. Although many people know Ethereum for its crypto trading or for NFT trading, the true power and versatility of Ethereum is derived from its technology; specifically, smart contracts and decentralised applications (dApps). Like cryptocurrencies and NFTs, Ethereum technology has a variety of uses, well beyond just coins and collectibles.
🌍 Introduction: Ethereum’s Broader Purpose
When Ethereum came to market in 2015, it introduced something truly revolutionary: smart contracts. While ETH is the token that many are aware of, it is not the intimacy of the token that makes Ethereum powerful. Rather, it is how the blockchain can automate, secure, and decentralise the systems we interact with daily.
Today Ethereum is focused on enabling a new generation of tools, ranging from medical records management to real estate deals, all without intermediaries or trusted third-parties.
1. Transparency in Supply Chain
Have you ever thought about the ability to clearly know exactly where your food came from, the processes that it took, and the date that it arrived? Companies such as IBM and De Beers have taken steps toward engaging in Ethereum-based supply chain solutions that track goods from a supplier to the shelf in a store.
This approach was made to not only build consumer trust, but to also mitigate fraud, to include:
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Food production
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Certification of diamonds
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Supply of pharmaceuticals
Smart contracts allow the system to automate the tracking process and ensure no one can alter the tracking once it has been recorded in a specific instance.
2. Healthcare Records and Access
Medical records can be sensitive, typically held in various systems (even within a single hospital) that do not all talk to one another. Ethereum has an opportunity to allow:
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Patients to hold control over who has access to their personal data
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Hospitals to share pertinent data in seconds
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Researchers to acquire anonymous patient data for use in studies or clinical trials with no issues of mishandling personal data
Using projects like Medicalchain and MediBloc, the team is building on the Ethereum blockchain to ensure that healthcare data is held in a secured and interoperable process.
3. Real Estate Transactions
When one buys real estate, usually you require a lawyer and/or a notary to complete a massive pile of paperwork, in addition to the countless fees associated with buying a house or commercial property. The Ethereum blockchain can ease some of this:
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Keeping deeds and contracts in a blockchain format
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Elimination of fees, which typically consist of two or three intermediaries
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Quick closing process against buying property
As already being proven out on the Propy platform, people are buying homes using Ethereum smart contracts already.
💳 4. Decentralized Finance (DeFi) Evolution
This is more closely related to crypto, but it needs to be mentioned because it is just disrupting the banking industry. With decentralized finance on Ethereum, you can:
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Peer-to-Peer loans without Banks
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Earn interest from liquidity pools
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Depend on USDC or DAI for Stablecoins
DeFi Protocols exist outside banks, but provide a service 24/7, freeing users from banks and allowing them to maintain control of their funds.
🆔 5. Digital Identity Management
To prove who you are today means letting go of a lot of your private identifying data. Ethereum is changing that with self-sovereign identity.
There are already projects like uPort, which give the user rights to:
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Have and control their digital identity
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Share the minimal data necessary (for example, age and not a full name)
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Reduce identity theft and fraud!
📚 6. Education Credentials and Certificates
Anyone can get a diploma forged. Ethereum can help solve this dilemma. Universities and schools are issuing blockchain-based certificates, meaning:
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Cannot be altered
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Can be verified in real-time by employers
We all know a background check is not necessary because there is proof already available online.
There are platforms, like Blockcerts, which enable institutions to issue academic records that can’t be changed.
🗳️ 7. Voting and Governance
Imagine an election where nobody can tamper with the votes and where the results are instant and transparent. All of this is possible because of Ethereum.
Blockchain-based voting offers the following:
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Tamper-proof voting records
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A voter stays anonymous
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Instantaneous data
Already, organizations and even small communities are making their decisions transparent through DAO governance (Decentralized Autonomous Organizations) using Ethereum.
🏛️ 8. Public Sector and Government Services
Governments are experimenting with Ethereum-based tools to manage:
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Land ownership / other land records
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Tax filing in a digital environment
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Distribution of public funds
Estonia, for example, is even using blockchain technology in their voting systems and healthcare.
🤝 How Ethereum Enables Trust Without Intermediaries
All these use cases are alike in one thing: they eliminate trust in institutions. With Ethereum:
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Code replaces lawyers and banks
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Smart contracts enforce actions based on behavior
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Records are permanent and transparent
The best part about this is that not only does it radically change systems to be faster, but also fairer and more secure.
🔍 Why It Matters to You
Even if you are not a developer or a crypto investor, you will still be impacted by Ethereum indirectly. Ethereum is helping give people easier access to services, lower fees, and more trust.
It is affecting how we apply for jobs, find a place to live, get healthcare, and so much more.
🧠 In Closing
Ethereum is much more than coins. Ethereum is a platform for decentralized innovation, which is now addressing the urgent social problems we face. As the adoption of Ethereum increases, we will see an array of tools, services, and products coming out of the woodwork that are enabling people—not corporations or governments.
we are supportive of tech which improves normal people’s lives. Ethereum is one of those rare tools that does just that (albeit, quietly).
