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In which situations is the process of fermentation useful in daily life?

Answer
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Hint: This fermentation process is a process where microorganisms covert sugar substrates into alcohol and this is done in the absence of oxygen. Moreover, this process includes the extraction of ATP from the carbohydrate molecules.

Complete answer:
First of all, you should know what fermentation is. It is an anaerobic process (the process which takes place in the absence of oxygen) by which microorganisms convert sugar substrates into alcohol and carbon dioxide. Yeast is the organism which performs the fermentation of sugars and there is also release of a certain amount of energy in this process.
In daily life, this process is used in the formation of yogurt and curds as these are formed by fermentation of milk by bacteria Streptococcus and Lactobacillus species.
There is formation of alcoholic beverages like beer, wine, brandy, whiskey, etc by using the process of fermentation of grains, grapes, rice, etc by yeast.
There is formation of bread by fermenting dough using the yeast.
There is formation of gasohol which is a fuel made using gasoline and alcohol and this formation involves fermentation too.
This process is also used in the preparation of some medicines.
Fermentation is used for preservation of such sour foods which produce lactic acid like pickled cucumbers, kimchi, etc.
In industries, this process is used to generate ethanol as a source of biofuel.
It plays an important role in wastewater treatment where aerobic bacteria dissolve the organic materials in wastewater through the fermentation process and it converts solid waste organic material into carbon dioxide and mineral salts.
It is also used in the production of biopolymers by microorganisms which includes gelatin, starch, cellulose, chitin, etc.
This process improves digestion by degrading nutrients into digestible forms, for example, soybean which is rich in proteins and it cannot be digested without fermentation.

Note: This process is used in daily life for the formation of yogurt, card, bread, beverages like beer, wine, etc. It is also used in industries and also used for the formation of fuel. It is also used in the preparation of some medicines. This process also helps in water waste treatment.