They’re already being tested and have partnerships with some of the biggest and most innovative organisations in the world, including Microsoft.
When it comes to returns on investment, Ether (the crypto-fuel that powers Ethereum) has produced an ROI upwards of 2,000% for crowdsale investors since the official launch on 30th July 2015. It’s a complete shock why mainstream media-outlets are not giving it more attention.
In terms of business ethics; the developing team behind Ethereum are on a good track with transparency and ethical standards, they even post expenses by the Ethereum Foundation on Reddit. And the founders are not fictional characters, unlike Satoshi Nakamoto (pseudonym used by the creator of Bitcoin).
Richtopians performed months of studies and background checks on Vitalik Buterin, the main founder of Ethereum, prior to meeting him in London – and it could certainly be stated that if he does not live and breathe Ether, he certainly comes close.
Vitalik’s team include experts with post-graduate degrees from Massachusetts Institute of Technology (MIT), a number of professors, Blockchain experts, and influencers in the field of cryptography.
“Recent developments take us towards new forms of law, new types of democracy, even – perhaps – the redefinition of what we mean by a “nation”. It may sound extreme to say this, but some blockchain aficionados are even talking about complete reordering of society.”
The most attractive points about Ethereum for Richtopians are the philanthropical elements for social entrepreneurs, including:
- Accelerating the sharing economy
- Biometric identification
- Banking the unbanked to put them into the world economy
- Securing the internet
- Decentralising websites so that they cannot be blocked by authoritarian regimes
- Putting an end to middle-men, hence cutting down on extra fees
- Linking to the physical world through ‘Internet of Things’ (IoT) and ‘Internet of Everything (IoE) applications
- Acting as a transparent tool that could be used as a contract for things including property, insurance, law, and voting through smart-contracts due to its incorruptible nature
- Plus more.
Of-course, it is also high risk like any other technological innovation, here are some downsides:
- It could fail
- Unexpected laws and regulations could completely cripple its usage
- There may be serious negative side-effects of decentralisation due to its peculiar nature
- It could unintentionally be used to support scams or dark-markets similar to Mt. Gox or Silk Road respectively, gaining a bad reputation like Bitcoin
- The technology could get into the wrong hands and be used for money-laundering or to fuel terrorism
- In the distant future, if it is successful and most things become Blockchain-based, a powerful nation could send its submarines to cut-off the internet for strategic reasons, causing a near-complete economic collapse
- And the list goes on.
Think of the future application of Slock.it like Uber or the London Cycle Hire Scheme on a mass-scale viable within any business model including hotel rooms on autopilot where people pay for minutes and not days, internet cafe’s, physical assets like 3D printers, cars, and boats on autopilot.
This is what former UK Prime Minister David Cameron said about the Blockchain …