Have you heard about Enterprise Ethereum? Organizations have different needs than individuals because they need to manage sensitive information, meet safety and regulatory standards in their sectors, track quality, complete trades, track cargo, or label products. Certainty, security, and accountability at scale are essential for a successful and profitable enterprise. The average organization has the following needs:
- Permissions, as only authorized parties can join a network and perform particular roles.
- Privacy, as sensitive data should be made available only to a small number of network participants.
- Performance, as companies require infrastructure to process transactions and handle periodic surges in market activity.
- Finality, as enterprises transfer large amounts of money they need assurance regarding the outcome of the transactions.
What benefits does Enterprise Ethereum bring?
Ethereum was developed to be low-cost, flexible, open, and suited for cooperation between parties using the blockchain. Ethereum, similarly to other cryptocurrencies functions like a distributed ledger, but it has a unique architecture with layers that provide new business opportunities and strengthen enterprise systems. Here are the benefits companies get when they integrate Ethereum into their processes.
They look cooler to their audience
Accepting a popular cryptocurrency like Ethereum as a payment option shows the public that the organization is willing to embrace technology and the future. In some sectors, it might even make a company look like a rebel because not many businesses integrate cryptocurrencies into their processes. People who invest in Ethereum out of ideology will definitely favor companies and tell their friends about them. The merge impacted Ethereum price and gained the altcoin even greater popularity. Let’s remember that ideological investors hang in the same circles, so when they discover an opportunity to use Ethereum, they immediately build awareness among their groups.
They save on transaction fees
It’s an old saying that money makes the world go round, which is why enterprises should consider accepting Ethereum payments. Ethereum allows companies to boost their profit by cutting down on the transaction costs associated with customer relationships. It doesn’t matter what kind of business we’re talking about, Ethereum offers competitive transaction costs for organizations from all sectors. Conventional payment methods require the involvement of a middleman and therefore trigger extra costs. But cryptocurrency payments imply no intermediary and allow businesses to keep more money in their accounts.
They benefit from faster transactions
This advantage also relates to money because Ethereum reduces transaction costs and enables fast transactions. ETH is processed within minutes, so enterprises don’t have to wait for the money to get to their bank account and use it. Ethereum transactions are powered by blockchain technology that enables fast and secure transactions because miners confirm the blocks.
They can reach a global audience
Organizations are at the highest level of globalization that ever existed, and if some companies fail to catch up with this trend, their reputation and competitiveness can suffer. Ethereum integration enables organizations to procure resources and goods from other businesses without worrying about currency exchange rates. Also, they can attract customers from abroad because they’ll feel closer to a brand when they don’t have to pay conversion fees to pay for the products they purchase.
Enterprise Ethereum reduces fraud threat
Ethereum removes the threat of fraud because the blockchain is a secure gateway. Paying with cryptocurrency doesn’t require the user to provide account or personal data, so malevolent entities have no sensitive information to take advantage of. Ethereum powers natural processes and makes the clients feel safer buying from a brand, even if they didn’t hear of it before. Cryptocurrency users enjoy the benefits of anonymity and expose themselves to no risks. Enterprises are in no danger of becoming fraud victims because Ethereum transactions are irreversible.
They benefit from free publicity
Not many companies accept crypto payments these days, and those that do, usually prefer Bitcoin. So, if a company decides to adopt Ethereum, there are great chances for publications to talk about it. If an enterprise publicly promotes the payment option, it’ll most definitely be listed among the brands that accept crypto and end up on influential websites. Link building is one of the most effective marketing methods, and when a publication mentions a brand, it usually also provides a link to its official website.
They face fewer barriers
Accepting Ether and other digital currencies is easier than accepting traditional money when addressing a global audience. Companies don’t need to start merchant accounts because they can access their accounts immediately and spend their finances as they find suitable. Welcoming innovation into a company is always good because it attracts new customers. Adding Ethereum as a payment method could expand an enterprise’s reach and allow it to tap into blockchain technology’s benefits.
What does Ethereum offer to enterprises?
Ethereum has become the most important digital currency after Bitcoin worldwide due to its unique features. Over the last few years, it has gained traction among enterprises from different sectors because it offers unparalleled benefits.
Ethereum was introduced on the crypto market in 2015 as a more performant and extensible alternative to Bitcoin. The blockchain is valuable through its level of certainty because it allows users to perform immutable and reliable transactions while recording all information without requiring the presence of an intermediary. The blockchain has a decentralized architecture that ensures the system can never be compromised.
The Ethereum blockchain is one of the most powerful on the market thanks to its programmability that enables automated transactions as a result of the agreements embedded in its code. Ethereum has introduced the concept of smart contracts for the first time on the market, and they can have infinite conditions, formats, and uses. These digital agreements make the blockchain useful for enterprises because they facilitate payment settlements.
Why is Enterprise Ethereum popular among organizations?
Ethereum is one of the most robust blockchains because it supports various applications. It’s popular among private and public enterprises with over 14k live nodes, 500k daily transactions, and over 250k developers. Statistics show that 94% of the 100 best-performing blockchain projects are built on Ethereum.
YouTube: Enterprise Ethereum Alliance (EEA) – Cross-chain Interoperability (Peter Robinson and Weijia Zhang)
Photo credit: The feature image is symbolic and has been done by Roman Dubetskyi