We may look back on 30 July 2015 as the start of something important – the day Ethereum went live.
The digital currency BitCcoin is effectively impossible to forge or hack, because thousands of connected computers verify each other’s work and keep accurate record of what happens in any transaction. This same principle is now being applied to another vast computer network – Ethereum – which also creates decentralised processes to protect against fraud or hacking. Moreover, the processes are transparent, and can automate how companies operate.
As there is no middle man or central agent involved in creating a contract via Ethereum, it potentially removes the need for lawyers or even bankers. “The inner workings of organisations we use every day – small or large – are kept opaque and thus there is no guarantee whatsoever that they will do what they say they would”, says Stephen Tual, Ethereum’s Chief Commercial Officer. “Ethereum flips this model on its head, so that the inner workings of organisations become fully transparent and immutable, while our interactions are kept safe and encrypted from end to end.”
Ethereum has the potential to be a real game changer, and the network is growing every day as developers all over the world fuel the project’s web of applications. Its possibilities are hindered only by our imaginations or desire. A voting system with no room for electoral fraud would deliver irrefutable results. Governments could be held to account on their election promises; if they don’t deliver on something, access to public funds could be blocked. The significance of Ethereum for society is beginning to reveal itself, though just like something in the ether, its true form has yet to be seen.
Stephan Tual, Chief Compliance Officer