EY Exec Drops the Hammer on Private Blockchains, Urges Big Businesses to Use Public Ethereum Network

Paul Brody, blockchain leader for big four accounting firm Ernst & Young, recently highlighted Ethereum as the best path for blockchain-based industry solutions. The key, according to Brody, is focusing on leveraging the public blockchain and all of its existing tools and developers.

Speaking at the online EY Global Blockchain Summit 2020, Brody explained why the firm’s blockchain initiatives need to steer clear of private blockchain solutions.

“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.”

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His remarks indicate a strong support for massive decentralized networks like Ethereum which operate outside of the scope of centralized organizations to secure transactions and data. While Ethereum has yet to launch its 2.0 update, designed to tackle scalability issues, Brody believes Fortune 500 companies will want to harness the power of broad network effects that underpin public blockchains.

Brody wrote last year that public blockchains are the way forward for enterprises.

“Public blockchains like Ethereum offer a better choice for enterprise users. Even if they do achieve monopoly-like dominance, there is no controlling entity to extract excess profits — there is only an ecosystem of competing service providers.”

EY is addressing essential questions as it develops Baseline, the firm’s Ethereum-based initiative that launched last month with collaborators Microsoft and ConsenSys.

• How will blockchain reveal value while shielding sensitive information?

• How can companies collaborate using blockchain without disrupting privacy?

• What’s the best way for a company to move beyond talking about blockchain to implementing it?

The firm’s goal is to enable businesses to transact privately and securely on public networks with regulatory-compliant solutions.

In addition to blockchain, EY is invested in a range of emerging technologies that will define the future, including quantum computing, IoT, 3D printing, artificial intelligence and drone-powered systems.

But blockchain, the technology that underpins Bitcoin and cryptocurrency and is powering a new wave of decentralized finance, is the primary focus.

Says Jeff Wong, EY global chief innovation officer,

“I think blockchain, right now, has the most explosive potential in front of us. And in fact, from what I can see, we’re starting to see the beginning signals of that explosion – that real big burst where we see the implications and ramifications of a blockchain technology unleashed on the world going forward right now.”

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