Ethereum Gaining Momentum as an Enterprise Platform
More businesses are planning to leverage Ethereum (ETH) this year, joining the investors who have already shown interest in the cryptocurrency. Industry experts believe that enterprise Ethereum is gaining momentum and becoming the dominant platform for businesses.
Data from L2BEAT, a layer-2 (L2) insights platform, shows a steady increase in transactions on the Ethereum mainnet this month.
Ethereum’s Dominance in the Enterprise Space
Paul Brody, Chair of the Enterprise Ethereum Alliance and Global Blockchain Leader at EY, stated that Ethereum has become the leading platform for enterprises. He emphasized that most concerns surrounding Ethereum have been addressed, and gas fees have significantly decreased due to the Dencun upgrade.
The Dencun upgrade, which was implemented on March 13, paves the way for protodank sharding and lowers Ethereum’s high layer-1 fees. This reduction in fees is crucial for enterprises that handle millions or even hundreds of millions of transactions.
Scalability and low gas fees are essential for handling high volumes of business transactions. Additionally, Brody noted that the Ethereum L2 ecosystem is maturing, with L2s starting to serve more specialized purposes tailored to the specific requirements of enterprises.
EY’s L2 solution called “Nightfall” has been addressing enterprise privacy requirements since its inception in 2019. It ensures that only registered and compliant entities can access the network, preventing anonymous money transfers within the enterprise network.
Microsoft’s Developments on Ethereum
Microsoft has been leveraging blockchain technology for supply chain management since 2019. However, it was only last year that they completed a major internal release related to this effort.
Yorke Rhodes, Co-Founder and Director of Digital Transformation for Blockchain at Microsoft, explained that the release allowed Microsoft to implement a
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