Ethereum stands to revolutionize how things are done soon. In its distinguishing feature from other forms of cryptocurrencies, Ethereum provides a platform where other independent application developers can leverage both cryptocurrency and the blockchain technology. Developers are using this platform to create applications that are unlimited in scope and function.
If popularized and positively implemented, Ethereum has the potential to bring about significant change in the world. These changes are likely to bring about a paradigm shift in the global way of doing things as a result of the positive consequences of applications developed using the platform created by Ethereum.
Ethereum will revolution user security
Applications developed on the Ethereum platform enjoy the benefits of both cryptocurrency and blockchain technology. They are decentralized and are not controlled by any person.
With decentralization and lack of control by a third party, the Ethereum platform applications data is only visible and available to the source of that data. Information that may be required to operate any of the applications, such as passwords, personal details, or bank details, is only held by the very individual providing the said information to everyone else’s exclusion.
This is a departure from the norm where data is preserved and stored in servers or databases controlled by institutions and individuals.
With no access to the data by anybody else apart from the individuals who own the data, with no storage and control of data by third parties, the probability of such data being leaked or mined by strangers is minimal. This extinguishes the fear that your information could be sold on the digital black market. Individual data is, as a result, totally protected from unauthorized access by a third party.
Seeing as information is power, such protection of data would change the power structure in the world. Manipulation of data for political, economic, or social gains would be curtailed, and big corporations thriving on the harvesting and sale of data from servers and databases would come crumbling down.
End to traditional jobs and the emergence of new jobs
The cutting edge concept of applications developed on the Ethereum platform focuses on eliminating the middleman, the broker, or third parties in any chain of transactions. The decentralized applications give autonomy to the individual and remove the power of individuals or institutions having total control and exclusive access to data.
Furthermore, using smart contract code, a buyer of goods or services could send a seller of the needed product or service a message with the transaction fees, and the Ethereum Virtual Machine would execute the transaction fully and send the payment directly to the seller in Ether.
With optimum development and use of the decentralized applications and smart contract concept on the Ethereum Platform, the need for a middleman in any transaction would be done away with. Immediate parties to a contract would be in a position to create a contract that self-executes on the due date.
Therefore, the skill sets required in such situations would be far different from the skillsets currently required to complete normal transactions.
What is highly likely to be in demand for transactions on Ethereum-developed applications are mining capabilities, which are useful in authenticating that the person buying goods or services using the applications owns and has the required amount of Ether to pay. Thus, it would translate to the need for more qualified miners and technology-savvy individuals to develop more applications on the Ethereum Platforms.
As a result, traditional jobs in the banking sector, the insurance sector, and the real estate sector would be dealt with a heavy blow. This is because the third-party interventions and brokers required to complete a single transaction would no longer be required, as the transaction could be completed on the Ethereum platform at a faster rate and a relatively lower price. The transaction on the application would be faster and cheaper. Machines outperform humans in both speed and accuracy.
Furthermore, an individual would be granted a great amount of independence and anonymity by the Ethereum Platform as there would be no censorship, rules, or regulations. Any form of prescribed penalty would no longer apply to the user.
This freedom from policing and oversight forecast a looming end to jobs, especially in the current social media applications sector, such as Facebook and Twitter. These outlets thrive on censorship and are controlled by individuals and institutions. However, an offer of anonymity to users would likely mean a migration to social applications developed on the Ethereum platform that guarantees freedom from censorship.
Ethereum will increase levels of creativity
With censorship, rigid rules and regulations, and the threat of penalties done away with and a guarantee of user and developer anonymity and independence worldwide, there would be increased creativity levels, especially in the technological realm, as a result.
Many applications for different uses would be developed on the Ethereum platform. These applications can revolutionize the world in many different areas. They would make transactions easier, lead to more connectivity of people the world over, lead to discovering new concepts and the emergence of new fields of study, and could be the beginning foundation of many more advancements.
Also, the social benefits of increased creativity levels, such as the feeling of accomplishment and pride, having a sense of purpose, and reducing stress and anxiety cannot be overstated.
By merging cryptocurrency and blockchain technology, Ethereum will continue to overcome the limitations of other digital currencies, such as Bitcoin, which focus exclusively on the currency. It has overcome the hurdles of centralized applications prone to cyber-attacks and hackings and brought about decentralized applications that are not prone to hacking. It has set in motion a technological revolution world over, whose impact will be felt globally.