A number of advantages come with moving to a blockchain-based environment for business owners. Cryptocurrency users are embracing digital assets as alternative payment options in our rapidly changing global economy, giving businesses an advantage over their competitors.
Through cryptocurrency gateways, businesses may take digital payments and get paid in fiat money. One such cryptocurrency that already has gained a lot of traction among traders and companies is Ethereum.
Many well-known businesses from around the world that accept ETH payments have succeeded in gaining ground in the cryptocurrency market. According to experts, both institutional and private investors today merely want to utilize their hard-earned cryptocurrency, but whether or not Ethereum becomes a dominant form of payment is a consideration for the future.
Despite the fact that the blockchain industry remains in its infancy and the technology has not yet been widely adopted, numerous businesses all over the world have already begun to work on incorporating blockchain technology into their corporate structures.
The ETH blockchain has demonstrated enormous potential for growth and development over the years ever since its introduction in 2015. It experienced several significant upgrades to meet the IT industry’s fast-rising expectations for scalability and flexibility.
As a result, there are over 3,000 decentralized applications on Ethereum (DApps).
10 Of The Industries Using Ethereum’s Decentralized Database Technologies
1. The Online Casino Industry
New clients have hundreds of casino sites to choose from. Several are great! Not all of them meet the even higher ETH gaming site criteria.
Apart from its speed, why is Ethereum a popular payment and withdrawal method for real money online casinos?
Ethereum is secure without a proxy or bank account. ETH gambling sites may avoid bank fees and keep fees low.
The blockchain ledger gives players complete transparency. If you are technically adept, you can view the payments between the casino website and its customers, providing you peace of mind that your cash is adequately recorded in the event of a mishap.
Due to Ethereum’s complex mathematical structure and cryptography, Ethereum gaming sites are more secure.
1xBet
An online bookie and casino that allows you to use ETH as payment is well-known for allowing wagers on a wide range of sporting events.
2. The banking industry
ING
ING’s blockchain efforts span years. Ethereum was the sole reliable platform when the bank investigated decentralized ledger technology. The blockchain has been beta-tested more than any other product and has grown tremendously.
Smart contracts, token standards, Proof-of-stake, and layer 2 protocols have made Ethereum a diverse network. The IT chapter lead on the ING DLT team said there is a large developer base to justify using this seven-year-old database. It has fought several conflicts in a vast terrain.
ING reportedly backs Komgo, Bamboo, and Finality. ABN AMRO, BNP Paribas, Citi, Shell, ING, and others developed Komgo. Komgo will use open-source blockchain tools to help these enterprises automate transactions and commodities finance.
Fnality’s ETH payment mechanism integrates with corporate systems. Bamboo offers blockchain-based bilateral letters of credit.
3. Non-profit Organisations
Ixo
The non-profit ixo Foundation employs blockchain’s transparency and traceability for human-scale evolution and sustainable economic development.
Ethereum, an open-source, decentralized blockchain, makes all transactions transparent. Network item tracking is rapid and cheap. Immutable blockchain data is reliable.
ixo Foundation CEO Anne Connelly and her colleagues are developing blockchain technology to track and verify welfare initiatives. Track hours spent on community service, philanthropy, and social good. Decentralized ledgers can check data for grant or subsidy eligibility.
ixo Foundation and UNICEF developed Amply, a blockchain app. This software quickly takes UN-subsidized preschoolers’ attendance. Manually recording and submitting records was time-consuming and error-prone for teachers.
4. Start-up Companies
uPort, an Ethereum business, provides a universal identity for decentralized services and applications on the Ether blockchain ecosystem. Developers may securely and easily confirm and identify users without utilizing a unique IP address or anonymous serial numbers.
uPort was split into Serto and Veramo by its developers recently. Serto helps consumers and businesses use DApps while not compromising data confidentiality and portability. By generating decentralized IDs and verifiable credentials, Veramo reduces interop and vendor lock-in.
5. Renewable Energy Production Industry
Global Grid Plus, another Ethereum-based project, uses blockchain and DLTs to make renewable energy production more sustainable and trustworthy.
Lead Walter (Global Grid Plus lead architect) and his team are building a nationwide power infrastructure-integrated digital energy grid. After development, users can buy fractions and large amounts of electricity.
Decentralized tokens receive energy from tokenizing the system. Like other decentralized cryptocurrencies, these tokens are easy to store and sell. Sell tokens easily.
Crypto tokens fractionalize easily, so users can buy little amounts of energy resources. This method enables you to buy just enough electricity for an office or 20-minute bulb.
Since its network includes both regulated and unregulated business models, Global Grid Plus can better handle market changes than conventional energy-producing and distribution corporations.
6. Broker/Trades Industry
The 1975-founded TD Ameritrade company is embracing cryptocurrency. The company joined the Chicago DeFi Alliance, a business counseling service for DeFi enterprises, and a CFTC-regulated spot exchange that uses Ethereum smart contracts to handle trade by investing in ErisX. With $25,000 in their account, eligible customers can trade Bitcoin futures.
ErisX, which launched in May, was the first US exchange to provide Ethereum futures. However, the volume is low. No one has purchased an Ethereum futures contract in the previous week, while its Bitcoin futures product trades between one and two contracts every day.
7. E-commerce
Amazon
At the end of 2021, Amazon began to accept transactions in Ethereum, Bitcoin, and Cardano. The growing cryptocurrency is being considered a payment mechanism by the fourth-largest firm in the world. 40 additional cryptocurrencies, including Bitcoin, Dash, Chainlink, and many more, are supported by Amazon.
Many other companies mainly designer brands have taken on crypto transactions as payment methods, these brands include; Tag Heuer and Gucci amongst others.
8. The Aviation Industry
Jet Finder
Using Jet Finder makes renting a private plane simple. A private jet charter is typically thought to be a luxury reserved for the wealthy. However, it also applies to vacationers and business travelers. Jet Finder makes it simple to reserve a private charter, whether flying for work or play.
To transport you to your destination, they may connect you with a charter that is within your price range. Additionally, we may provide any amenities or amount of individuals. The advantages of luxury travel could appeal to you, you might find yourself at one of the top famous bird sanctuaries in India or living it up in the Bahamas.
Purchase plane tickets and pay with Ethereum on a variety of different airlines, including Delta, American, Spirit, Allegiant, Sun Country, United, Alaska, Southwest, Frontier, JetBlue, Hawaiian, Qantas, Jetstar, British Airways, EasyJet, and many more.
9. The Hospitality Industry
Travala
Through Travala, customers may book hotels using Ethereum. In addition to Ethereum, Shiba Inu, Avalanche, XRP, Bitcoin Cash, and many other digital currencies, investors can use them to pay for their travel.
Various Luxury Hotels are now also accepting payment in Crypto these include; The Chedi Andermatt, The Pavilions Hotels & Resorts, The Kessler Collection, Palazzo Versace, and S Hotels & Resorts amongst others.
10. Restaurant Industry
Restaurant transactions can be completed using cryptocurrency at restaurants such as Chipotle (US), La Sirene (NYC), Starbucks (US), and Cafe Beirut (UAE). Blockchain technology can be used to record a variety of data, including client preferences, addresses, receipts, and orders.
The risk analysis, product-market fit, customer satisfaction, feedback, and competitive survey may all be done using the blockchain framework.
Conclusion
Today, there are several platforms where you may use Ethereum as payment since cryptocurrencies are moving closer to becoming widely accepted and plenty of new payment methods are emerging. With all of these payment options already available, as well as the ongoing development of the Ethereum platform and all of the decentralized applications built on it.
Ether should continue to increase the proportion of businesses that accept the well-known cryptocurrency as a means of payment. It is hard to imagine it is currently taking second place to bitcoin as a payment method. It undeniably follows its own path, and more individuals are incorporating it into daily life.
