What can Ethereum do?
Ethereum’s idea of decentralized internet applications can be used to remove middlemen from hundreds of industries. Smart Contracts can run apps, exchange money and other value, and send information.
It’s a groundbreaking new technology and we’re only starting to see the impact it will have. One thing is for sure: Ethereum will change the world!
Removing middlemen will change many industries in the coming years and may result in lost jobs. But the negative side effects will likely be far outweighed by the many positive ones.
For example, Ethereum technology can save millions of people time and money, all while empowering them to more directly control their personal information and applications. It puts individuals in charge!
Ethereum Example 1 - P2P Marketplaces
With Ethereum, it's possible to create marketplaces where shoppers can pay sellers directly, with no middlemen required. For example, imagine artists selling music directly to their fans, instead of using intermediaries like Apple and Amazon. Music could become cheaper and the artists would still get a larger cut.
Ethereum Smart Contracts can automatically ensure that all parties do what they agreed to, that payments are made, and that products are received. Once downloads are finished or packages are delivered, Ethereum can pay the seller automatically.
Ethereum actually removes two middlemen in a typical marketplace: the platforms (like eBay and Etsy) who charge listing fees, plus the credit card processors (like Visa and MasterCard) who charge transaction fees.
Ethereum Example 2 - P2P Insurance
With Ethereum, it’s possible to create smart insurance policies that are automatically sold and managed on peer-to-peer systems. For example, imagine smart car insurance that automatically charges you a small amount for only the miles you actually drive. Insurance could become cheaper and more customized.
Ethereum Smart Contracts could use all kinds of real-world data to improve how insurance works. They could increase insurance fees for drivers that often speed and break traffic rules, or reward good drivers with discounts automatically.
These policies can remove traditional insurance providers (like Geico and Progressive) to provide reduced premiums and ultra-fast payouts for valid claims.
Ethereum Example 3 - Smart Power Grid
With Ethereum, it’s possible for solar panels to automatically buy and sell energy to the electricity grid. The system can intelligently sell surplus energy during peak usage hours to get the highest prices. In winter, the system can buy extra energy as needed.
Ethereum Smart Contracts can automatically buy and sell solar energy between users on a shared network in a city. By letting people work together directly and automatically, Ethereum can remove traditional energy providers. It can create a peer-to-peer energy exchange that is cleaner, more reliable, cheaper, and can even make money for you.
Ethereum Example 4 - Personal Health
With Ethereum, it's possible to create a health tracking platform that monitors and rewards heath related actions through connected smart devices (like a Fitbit or Apple Watch). For example, communities of people can come together and create smart contracts that reward those who reach their exercise goals.
Imagine Ethereum Smart Contracts that are created by a community of users who support each other. Rewards could automatically be issued from a pool of money when milestones are reached. For example, cities could create prize-pools to incentivize a healthier population.
Ethereum Example 5 - Sharing Economy
With Ethereum, it’s possible to turn the things people own but rarely use into income-producing property. For example, imagine if others could use your car, power drill, or lawnmower when you don’t need it - and you automatically get paid. Insurance and theft protection could automatically be built into these systems for peace of mind.
Ethereum Smart Contracts can be created to automatically charge someone who borrows your jetpack (or car) to fly (or drive) across town, borrows your lawnmower for 30 minutes, or even rents a room from you for a few days. Imagine sharing economy systems like Uber and AirBnb working through decentralized, peer-to-peer systems - without any companies charging fees in the middle.
Now you know what makes Ethereum so unique.
It is a Smart Contract Platform that allows complete strangers to securely exchange digital information and property (like money) through decentralized apps – no trust required! Amazingly, no third party (like Google) is required, either.
Ethereum is revolutionary because it gives you full control over your digital applications and information. It’s this power that makes it so successful.
Every day, people are creating new ways to use Ethereum (there are already over 1,000 dapps). Many have realized that a brand new way to think about property and contracts has arrived.
Ethereum’s goal is to change the internet forever and put you in control. It’s growing quickly and it’s just getting started!