So everything was cool, bitcoin was doing well for a good 6 years and it had started to find its place in the hearts of the audiences, and then BAM! An altered consensus shows up, giving birth to a whole new blockchain and changing everything forever.
It is said colloquially that it is not the pioneer or the first mover who should be perceived as a market leader, but the second one. This means that taking the first step is easy but without the second step the first one is completely lost on purpose and prospects.
Ethereum showed up and changed what blockchain meant to us. While it was not expected of it to be a new kind of a blockchain, it became one. The new blockchain could do new things. Like make business dealings transparent and fairer, help create the idea of what we know as internet scarcity, build online trust in dating apps and what not.
Without Ethereum’s new and improved blockchain the world stood nowhere with cryptos, cryptos until then were only cryptos that look like bad currencies but a fun concept.
Then this opened the doors for so many other currencies, tokens, apps and startups, enabling a whole mad tech community and hot Discord conversations.
Smart contracts made Ethereum so different. They helped make the technology usable in new ways. It helped make the technology worth a lot more than just crypto funds or internet money. It also meant that adoption becomes inevitable.
While the industry still struggles for bigger traction, we now know that the perfect utopian world shown in movies, can happen anywhere. It has been made possible by Ethereum and all its following wave riders. All of the internet and complexity, yet privacy, truth, fairness and safety have remained inadequate on the web. Smart contracts created room for all portals and services online to be converted into better versions of themselves.
They allow any combination of agreements to be kept and upheld, by automating the flows of money, this is based on prior agreement, thus leaves no room for fraud. This is also possible for services or customers outside the country, or geographical confines. The technology is sharp for its lower costs and dramatic uses.
Today companies like BP, Toyota, Accenture, JP Morgan, Microsoft are a part of the Enterprise Ethereum Alliance. Toyota is working on Self Driving Cars, there are renovations and refurbishment in all industries, and good things are happening everywhere. It has all been made possible by Smart Contracts.