In a recent online seminar, Ernst & Young – one of the Big Four accounting firms across the globe – just explained to all its viewers and listeners how it wants to empower financial ventures and other businesses with the Ethereum blockchain.
Ethereum Has a Lot to Offer
Ethereum is the second largest cryptocurrency in the world. It is one of the primary competitors to bitcoin, but is also still relatively new, having emerged in 2015. Thus, it is younger than Litecoin, which emerged following a hard fork of bitcoin three years prior.
Still, this hasn’t stopped many developers from turning to Ethereum to get their projects off the ground. One of the things that makes Ethereum so attractive to businesses everywhere is its abilities with smart contracts. This allows developers to create new projects integrating artificial intelligence (AI) and implementing the highest standards of security for users to enjoy.
There are a lot of benefits to be had with Ethereum, no doubt. The trouble is that it has become quite congested over the years, and its popularity, in a way, has managed to work against it. Many developers have sought Ethereum’s abilities to enhance whatever they’re working on. This would be great, except that now there are far too many new coins and blockchains attached to Ethereum or built atop its network, which has led to relatively high levels of congestion.
This congestion has then led to increased gas fees and extremely slow traffic, preventing Ethereum from being “scalable” according to a statement issued by co-founder Vitalik Buterin. He’s hoping that the integration of Ethereum’s new blockchain – known as Ethereum 2.0 – will somehow alleviate this problem and bring ETH back to its early days.
Some blockchains have begun to overtake Ethereum in terms of attracting new decentralized applications (dapps), such as EOS (EOS) and TRON (TRX).
However, many companies continue to see Ethereum as a top-of-the-line network that has the most to offer businesses. The seminar hosted by Ernst & Young lasted three days and featured several notable speakers including Paul Brody, the global blockchain innovation leader of the accounting firm. He explained during one session that the company is working on bringing Ethereum to greater light and is looking to remove the idea of all private blockchains from future business ventures.
Keeping Things Public
Brody doesn’t like the notion of private blockchains, saying that they cannot “succeed in scaling” or “create network effects.” He also explained that public blockchains are the only tools that can truly bring Forbes 500 companies deeper into this growing age of technology.
In order to do this, however, companies that invoke public blockchains must be willing to reveal all of their assets and holdings and allow their data to be accessed and seen by the public, which may raise alarms with some company owners.