Paul Brody, head of the blockchain consulting department at US giant Ernst & Young, said Ethereum is the best blockchain to base its business services on.
Ernst & Young Global Limited is a multinational professional services company based in London, England, UK. EY is one of the largest professional services companies in the world along with Deloitte, KPMG and PricewaterhouseCoopers.
Considered one of the Big Four, it mainly provides its clients with insurance services including financial, tax and accounting advice. Like many of the largest accounting firms in recent years, EY has expanded into neighbouring markets, including strategy, operations, human resources, technology and financial services consulting.
Paul Brody, the head of the blockchain consulting section, is the promoter of the EY blockchain Summit event. In 2020, the event was rapidly transformed into an online summit due to the cancellation of the physical event blocked due to the Coronavirus.
This year’s summit marketing theme, which emphasizes the focus of the conferences, is clear and distinct:
In the introductory speech Paul Brody speaks out in favour of public networks by discouraging the use of private blockchains, saying:
“Public blockchains are ready to create great value for business and companies”.
Zero-knowledge proof combined with Baseline will be the technologies and protocols that allow organizations to activate sufficient privacy models and make the most of the Ethereum mainnet as a reference chain.
“If someone would like to contact me saying that they have an idea to improve their business centered on a private blockchain, I would advise against investing”.
The Ethereum 2.0 upgrade developed to solve scalability problems has yet to be launched. However, Brody thinks Fortune 500 companies will be interested in exploiting the untapped potential of public blockchains right away.
Ernst & Young’s projects on Ethereum
Ernst & Young is developing its Ethereum-based initiative thanks to Baseline, a project launched last month in collaboration with Microsoft and ConsenSys.
The company is working to enable companies to conduct transactions privately and securely over public networks with regulatory-compliant solutions.
The finance consulting industry is also driving decentralized finance (DeFi), making it necessary to develop greater regulatory security, as evidenced by the presence of a Federal Reserve representative on the stablecoin topic.
The tokenization of assets was also mentioned, with some emerging startups that have been able to innovate using the public network of Ethereum.