Research and development, in recent years, is largely focused on encrypted blockchain technology. Meaningful efforts are being put into expanding its potential application beyond transaction and payment gateways.
With Ethereum, it has become possible to utilize the potential of the blockchain ledger in augmenting activities such as asset management.
As a result, large corporations are now working with Ethereum developers to aid business development.
Cryptocurrencies were designed to address the flaws of the traditional ledger. This peer-to-peer digital currency does not need a third-party mediation to regulate transactions on its network. The decentralized nature of the crypto ledger makes it more efficient, faster, and more secure than transactions through fiat currency.
In this article, we will discuss the advantages of the Ethereum platform for small to large-scale businesses, and understand how you can work with Ethereum developers to boost business revenue.
Quick Navigation
- Introduction to Ethereum & How Does it Differ from Bitcoin?
- Ethereum Platform for Business Augmentation
- Ways to Implement Ethereum in Your Business
- Hiring an Ethereum Developer: How Much Does it Cost?
- Ethereum Platform vs Other Crypto Platforms
- Conclusion
Introduction to Ethereum | How Does it Differ from Bitcoin?
Bitcoin is the first cryptocurrency. It was presented as a new technological innovation in a white paper by Satoshi Nakamoto in 2008.
- It was the first real-life implementation of blockchain technology to create a decentralized ledger that would not require regulatory bodies.
- The ledger is immutable and highly encrypted.
- It runs on a smart contract technology and a consensus program which provides additional security to this form of ledger.
- The universal accessibility of the ledger makes it faster in the processing of transactions than traditional transfers through banks.
Bitcoin created the groundwork for other cryptocurrency platforms that could improve the existing infrastructure of blockchain technology. Ethereum is one such altcoin, released in 2015.
The primary difference is that the Ethereum platform can be used beyond transactional purposes to store computer codes. The Ethereum platform is also the largest open-source decentralized software.
Ethereum Platform for Business Augmentation
Let’s understand the significance of the Ethereum platform in boosting business growth.
- The Ethereum platform enables you to add new management protocols to your business.
- The open-sourced nature of this platform allows you to make a necessary adjustment that can help you to increase the efficacy of your program.
- The software is completely transparent and easily accessible provided you have a team of efficient developers that knows it in and out.
- Ethereum platform has its own programming language which allows developers to create and modify the distributed application to run on this network.
- The native token of this platform is the ETH, also known as ether. This token can be used to run commands on this network.
The Ethereum platform is the right choice for any business endeavor simply because it allows you to deploy the smart contract. The blockchain allows you to run the decentralized application on its network. Unlike centralized applications that are closed source and controlled by the owners, decentralized applications run on peer-to-peer networks, providing each user with autonomy and control over the usage of these applications.
Thus, other than its normative usage as a cryptocurrency that can be used for transactions, the Ethereum platform allows running an appropriate application that will aid in business development.
Don’t Hire Us Until You Learn How We Can Help You Develop Your Blockchain Application & Grow Your Business.
Ways to Implement Ethereum in Your Business
The Ethereum platform is highly conducive because of its decentralized nature, and thus, the chance of confronting bugs is minimal. The prototype of this platform is easily accessible, and it will not require too much effort to grasp its function and intricacies.
These platforms make the concept of the minimum viable product (MVP) attainable due to the application of blockchain technology. If you want to develop your own algorithms or use a different set of smart contracts that would be better suited for your program, you can do it on this network. The Ethereum platform even helps you to distinguish between the different available algorithm types.
You can link the transaction outputs with the help of cryptography, and the outputs are always in line with the list record. Perfect output is achievable when you create the distributed ledger of your applications by using any of the Ethereum standards.
There are several standards of Etherum available for you to choose from:
- ERC1400
- ERC721
- ERC777
- ERC20
- ERC621
- ERC223
- ERC827
- ERC820
You can use all the available variants of the Ethereum in order to maximize outputs. The data storage provides you an insight into future components beyond the present ledger which can be instrumental in strategizing the course of action.
Hiring an Ethereum Developer: How Much Does it Cost?
To be able to implement the Ethereum infrastructure, you must have a skillful developer working with you. You also need to hire the service of a reputed company that can deliver the required skills in Ethereum development.
The rate for hiring a developer ranges between USD 25 and USD 45 per hour.
Ethereum development and integration in a business model can be time-consuming. The developer needs to get acclimatized with the plan of action to be executed, the estimated goal, and the mode of execution in order to realize the vision through the application development.
Relevant Read: Cost of developing blockchain application development
Ethereum Platform vs Other Crypto Platforms
A number of features of Ethereum compare to the most popular crypto network that is Bitcoin. However, here are some of the reasons why you should choose Ethereum over Bitcoin and other altcoins:
- Ethereum is designed to perform in multiple frontiers. The performance is supported by codes that are stored and back the tamper-proof technology of the applications running on this network.
- The dedicated programming language provides it additional advantage and independence for the development of specific applications.
- The decentralized nature of the application allows it to circumvent loopholes.
- It provides you with greater control to run financial applications, manage your assets or create a blockchain-powered supply chain, at the same time have a dedicated portfolio to use for faster, more efficient, and secure transactions.
If you need help in developing your blockchain application, feel free to contact our expert blockchain developers.
Conclusion
The number of companies that offer services in Ethereum development is increasing every day. However, the services offered are often unreliable. The developer you hire must be adept and must align with your vision.
Therefore, you need to conduct basic research to understand the quality of service they have provided to previous clients, in order to ensure a return on the investment you make. We hope this helps!
Rajamanickam Rajan is the director at Skein Technologies, a leading IT solution company in India. He has 10+ years of experience in developing application using IBM Worklight hybrid, native applications for IOS and Android systems.
