Blockchain Sandbox Product Launched by Ethereum

Blockchain, once a black sheep in the financial technology sector, has exploded in popularity.

The industry is clearly here to stay. Even analysts at Goldman Sachs agree and have touted blockchain as one of the most important aspects of fintech.

Blockchain has traditionally been associated with bitcoin, although they are not the same thing.

Both have grown in popularity, but the malleability and customization of blockchain has made it more popular with startups and traditional businesses alike.

Enter Ethereum. According to its website, Ethereum is a “decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.”

The apps are written in computer code, but can be accepted anywhere so long as the receiving platform uses blockchain technology.

One of the main benefits of Ethereum apps is the ability to push the developed app anywhere without running the risk of damaging an existing system.

So if a fintech company wanted to test a new payment system, it could experiment first with an Ethereum app.

Although these apps can be used for a multitude of different projects, they are shifting towards use in fintech, online payments and contracts.

Because of the decentralized nature of the platform, transactional security and authorization is not only easier to use and deploy, but far more secure.

The platform is rooted in the Silicon Valley programmer culture, meaning its open source, available on github and boasts a large community of independent developers.

The platform has even been dubbed the “millennial financial stack”. Platforms like Ethereum will likely boost the fintech sector to new levels of innovation, standardization and cooperation across the international industry.