EY Executive Admonishes Big Businesses to Dump Private Blockchain and Utilize Ethereum Network

News / 26.04.2020

In recent times, accounting company Ernst & Young held Blockchain Summit 2020 online. During the summit, the company’s blockchain leader, Paul Brody, noted that Ethereum is the best for blockchain-based industry solutions.

The leader said the major thing is to focus on taking advantage of the public blockchain and all of its available tools and developers. Brody highlighted the necessity of the company’s blockchain initiatives to avoid private blockchain solutions. Blockchain will only be able to meet expectations if enterprises and investors prefer public blockchain networks, he noted.

His words suggest a robust support for huge decentralized networks such as Ethereum whose operation is not within the scope of centralized organizations in securing transactions and data.

The Ethereum 2.0 update developed towards solving scalability issues is yet to be launched. However, Brody thinks Fortune 500 firms will be interested in leveraging the potential of broad network impacts that support public blockchains.

In the words of Brody regarding public blockchain in 2019, they are the solutions for enterprises. He noted that public blockchain, such as Ethereum, is the best for enterprise users and it is only a domain of competing service providers.

The company is developing its Ethereum-based initiative known as Baseline. It was launched last month in collaboration with Microsoft and ConsenSys. The company is working on enabling businesses to carry out transactions privately and securely on public networks with solutions that meet regulations.

The firm is likewise investing in other nascent technologies with the potential of defining the future, which includes quantum computing, IoT, 3D printing, artificial intelligence and drone-powered systems.

However, it is majorly focused on blockchain which is the technology that powers cryptocurrency and a new wave of decentralized finance.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.