erc20 token generator - blockchainx

1. 10 areas of application for Ethereum Smart Contracts Blockchainx

2. Ethereum - Introduction Ethereum represents the second generation of blockchains after the technology became known with Bitcoin. In contrast to Bitcoin, the Ethereum blockchain is also able to work with smart contracts . Smart contracts provide if-this-then-that logic. This enables actions to be carried out automatically between companies or within the company. Smart contracts enable the administration of all actions relating to payment transactions, but offer many more functions. The best-known areas of application for smart contracts can be found in supply chains. Of course, this also applies to smart contracts when used in the Ethereum blockchain.

3. Digital transformation with the blockchain In the Ethereum blockchain development, it is possible to use various programming languages, for example Solidity, to program smart contracts and save them in the blockchain. Bitcoin is unable to do this. In this post we show some of the most popular ways to use smart contracts in the Ethereum blockchains. Smart contracts are generally computer programs that are stored in the blockchain and can also perform actions in the blockchain.

4. Enterprise Ethereum Alliance expands the possibilities The Enterprise Ethereum Alliance is expanding the specifications that are available for smart contracts in the Ethereum blockchain, but also all other options in the Ethereum blockchain. The alliance has the task of promoting the use of Ethereum in companies. The Enterprise Ethereum Alliance is one of the world's largest blockchain initiatives. For example, Santander, Accenture, Microsoft and other large companies are involved.

5. Contracts for banks and financial services Since smart contracts are a function of blockchain technology, areas of application around and around the topic of financial services are of course particularly well known. Since Bitcoin, blockchains have been known primarily for cryptocurrencies and financial transactions. For this reason, when using the Ethereum blockchain, in addition to the crypto currency ether, smart contracts can also be used, which focus on financial services and the transfer of currencies.

6. Startups: Initial Coin Offering and Decentralized Autonomous Initial Coin Offering initial Coin Offering (ICO) and Decentralized Autonomous Initial Coin Offering (DAICO) are also processes that can be optimally processed with smart contracts. For cryptocurrencies, an ICO basically corresponds to the process known as the Initial Public Offering (IPO) for securities. In an ICO, the developer of a new cryptocurrency offers part of the currency for sale for a while. Either conventional currencies or other crypto currencies are conceivable as payment.

7. Smart contracts replace middlemen and supervisory bodies Trustees and intermediaries are necessary for many projects and campaigns between companies. These are expensive and delay processes, especially in international transactions. The development of Ethereum blockchain and smart contracts can be used to replace middlemen. Basically, a DAICO's smart contract is also a digital broker that controls the disbursement of chapters. Smart contracts can also be useful in other areas in this way and serve as an intermediary.

8. Digital identities - preventing identity theft With the development of Ethereum blockchain, it is also possible to prove digital identities beyond doubt via smart contracts. The technology can also be used for access control via RFID chips. With the blockchain, digital identities can also be displayed in a forgery-proof manner, which also prevents identity theft.

9. Exchange sensitive data - digital patient files Smart contracts also enable the exchange of sensitive personal data, for example patient files. The smart contract can be used to control which group of people has access to the individual areas of the patient record. This prevents unauthorized persons from gaining access to patient data, but at the same time ensures that the data is still available to the people who are supposed to view it. The authentication of the persons can in turn be handled in a forgery-proof manner via the digital identities, which can also represent a smart contract, possibly even the same one.

10. Prevent product counterfeiting with smart contracts As part of the international tracking of supply chains, it is also possible to identify products at any time. The supply chain is processed using smart contracts, and the individual products can also be recorded in the blockchain. As a result, the blockchain recognizes every product and knows its location. Using sensors or chips, it is possible to quickly identify counterfeit products. Similar technologies are used here, as with the use of digital identities in the blockchain and the integration of sensitive information. Smart contracts ensure the integrity of the supply chain and the products it contains. All routes that a product takes in a supply chain are part of the blockchain and are therefore permanently stored. This transparency also enables comprehensive tracking.

11. Ensure the cold chain with smart contracts Not only can counterfeit products be prevented with smart contracts, supply chains can also be traced. The smart contract also enables cold chains to be tracked. In the blockchain, it is fully traceable when, where and for how long a product was stored. Together with RFID chips and sensors, whose data is also stored in the blockchain.

12. Supply chain law and smart contracts in the blockchain At the same time, a smart contract can also help to check environmental protection and, above all, compliance with human rights within the scope of the Supply Chain Act (“Act on Corporate Due Diligence in Supply Chains”). The blockchain offers numerous possibilities here, especially in international supply chains. From 2023, all companies with more than 3,000 employees will have to comply with the law, from 2024 all companies with more than 1,000 employees.

13. Smart contracts in the HR department Smart contracts can also be used in the HR department. Since sensitive data is also stored here, similar to that in patient files, the blockchain can help to make the data only accessible to people who are authorized to do so. Here, too, smart contracts help ensure that the accessing employees can be identified using digital identities. Of course, it is also possible to process employment contracts using smart contracts. However, these processes still belong to the rare areas of application, but will probably be used more frequently in the future. Payroll accounting is also possible via the blockchain, as is payment via smart contracts. Payment with a crypto currency is also possible here.

14. Check certificates and qualifications Smart contracts can also be used for training and further education to ensure that certain certificates are not falsified. When checking qualifications, ambiguities arise time and again, which causes significant effort. Smart contracts between training institutes and companies make such checks easier and faster. In addition, there are the most important advantages of the blockchain: forgery-proof, transparent and unchangeable.

15. Conclusion We discussed the possibilities that smart contracts with the Ethereum blockchain offer. It is worthwhile to examine the possibilities of smart contracts more closely, since most companies have numerous areas of application for smart contracts, which can significantly accelerate processes and make them more secure. Blockchainx is a well known ERC20 token development company. We provide complete ERC20 standard token development solutions that help companies launch their own tokens, and then raise funds on it.

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