Introduction to Ethereum Applications – Forecast Markets
The use of Ethereum smart contracts in predictive markets is another interesting application of this technology.
There are several specialized markets for predictive markets such as Gnosis and Augur, which use the Ethereum blockchain and the smart contracts mechanism.
Predictor markets refer to markets where you can predict the outcome of an event. The result of a football game, the outcome of the electoral campaign, the speculation on the price of goods, the chance of a community on Mars by Elan Musk, etc. are among the areas named “Forecast Markets.”
In such trends, Ethereum smart tokens and contracts that do not require reassurance may also be used to award those who have contributed to this market or those who are known as winners.
Betting or polling centers in relation to the need to supply a particular product by a company can be considered as the use of Ethereum smart contracts. On the other hand, the cheaper way to do this can be to point out the smart contracts based on Ethereum blockchain.