Ernst & Young (EY), one of the four largest accounting firms in the world, held an online conference called EY Global Blockchain Summit 2020, in which it revealed the important work they are doing in the Ethereum public space to empower the companies.
At this event that took place over three days, and was chaired by EY Global Blockchain leader Paul Brody. Information about the latest Ernst and Young Blockchain initiatives and the partnerships they have established with industry leaders such as Dell and Microsoft technologies was presented to the audience.
EY Global Blockchain Summit 2020
It must be recognized firstly that this was the first corporate Blockchain event conducted entirely online and live on YouTube. Aiming to empower companies with Ethereum, 50 guests attended.
It was professionally organized and managed, which speaks volumes for the people behind it. Due to COVID-19, social distancing and quarantines do not allow face-to-face events, which makes virtual conferences the only way to move forward.
Between sessions, Forbes highlights Paul Brody’s opening speech. Where he explained the current environment and how EY has started on its Blockchain path. The achievements so far that the company has had through EY OpsChain and EY Blockchain Analyzed and what is the way forward.
He articulated why private Blockchains will fail to scale and create network effects. He also presented his case on why public networks bring the necessary benefit for Fortune 500 companies.
The main idea of the transition in private to public networks is to eliminate the vendor-consortium block. To potentially reduce your total cost of ownership (TCO), and be able to scale the effects on the network without the need for a new R&D department to manage the new Blockchain source.
Even though the stated goals sound promising and enjoyable, the path to achieving them can be difficult. Since, companies are struggling to feel comfortable with existing rules and regulations. This, to overcome your fear of exposing your private data and assets.
The Ernst & Young commitment
Ernst & Young’s commitment to the use of the Ethereum public network is strong. Including its flagship Blockchain OpsChain service, which has been used for food and beverage traceability, the medicine and medical product supply chain, transportation and logistics, fund management and financial transactions, and workforce management .
It is also reassuring to see that EY introduced itself with its strong team of Blockchain experts. Among them architects and developers speaking publicly about their work on the Ethereum Public Blockchain.
This contracts with the focus and business management of the rest of the large consulting companies. Still, working with a public Blockchain network needs more than a baseline to be successful.
A public Blockchain requires a set of new stable Blockchain regulatory frameworks and protocols with established interoperability services between them.
Probably, the gradual union of companies will make this project possible, they will get there very soon and it is the positive of these first steps that they are taking.