Enterprise blockchain: ‘Ethereum for business’ explains key use cases

The cryptocurrency market has faced ups and downs over the past year, but blockchain technology is seeing impressive growth as businesses seek digital transformation.

recent test result Markets&Markets, a market research platform, has estimated the global blockchain market size to be $7.4 billion in 2022. Notably, the report states that the blockchain sector is expected to generate $94 billion in revenue by the end of 2027. If these findings are accurate, this would result in a compound annual growth rate of 66% from 2022 to 2027.

Breaking down ‘ethereum for business’

More specifically, many enterprises today are using the Ethereum blockchain to improve legacy business processes. Paul Brody, global blockchain leader at Ernst & Young (EY), told Cointelegraph that he believes the Ethereum network will drive the most growth in the enterprise blockchain market going forward.

To bring this to light, Brodie recently published Ethereum for trading. According to Brody, the book aims to help non-technical, C-level executives and corporate leaders understand how and why Ethereum applies to specific use cases.

To ease readers into the subject matter, Brody begins the first part of the book by explaining how Ethereum works using relatable language. “There are three fundamental concepts that are useful to understand – the distributed ledger, the programmable ledger, and the consensus algorithm,” he writes. Brodie then went on to explain that every “financial system has a ledger,” but notes that the difference between centralized, traditional systems and Ethereum is that “Ethereum’s ledger is public and distributed to all participants.”

The first chapter also explains the terminology associated with blockchain networks. Brodie writes that “batches of transactions are known as ‘blocks'”. He concludes the chapter by noting that the Ethereum network is often attractive to business users because it “facilitates unified digital businesses” without a centralized market operator.

Brodie details terminology such as wallets, tokens, and smart contracts in the next few chapters of the book, before going deeper into specific use cases. For example, in chapter four, he writes:

“In Ethereum, both money and goods can be represented as tokens, while the terms of exchange between two parties can be captured in a smart contract.”

Brodie says that everything of value is stored in a wallet when using the Ethereum blockchain: “Wallet is a name for a digital account where you can store your keys and contacts and access rights to assets that you own with those keys.” control through.

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Chapter five focuses on the oracles; As Brody noted, “enterprise transactions will require widespread use of oracles” because external data sources will be necessary to execute smart contracts for business purposes.

The information Brodie presents at the beginning of the book is extremely useful for readers who may be new to the blockchain space. The following chapters focus on concepts such as privacy, an important consideration for enterprises looking to leverage blockchain.

In chapter six, Brody writes, “Although enterprises require privacy, blockchains, by default, do not provide privacy.” Given this, Brodie focuses this section on privacy applications that can be implemented to support enterprise transactions. Although Brody mentions at the beginning of the book that the purpose of reading is not to promote EY’s blockchain work, he does detail how Nightfall and Starlight — two privacy mechanisms created by EY — are used to ensure private blockchain transactions. are used by businesses.

Real-world enterprise Ethereum use cases

Part two of Brodie’s book focuses on use cases and case studies. This section is probably the most interesting as it explains why technology can be helpful to business processes.

Volume two discusses tokenization heavily, with Brody writing that it is “the single most important thing anyone venturing into the blockchain space can do.” He further added that tokenization is often the first decision companies make about using blockchain as it can be used to digitize assets that can be easily tracked and managed.

Although Brodie points out differences between ERC-20 and ERC-721 tokens, he emphasizes that the ERC-1155 standard is gaining popularity among enterprises due to its mix of fungible and nonfungible properties. Brodie shared that an EY customer in the pharmaceutical industry is currently using an ERC-1155 token to track ordered pharmaceutical packages. “Using the 1155 standard, this firm could create large quantities of tokens and transfer them in large batches to distributors and others,” he writes.

Brodie continues to share real-world examples of how EY customers are implementing the Ethereum blockchain. For example, he explains how Italian beer maker Peroni is using blockchain for traceability, allowing consumers to scan a QR code to understand how the beer was produced.

“Those viewing beer non-fungible tokens (NFTs) from Peroni on the Polygon POS chain (an Ethereum side chain) will be able to see Peroni’s last batch tokens as well as input tokens from malt houses and farms,” he writes. Brody.

In addition to these use cases, Brody explained how blockchain helps with supply chain management, contract management, carbon emissions tracking, payments, and more. He emphasizes in this section that “blockchains will do for the business ecosystem what ERP (enterprise resource planning) did within a single enterprise.”

‘Ethereum for Business’ Is Educational, But the Blockchain Is Broader

Whereas ethereum for trading Provides an in-depth and clear look at enterprise Ethereum, readers should remember that the blockchain ecosystem is broader. There are many different blockchain networks that businesses can use besides Ethereum.

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Yet it is notable that Brodie’s new book gives an in-depth overview of the Ethereum ecosystem, breaking down key concepts while providing real-world use cases. This is extremely important, as education about blockchain technology is still needed for mainstream adoption.