Ernst & Young (EY), one of the world’s four largest accounting firms, has confirmed its commitment to the Ethereum blockchain.

During a recent online conference, Paul Brody, head of the company’s Blockchain division, emphasized that Ethereum is the best way for Fortune 500 companies – the Fortune 500 companies are the largest in the United States in terms of annual income – to implement blockchain-based solutions.

As a result, Ernst & Young continues to work on developing an Ethereum-based solution that focuses on businesses.

In “Paul Brody’s” speech at the Summit “EY Global Blockchain 2020Online, Brody highlighted the benefits of the public Ethereum blockchain and described why private blockchains are less convenient:

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The only way blockchain will ever truly deliver on its promise to the world is if public blockchains are the preferred path for companies and investors.

Comments indicate strong support for Ethereum from Ernst & Young, meanwhile, Brody stresses current challenges and that public blockchain use still faces significant uncertainty by most Fortune 500 companies, as Ernst aims & Young” to change that.

Brody explained during the online event that a public blockchain, unlike a private blockchain, is able to provide Fortune 500 companies with the benefits they need, and as Brody stated, the blockchain is outside the control of central organizations.

Brody also believes that Fortune 500 companies want to harness the power of the wide network effects that underpin public blockchains.

The head of the blockchain department at Ernst & Young explained that the use of a public blockchain can eliminate vendor consortium booking, reduce research and development costs, and reduce the overall cost of operations through intranet effects.

Last year, Brody highlighted the additional benefits of a public blockchain, stating:

Public blockchains such as Ethereum offer a better option for enterprise users.

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Even if they achieve monopoly-like dominance, there is no controlling entity to extract excess profits and only an ecosystem of competing service providers.

In his speech, Brody explained what has been achieved so far with the releases of EY OpsChain, EY Blockchain Analyzed and Baseline Protocol and outlined the way forward.

As reported by CNF, Ernst & Young, in collaboration with Microsoft and ConsenSys, launched the latest protocol in March, enabling companies to conduct private and secure transactions in public Ethereum networks using zk-SNARKs technology.

Ernst & Young supports the Ethereum network with its new product

The goal of the protocol is to enable companies to use the Ethereum network with their law-compliant solutions.

Brody also explains that the OpsChain solution that enables tracking of foods, medicines and medical products as well as managing money and financial transactions, has been specifically ported with the new version 4.0.

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Ernst & Young’s initiative to further adapt Ethereum is a strong sign that with the launch of Ethereum 2.0, its use in the corporate world could become a reality.

However, the challenges are significant as global companies abandon their proprietary solutions and move to blockchain technology.

In conclusion, it can be said that Ethereum is well positioned to adapt in the real world between institutions.

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