A Deep Dive in Ethereum- Platform Based on the Concept of Blockchain

Introduction to Blockchain: Blockchain technology presents a rapid, protected and economical method of transferring online information and online transaction without any requirement of third party interference. In financial sector, the application of blockchain technology has attained traction. Increased use of digital technology in banking field has emerged as an easy to use online application and platforms. This has enabled the online transactions in a secured manner. Blockchain technology further diminishes the frauds due to flaws and errors.The financial services sector has been eager in analyzing blockchain technology as this can prove to be advantageous in many ways.

What is Ethereum?

Ethereum is an open source and is based on blockchain distributed computing platform possessing the functionality of smart contract. Ethereum is based on the decentralized platform that is utilized to run the applications build on blockchain without any risk of fraud and third party verification. The Ethereum wallet permits the users to secure ether which is devised on Ethereum and is also utilized to use, deploy smart contracts.

Capabilities of Ethereum

Ethereum helps in safeguarding against third-party interference, hacking and fraudulent activities. Applications built on blockchain technology have zero downtime i.e. they cannot be switch off and can never stop working. Apps are more secured using the concept of cryptography.

Novelty in Ethereum

The focus of Ethereum is on EVM (Ethereum Virtual Machine) which is a software that executes on Ethereum network. It empowers the users to execute the code indifferent from what the programming language is used. The EVM has enabled the users to devise the blockchain applications with much ease and expertise. By the use of Ethereum,manifold apps can be built on single platform rather than creating new blockchain for every new application.

Working of Ethereum smart contract

The process of smart contract involves entering of the input parameters, invoking the function and generating the output.

Use-Cases of Ethereum

• Health-care Sector: Ethereum is going to entirely reform the health care domain. Hospitals all over the world can approach, store and share the record of patient’s which in turn serves as the fundamental aspect in growing new antidotes.
• Security from hackers: The concept of decentralization makes it impossible for the hackers to hack the authentic information and data.
• Transactions: Ethereum is going to revolutionize the world’s economy by its concept of “smart-contracts” which empowers the users to exchange valuable assets.
• Privacy from third parties: Ethereum blockchain technology has made the data gathering impossible by logging in every time the search engine utilizes the data and making the logs accessing for the public.
• Storing data: Ethereum offers the functionality of decentralized storage which makes it easier to transfer data amongst thousands of servers by using blockchain technology.

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