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Ethereum blockchain is significantly better than the Bitcoin blockchain as it has Smart Contracts. Smart Contracts operate when a particular criterion or rule is satisfied, which leads to its storage on the blockchain. Their primary purpose is to speed up the process of acceptance of an agreement so that all of the members of a party or the business are on the same page and know about the conclusion at the same time. As the system is automated, the next activity begins immediately when a rule is fulfilled.

This allows the Ethereum blockchain to perform functions in everyday life activities. We have listed some of those below for you.

Banking and Financial Services

Smart Contracts speed up the banking process by providing rapid transactions. As all the databases are stored online and recognized with intelligent Smart Contract technology, you won’t have to wait for days for a process as it will take minutes to complete. As all the information is stored on a public ledger, everyone will be able to read and fully understand the rules and regulations, so all the parties will be on the same page. There won’t be any ongoing errors. Due to transparency and rapid services, cross-border payments will also be made easy.

Decentralized Finance

DeFi has changed the online transaction system as it provides convenience to audiences. Its services include minting stablecoins, loans backed by smart contracts, and decentralized exchanges. MakerDAO is one of the primary projects that uses Ethereum smart contracts and has allowed the development of stablecoin DAI that is supported by ETH and always costs $1. Due to the Ethereum code, DeFi enables applications like hardware, stablecoins, and various software development. 

Tokenized Real-World Possessions

Thanks to Ethereum for shifting real-world assets to security tokens, security tokens proved to be a multi-million dollar industry. They are the blockchain representation of assets like stocks, metals, and real estate, among many others. By turning these assets into tokens, users can easily access them on the blockchain so that they can be transferred and transacted more quickly than being contractually represented on paper.

Enhanced Privacy

Not just Google but every application that you use asks for cookies. What these cookies do is that they track your activity on their site, and then Google shows you ads relevant to them. So, don’t be surprised when you browse for iPhone accessories on one site and every other site shows you the same accessory you searched for. Ethereum blockchain logs the record of any site that tracks your locations or activity. As everything is public on the blockchain, other companies could see themselves logged on your ledger, and they will avoid tracking your stuff without your permission. 

Replacement of Escrow

Smart Contracts diminish the possibility of a middleman, making the transaction process faster and safer. It will also save you from additional costs or unnecessary deductions of money. This process is still in beta mode, but once it is finalized, it can be revolutionary in the case of freelancing sites like Upwork, where it will ensure that your money is securely transferred to you without any delays. Transparency is always for the win as it will help see whether the person you are dealing with is genuine.

Final Thoughts

The real-life uses of the Ethereum blockchain will speed up the tedious bank processes and ensure the safe transfer of money overseas without any delays. It will also cut down the additional cost or fee required for transfer processes. Once it moves on from the beta stage, many companies will instantly adopt this technology as it will benefit them and their customers.