The aim of the protocol is to enable companies to use the Ethereum network with their legally compliant solutions. As Brody further explains, the OpsChain solution, which enables the traceability of food, drugs and medical products as well as fund management and financial transactions, has been specifically migrated to Baseline with the new version 4.0.
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 to implement blockchain-based solutions. As a result, Ernst & Young continues to work on developing corporate-focused Ethereum-based solution.The only way that blockchains will deliver upon their true promise to the world is if public blockchain networks are the preferred path for enterprises and investors.
The comments indicate strong support for Ethereum from Ernst & Young.At the same time, Brody stressed the current challenges and that the use of a public blockchain is currently still met with great skepticism by most Fortune 500 companies. However, Ernst & Young is aiming to change this.
Brody explained during the online event that the public blockchain, unlike private blockchains, is able to provide Fortune 500 companies with the advantages they need. As Brody stated, the blockchain is beyond the control of centralized organizations. Brody also believes that Fortune 500 companies want to harness the power of the broad network effects that underpin public blockchains.
As the head of Ernst & Young’s blockchain division explained, using a public blockchain can eliminate vendor consortium lock-in, reduce research and development costs, and lower total cost of operations through internal network effects.
Author : Jake Simmons