Ethereum Enterprise Solution Use Cases
Like we discussed earlier in a previous article, Ethereum Enterprise is a blockchain that provides cost-effective, flexible, and suitable solutions for businesses. Here, we will discuss its real life use cases.
The use cases are Banking/Finance, Energy, Real Estate, Government, International Trade and Commerce, Healthcare, Insurance, Media/Entertainment and so on. We will take them one after the other.
Wind farms and solar panels are proving to be a good source of energy. However, storing this energy creates a new problem for the energy grid. Basically, the energy grid is not fully capable of handling all the distribution of these energies. Let along prevent any damages or overvoltage.
In recent years, the wide usage of wind turbines and solar panels gives out a perfect opportunity to build a durable and transactive, sustainable power grid system. So, in this case, blockchain in a utility based power delivery system would create a long-term solution for the consumers as well as the enterprise. One of the most prominent features is the continuous flow of energy that is a dire need, and Ethereum Enterprise use cases are a perfect solution for it.
It is a whole lot of stress considering the cost of offering availability, reliability, and resilience by Banks because they need to fight equipment failures and attacks. Imagine a scene where a Country’s Central Bank server goes down and it results in a case of the country’s overall payment clearing system massively failing. Moreover, there are large corporations that spend nearly $200 million each year on cybersecurity. Even a single transaction could take multiple transaction moves before finalizing the payment. In reality, all the burden of keeping everything uptight falls solely on the banks.
Nevertheless, Ethereum Enterprise use cases can save the banking system. If a blockchain in a payment system would work within a decentralized environment like the Ethereum Enterprise, then there would be no point of failure. It would not matter even if there is one or more server disruption; a bank can keep making payments without any issues. In this way, banks can easily transfer directly, which reduces friction, and there is no chance of double-spending. Using the ledger, they can also get regulatory reporting. So, in case of any fraudulent activities, they can quickly find the truth and fix it.
Illicit replication of digital items and digital privacy is tormenting the entertainment and media universe completely. Many artists don’t get the payment they are working for night and day. As a result, knockoffs, frauds, and studio intellectual properties are pirated frequently
In this case, Ethereum Enterprise use cases can offer protection against privacy. Using smart contracts can release the intellectual property right when it is supposed to and avoid leaks from before; as a result, the industry would have increased revenue, and the artists would get what they truly deserve.
A lot of complications trouble the healthcare world generally. Issues such as data silos, misinformation, lack of communication between the provider, patients, doctors, and hospitals. Additionally, counterfeit drugs and false degrees often cause patients’ lives to be at risk.
In view of this , they need to have proper privacy and communication within the entire landscape of healthcare. And this is where the Ethereum Enterprise use cases come in. Ethereum Enterprise can offer a permissioned exchange where patients can disclose their issues without losing privacy in blockchain for healthcare solutions.
In addition, healthcare would be a faster, better, and cost-effective option for everyone with data sovereignty. Also, it can offer a secure ledger for storing medical data.
International Trade and Commerce
Through rapid globalization, standard trade and finance firms cannot digitize and standardize all of the record tracking systems. Furthermore, every exchange comes with its own set of unique regulations, certification requirements, and shipping specifications.
So, at the end of the day, one of the parties doesn’t get the payment, or the other one doesn’t get the product they expect.
In this case, Ethereum Enterprise use cases in Trade/Finance blockchain solutions can help offer a streamlined, secured, and paperless platform for trade/finance. Moreover, it can get all the players under one platform and communicate within a secure line. Making payments and tracking the shipment delivery system in a convenient manner for all parties.
At the moment, real estate markets face some issues– inferior liquidity, transaction costs, and inaccessibility. Due to the extremely high pricing, the wealthy get to enjoy real estate benefits while the other class of the society find it arduous to even get to invest in them.
On the other hand, even if someone tries to invest in real estate, it takes a lot of intermediaries to get things done. Thus, many consumers face a slow process with bad players trying to rip them off.
The reason why real estate needs an Ethereum Enterprise to help it out. Enterprise Ethereum use cases are well equipped to handle all the burdens of this sector. Not only will it get rid of the middleman, but it will also increase the liquidity. Furthermore, with the proper blockchain for real estate ledger systems, the costing will lower down, giving the middle classes a chance at it. Ethereum also supports tokenization, so people can easily buy and sell their properties on the ledger using tokens.
The insurance industry is also passing through its own problems. This section impacts our economy quite a lot as many enterprises are linked with this niche. This industry is facing fraudulent issues along with time-consuming paperwork problems. Anyone getting insurance needs to submit a lot of forms and wait for long hours, sometimes even days before getting them. On the other hand, in times of need, it takes too much time for insurance claims as well. The auditing process is also quite crucial, and that takes up a lot of timing to.
Ethereum Enterprise use cases can truly blossom here. With the effective private ledger system, it can get rid of unnecessary paperwork. Also, it can streamline the authoring process, which fastens the insurance claiming process. Therefore, it can establish a perfect blockchain for insurance projects suited for enterprises. For instance, the company could have smart contract integration as the insurance policy, and once every document is proved authentic, the money will automatically get released. So, there’s no more exploiting consumers in any way.
Governments need to maintain market efficiency, infrastructure, and businesses. However, as they run on legacy networks, things are still quite obsolete. There are many bad players in the government that exploit these old systems and get away with it. In reality, the citizens are losing faith in their government and not getting all their rights fulfilled.
The instant solution to these issues would be to go paperless completely. A paperless blockchain for government solutions has less chance of getting exploited. Ethereum Enterprise use cases can surely help them out in these:
- Process visa applications
- License renewals
- Bill payments
- Reducing paper load
- Getting rid of duplication errors
- Less document processing time
In the next chapter,we would examine the big name companies currently using the Ethereum Enterprise.
What do you think of this article? Let’s hear from you in the comment section!
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