Largely known for its innovative smart contracts, Ethereum is the second largest cryptocurrency, with a market cap of approximately $41 billion.
With the rapid rise of cryptocurrencies last year, virtually every tech-savvy business owner is now looking for a way to implement cryptocurrencies and blockchain technology into their company. Many business owners are realizing that in order to stay ahead of the curve, and remain relevant, they must figure out a way to properly utilize blockchain technology to their advantage.
The best answer for many of those business owners is the Ethereum cryptocurrency and smart contract services. The capabilities of smart contracts, on the Ethereum blockchain, can offer concrete benefits to many companies. Anytime a contract or negotiation takes place, an Ethereum smart contract can be used to facilitate and improve the process. As any business owner knows, improving their company’s processes is a great way to stay a step ahead of the competition.
What kind of agreement can an Ethereum smart contract help facilitate? You can create complex or simple contracts using the technology. A simple smart contract can be created to record documents and messages. A key feature is that all the documents and messages will be recorded on the Ethereum blockchain permanently, with zero possibilities of alterations. The original document will always be easy to find.
If there is ever a dispute regarding any of the contract terms (bank loans, real estate, terms and conditions, rental agreements), all you need to do is look back at the original recorded contract. There will be no way to deny what was stated in the original contract terms. Once it’s recorded on the blockchain, it will forever remain unchangeable.
You can officially say goodbye to old paperwork, dusty file cabinets and misplaced computer drives.
(Business woman carrying a large stack of folders filled with paperwork.)
Smart contracts can also be used in more complex scenarios, such as executing a contract between two parties without the need for a third, intermediary party. This will save time and money. An Ethereum smart contract can guarantee a fair outcome for both parties. Smart contracts may even replace lawyers in some situations. If you operate a business that frequently uses the services of lawyers, then Ethereum smart contracts are a technology worth diving into.
Due to the popularity of cryptocurrencies, it is becoming increasingly difficult to find competent blockchain developer professionals. Many qualified blockchain developers are opting to create their own blockchain-related startups. Luckily, Fueled has a team of blockchain developers who are ready to help you with smart contract services that can be integrated into a dApp. If you want to prepare your business for the future, creating smart contract services and dApps is a logical next step. You can even rely on the Fueled team to help you launch an ICO for fundraising purposes. Fueled can help you create secure blockchain solutions for your specific business needs.