‘Enterprise blockchain: ‘Ethereum for Business’ explains use cases’

'Enterprise blockchain: 'Ethereum for Business' explains use cases'

The Impressive Growth of the Blockchain Industry

The cryptocurrency market has experienced its fair share of ups and downs over the past year, but the blockchain technology that underpins it continues to see impressive growth as businesses seek digital transformation1. According to recent findings from market research platform MarketsandMarkets, the global blockchain market size is estimated to be $7.4 billion in 2022, with expectations to generate $94 billion in revenue by the end of 20272. This translates to a compound annual growth rate of 66% from 2022 to 2027, indicating the immense potential and increasing importance of blockchain technology in various industries3.

Breaking down ‘Ethereum for Business’

In particular, many enterprises are turning to the Ethereum blockchain to improve outdated business processes4. Paul Brody, the global blockchain leader for Ernst & Young (EY), believes that the Ethereum network will drive the most growth for the enterprise blockchain market moving forward5. To help non-technical C-level executives and company leaders understand how and why Ethereum applies to specific use cases, Brody recently published “Ethereum for Business”6.

To introduce the subject matter, Brody begins part one of the book by explaining how Ethereum works using relatable language. He breaks down three foundational concepts that are useful to understand: the distributed ledger, the programmable ledger, and the consensus algorithm7. Brody emphasizes that Ethereum’s ledger is public and distributed to all participants, distinguishing it from centralized, traditional systems8.

To further familiarize readers with blockchain networks, Brody explains that batches of transactions are known as “blocks” in Ethereum9. He also highlights the convenience of an integrated digital business that Ethereum offers, without the need for a centralized market operator10.

The following chapters of the book delve into specific terminology and concepts associated with Ethereum. Brody explains the significance of wallets, tokens, and smart contracts11. In Ethereum, both money and other assets can be represented as tokens, while the terms of exchange between parties can be captured in a smart contract12. Wallets serve as digital accounts where keys and access rights to contracts and assets are stored13.

Chapter five focuses on oracles, external data sources that are essential for completing smart contracts in enterprise transactions14. Brody emphasizes that privacy is a crucial consideration for enterprises leveraging blockchain15. While blockchains do not offer privacy by default, Brody discusses privacy applications that can support enterprise transactions16. He highlights Nightfall and Starlight, two privacy mechanisms created by EY, to ensure private blockchain transactions17.

Real-world Enterprise Ethereum Use Cases

Part two of Brody’s book explores real-world use cases and case studies, demonstrating how Ethereum can be applied to business processes18. Tokenization is a prominent topic, as it is considered the most critical aspect for enterprises leveraging blockchain technology19. Tokenization allows assets to be digitized, easily tracked, and managed20. Brody explains the differences between ERC-20 and ERC-721 tokens, but highlights that the ERC-1155 standard is gaining traction among enterprises due to its blend of fungible and nonfungible properties21. For example, an EY client in the pharmaceutical industry uses ERC-1155 tokens to track serialized medicine packages, enabling the minting and transfer of tokens in large volumes22.

Brody also shares real-world examples of how EY clients, such as Italian beer producer Peroni, utilize blockchain for traceability23. Consumers can scan a QR code on Peroni beer bottles to understand the production process, and even view non-fungible tokens (NFTs) associated with specific batches of beer on the Ethereum side chain24.

Additionally, Brody details how blockchain technology supports supply chain management, contract management, carbon emission tracking, payments, and more25. He highlights that blockchains will revolutionize business ecosystems, similar to how enterprise resource planning (ERP) transformed single enterprises26.

‘Ethereum for Business’ is Educational, but Blockchain is Broad

While “Ethereum for Business” provides an in-depth and clear view of enterprise Ethereum, it is essential to remember that the blockchain ecosystem is much broader27. Ethereum is just one of many blockchain networks available for businesses to utilize28. However, Brody’s book serves as a valuable resource for understanding the Ethereum ecosystem, breaking down key concepts, and providing real-world use cases29. This educational material is crucial in driving mainstream adoption of blockchain technology30.

In conclusion, the blockchain industry is experiencing remarkable growth, with the potential to generate significant revenue in the coming years31. Ethereum, in particular, is driving this growth, as enterprises recognize its potential to improve business processes32. “Ethereum for Business” serves as a comprehensive guide, explaining the fundamental concepts of Ethereum and showcasing real-world use cases33. As education around blockchain technology continues to improve, businesses will continue to embrace the transformative power of blockchain in various industries.

  1. Source: Cointelegraph↩︎

  2. Source: Cointelegraph↩︎

  3. Source: Cointelegraph↩︎

  4. Source: Cointelegraph↩︎

  5. Source: Cointelegraph↩︎

  6. Source: Cointelegraph↩︎

  7. Source: Cointelegraph↩︎

  8. Source: Cointelegraph↩︎

  9. Source: Cointelegraph↩︎

  10. Source: Cointelegraph↩︎

  11. Source: Cointelegraph↩︎

  12. Source: Cointelegraph↩︎

  13. Source: Cointelegraph↩︎

  14. Source: Cointelegraph↩︎

  15. Source: Cointelegraph↩︎

  16. Source: Cointelegraph↩︎

  17. Source: Cointelegraph↩︎

  18. Source: Cointelegraph↩︎

  19. Source: Cointelegraph↩︎

  20. Source: Cointelegraph↩︎

  21. Source: Cointelegraph↩︎

  22. Source: Cointelegraph↩︎

  23. Source: Cointelegraph↩︎

  24. Source: Cointelegraph↩︎

  25. Source: Cointelegraph↩︎

  26. Source: Cointelegraph↩︎

  27. Source: Cointelegraph↩︎

  28. Source: Cointelegraph↩︎

  29. Source: Cointelegraph↩︎

  30. Source: Cointelegraph↩︎

  31. Source: Cointelegraph↩︎

  32. Source: Cointelegraph↩︎

  33. Source: Cointelegraph↩︎

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