Ethereum (ETH) has been providing for the most needed Banking & Financial Services Contracts using smart contracts.
Ethereum is good for its finest scripting abilities that is Turing complete with its smart contracts. This is the major reason for why several Ethereum Smart Contracts based use cases have been possible.
While it is not possible to ignore the scaling problems, as they are working on fixing the issue, it only makes sense to look into the potential better side rather than worrying about what is already being taken care of and worked on.
The ETH Smart Contracts are fit for application in areas of insurance claims, payments and settlements, national bonds, and mortgages.
Well-written smart contracts provide for efficient automation of several financial transactions. In cases of government bonds, when it is well integrated and programmed on the Ethereum Blockchain, the maturity amount will be disbursed at the time of maturity to be a bearer account without having to go through a special application process.
Sydney Ifergan, the crypto expert, tweeted: “Platforms on the Ethereum blockchain like Gnosis and Augur are exploiting the predication capabilities of smart contracts. Ideal for setting the betting system workflow.”
Augur recently required through a tweet: “Augur v2 is planning to use GSN; however, there are currently only a few mainnet relayers running, charging ~70% (default) fees. We want to encourage the broader Ethereum community to begin run GSN relayers with a more reasonable fee for Augur v2.”
In response, “We’re looking to integrate GSN v2 into PoolTogether_to make onboarding easier. My guess is once there is more traffic, the market will become more competitive.”
The Augur conversation is proof that ETH is worth looking in to.
Ethereum (ETH) Plug and Play
Smart Contracts can help fix several bottlenecks faced by several developers who are working towards developing a particular application. With due communication within the ecosystem, it is possible for smart contracts as a protocol to work well to allow coding parameters in several negotiable contracts using plug-and-play mechanisms.
With due integrations, app developers need not rewrite a whole code while they are stuck up proceeding to step next. Real-time alerting, analytics and troubleshooting are all facilitated with smart contracts. And all of this providing for global deployment.
Those who are passionate about smart contracts and blockchain technology have already recognized the potential of ETH, and they are already on it.