Blockchain Lead at Ernest & Young Believes Public Networks Trump Private Blockchains
According to Paul Brody, a Blockchain Lead at Ernest & Young, private blockchains will become irrelevant if more protocols are developed on public networks, particularly Ethereum. Brody expressed his views on the speeches at the Real World Summit.
The Rise of Public Networks
The Real World Asset Summit took place on September 19 and was an exclusive event sponsored by prominent crypto companies like Coinbase and Circle. The conference featured discussions on tokenization, cryptocurrency, and credit from industry experts.
During the summit, Brody argued that big banks pursuing private chains, such as R3 Corda, will soon realize that their approach is ineffective in driving adoption.
The Power of Public Chains
Unlike closed and private chains, public networks like Bitcoin and Ethereum are founded on principles of decentralization and openness. The freedom offered by public chains allows anyone with a crypto wallet and internet connection to interact with the underlying blockchain.
Users can utilize wallets like MetaMask or Coinbase Wallet to engage with the blockchain when conducting transactions, trading, or minting tokens. In contrast, networks like Bitcoin only allow users to send transactions between specific areas.
Success of Ethereum
Ethereum has experienced significant success due to its transparent and secure network. As of September 20, Ethereum’s market capitalization exceeded $195 billion, with support from major technology companies such as Visa and PayPal.
In early 2021, Ernst & Young’s Blockchain Analyzer: reconciler expanded its support to include Dogecoin (DOGE), adding to its existing compatibility with Ethereum and Bitcoin. This tool enables auditors to reconcile client records with the public ledger.
Hot Take: Public Networks Are the Future
Brody’s endorsement of public networks highlights their potential dominance over private blockchains. As more protocols are developed on public networks like Ethereum, the limitations of private chains for driving adoption will become increasingly apparent. The transparent and open nature of public networks offers users the freedom to interact with the blockchain and has contributed to the success of leading cryptocurrencies like Ethereum.
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