EY: Avoid Private Blockchains, Use Ethereum Instead
The public Ethereum blockchain is the best BaaS (blockchain as a service) for enterprise-level businesses says Paul Brody, head of blockchain at EY, who believes that private blockchains should be left alone, urging industry leaders to choose the Ethereum network due to its existing tools, and experienced developers.
He can’t be wrong, considering that private distributed ledger technology providers usually seek to hire ex-Ethereum developers, especially when it comes to smart-contracts, while Ethereum IS the platform where the concept of smart-contracts was initially born, making it an outstanding player.
“The only way that blockchains will deliver upon their true promise to the world is if public blockchain networks are the preferred path for enterprises and investors.” – Brody said during his speech at the online EY Global Blockchain Summit 2020, suggesting that enterprises need to keep a distance from private blockchains.
His views rely on the fact Ethereum has already established a broad network, one that is tough to compete with from a centralized point of view. In addition, Brody believes Fortune 500 firms will start to exploit the Ethereum blockchain after the Ethereum 2.0 update when scalability won’t be an obstacle for adoption.
The EY had previously announced a series of use-cases deployed on the public Ethereum blockchain, ranging from a baselayer for secured private transactions and smart-contracts, to application-specific use-cases such as the authentication of original Japanese sake using the distributed ledger, while Brody himself, has been promoting public blockchains as the only way forward for enterprises for quite some time now.
“As companies view the potential applications for blockchain across their operations, it’s time to widen the viewpoint. Rather than think about end-to-end business processes being contained within an organization, companies now need to think about a new end-to-end where a business process originates in one enterprise and ends in another.”
EY is not the first and certainly not the last company to utilize public blockchains such as the Ethereum, but it is one of the few leading industry giants that understand the true potential underlying distributed ledger technologies.
After all, the initial vision of blockchain architecture was to achieve a state of digital democracy where things would be regulated by the average vote instead of a centralized authoritarian regime.
EY (Ernst & Young) is one of the leading accounting firms on the globe, and therefore blockchain should come as a natural component of future societies for the company, who is also heavily invested in 3d printers, artificial intelligence (AI), and the internet of things (IoT).