Why Embrace Ethereum Decentralized Platform in Your Business?
Tags: blockchain, opensource, showdev
Published: 2022-03-09 09:22:35

Did you know? Ethereum is often touted as the second most popular cryptocurrency. Built on Blockchain technology, Ethereum proved to the entire world that it is not just another avenue to exchange or store value. In fact, it boasts itself as an open-source, decentralized network that comes with Smart Contract functionality and offers a host of benefits. Today, there are a slew of applications and Blockchain projects built on top of Ethereum with a strong emphasis on scaling, security, and quick development time. In other words, decentralized applications that run on a peer-to-peer (P2P) network help businesses in surpassing legacy networking systems. This informative piece will walk you through the benefits of embracing the Ethereum decentralized platform in your business. Also, let’s find out why you should opt for Ethereum development services from an expert.

### 1. Smart Contracts

Smart Contracts are automated digital contracts transforming the way traditional contracts work. In other words, Smart Contracts enable two or more parties to transact anything (assets) in a secure manner. It could be gold, company shares, property, money, or any other asset you would like to exchange. Any user can create Smart Contracts that primarily comprises terms and conditions that need to be agreed between the parties in an Ethereum network.

Once a transaction is executed in a Smart Contract, it cannot be altered or changed. This simply means that Smart Contracts are immutable and any transaction done on it will be registered permanently. Even if a user tries to modify the hash on the Ethereum network in the future, the transactions corresponding to the original contract will not be modified. Since the transactions are highly secured and end-to-end encrypted in Smart Contracts, there is no need for a centralized authority for the verification process, instead, it is conducted by anonymous parties.

In an Ethereum network, the exchange of any digital asset or currency is done in a credible and transparent manner. Once a transaction is completed successfully, both sender and receiver accounts get updated accordingly. This establishes an unbreachable trust between the parties (peers).

### 2. Ethereum Virtual Machine (EVM)

Ethereum Virtual Machine, popularly known as EVM, is a popular runtime environment, which acts as the development and testing ground for [Ethereum app development](https://www.damcogroup.com/ethereum-application-development) and deploying Smart Contracts. EVM understands the language of Ethereum-based Smart Contracts that enable developers to identify bugs and errors in the early stage and avert Smart Contracts being nullified. In other words, the Ethereum Virtual Machine (EVM) that operates in a sandbox environment allows developers to test a Smart Contract, verify it, and deploy it on the Ethereum main network once you're satisfied with the functionality and performance of the Smart Contract.

Another interesting thing about the Ethereum Virtual Machine (EVM) is that it guarantees unbreachable security from cyberattacks by allowing developers to write Smart Contracts using Solidity. Smart Contracts when written in a programming language can be transformed into bytecode and deployed on the EVM with ease.

### 3. Decentralized Applications (Dapps) Development

By embracing Ethereum decentralized platform, you can develop a wide array of DApps for your business. In fact, many businesses have started leveraging the potential of this Blockchain platform for developing applications from banking to storage. Today, decentralized finance applications are a rage among the tech community as businesses have started harnessing a host of benefits offered by them.

Though there are many Blockchain platforms available for application development, most of the decentralized applications are based on the Ethereum platform since it doesn’t have any downtime. Also, there is no other Blockchain platform that can beat Ethereum in application development, particularly, when it comes to app performance.

### 4. Non-Fungible Tokens

Non-Fungible Tokens (NFTs) are making strong headlines across the internet in recent times and if you follow the tech news, you may have heard about it. NFTs are not similar to digital tokens that can be an image, video clip, art, or any other unique element. In fact, they are non-interchangeable tokens that can be sold and traded on a Blockchain network. Furthermore, NFTs differ from Bitcoin and other Blockchain cryptocurrencies since each token is uniquely identifiable. The concept of NFT originated from Ethereum that employs ERC standards for issuing a new type of token. However, ERC-721 was originally made for creating NFTs.

### 5. Easy Traceability

Another strong reason to embrace Ethereum decentralized platform is that it offers true traceability. Since the exchange of data in a network is P2P (peer-to-peer) and no one can modify or change it, companies can leverage this opportunity to establish a quick traceability system. This will help businesses keep a tab on their transactions or products.

## Final Words

Ethereum decentralized platform is poised to help businesses expand their horizon and unlock new possibilities. With the help of this platform, you can create tamper-proof Smart Contracts and applications with no downtime. If you also want to make the most of the Ethereum decentralized platform, it’s wise partnering with seasoned professionals having prowess in offering a complete suite of Ethereum development services.