Paul Brody, the Blockchain Lead at Ernest & Young, one of the world’s top auditing firms, voiced his opinion regarding private blockchains and their potential demise in the face of increasing protocols on public networks, particularly Ethereum.

The Real World Asset Summit:
Brody expressed his viewpoint during the exclusive Real World Asset Summit, a conference organized by prominent cryptocurrency firms such as Coinbase and Circle. With an impressive lineup of speakers, including leaders in decentralized finance (DeFi), the event provided valuable insights into tokenization, cryptocurrencies, and credit-related matters. Although it remains unclear which attendees Brody addressed directly, his comments shed light on a fundamental contrast between private and public blockchains.

The Value of Public Networks:
Unlike closed private chains, public networks like Bitcoin and Ethereum are built on principles of decentralization and openness. Their freedom and accessibility empower anyone with a crypto wallet and internet connection to engage with the base layer. Utilizing interfaces such as MetaMask or Coinbase Wallet, users can easily interact with the blockchain, engaging in transactions, trading, minting, and more.

The Success of Ethereum:
Ethereum, in particular, stands as a prime example of a public network’s triumph. As of September 20, the platform’s remarkable market capitalization exceeded $195 billion. Further, Ethereum enjoys support from major technology companies such as Visa and PayPal. For instance, Visa is developing an initiative to allow users to pay gas fees on Ethereum using their cards. This innovation aims to increase Ethereum’s adoption by removing the hassle of purchasing ETH solely for transaction fees. Additionally, PayPal has released its own stablecoin, PYUSD, on the Ethereum network through its partnership with Paxos.

EY’s Commitment to Public Networks:
Ernst & Young’s continual engagement with public networks further demonstrates the potential of these platforms. Earlier this year, the firm’s Blockchain Analyzer: reconciler expanded its supported coins by adding Dogecoin (DOGE) to its list, thereby enhancing the range of currencies available to its customers. This reconciliation tool enables EY auditors to align client records with the transparency of a public ledger.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.