This news report is essentially a follow on from our Friday 11th January piece that explains why people are writing off blockchain technologies according to price. It also explains why these people are very wrong when they say ‘blockchain technologies are dead’.
Read our previous news report here.
This week we are following on by reviewing how Ethereum has contributed to 2018s success of blockchain technologies. Now if you are already questioning the use of the word ‘success’ here, then I urge to please go back and read the previous report written by James Donaghue.
Ether’s Freedom for App Developers
One of the reasons Ethereum has developed and is a successful blockchain ecosystem is because it allows ICO start-ups to use its network to design apps. Now you have to take into consideration that new ideas do not come without risk. Anyone that invests in an ICO is taking a risk why reading their White Paper and believing there is a chance their solution will become successful.
The only way we are going to find successful solutions that will become mainstream blockchain tech solutions that affect businesses and people is to allow multiple teams of developers each with their own idea to go out there and try to design an app, a framework, a system and so on that works.
It is the beauty of Ether. There is a large community that believes in it and that is why there are so many Ether based ICOs. 80% are likely to fail, and this where people have lost faith in blockchain technologies, but very few stop to take note of the systems that have come from the Ether network that have made a difference.
Open Law A Perfect Example of Success
The OpenLaw application has made a huge difference to people’s lives. It is a legal platform based on Ether tech. The idea of the app is to save people and businesses time when it comes to legal cases. Rather than pay a lawyer a lot of money to draw up a contract, provide a legal settlement or offer in domestic cases, as well as many other legal situations, OpenLaw has all the information and paperwork ready.
It means hours of time can be saved by both law firms who can then take on a large client base, and for the general public and businesses, there are huge cost savings.
Provably Fair Gaming
One of the biggest issues in the online real money gaming industry is how fair are the games? Well if the game is on the Ether network, the results are hardcoded on the Ether ledgers. What’s more is these records are immutable.
Therefore, if someone wants to bring up the pay-out ratio of a particular game, they can use an app to do this. If a slot that has a 98% Return to Player (RTP), but the system pulls up a pay-out ratio of 55% over a 1-year period, then there is something not right. It means the company that provides this game is ethically representing its advertised/promised RTP.
Fast Enterprise Deployment of Ether Apps
Kaleido app was designed by ex-IBM engineers and reduced the amount of time it takes for people to roll-out their ether app on an enterprise or industrial scale. It was designed by ConsenSys and will change the goal posts for 2019. With the one-click deployment solution, apps can be rolled out and lightning fast speed, which is something that was not possible prior to its invention.
Watch this space because this app may not sound like much, but it will be huge in 2019 and decades to come. It means new blockchain solutions can be designed and rolled out within a matter of months. Now that may sound too quick, but with what people know about blockchain technologies today, this is an amazing addition to the Ether community and has the potential to succeed on other platforms.
We are only touching the tip of the Iceberg here. Other apps such as VAKT and Komgo that have solved problems within the commodities trading market are also out there and successfully helping this industry. We will keep you up to date with more Ether systems being released as well as systems that have been rolled out successfully around the word using blockchain ecosystems other than Ether based ones.