Ernst & Young (EY) has confirmed its commitment to the adoption of Ethereum-based blockchain technology.

In the EY Global Blockchain Summit 2020, Paul Brody, head of blockchain division at EY, stressed that Ethereum is the best solution for Fortune 500 companies. Thus, the accounting firm continues developing corporate-focused Ethereum-based solution.

He shed light on the benefits of the public Ethereum blockchain and commented on why private blockchain is less suitable:

“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.”

Brody’s statement reflects his company’s strong support for Ethereum. Meanwhile, the executive stressed the current challenges his company is facing, adding that most Fortune 500 companies are still questioning the use of a public blockchain. However, Ernst & Young is aiming to change this skepticism.

During the conference, Brody explained that the public blockchain can provide such companies with the benefits they need. He also indicated that the blockchain is beyond the control of centralized organizations.

Benefits of public blockchains

The executive said the public blockchain can lower the costs of research, development and operations through internal network effects. He also shed light on the other advantages of public blockchains:

“Public blockchains like Ethereum offer a better choice for enterprise users. Even if they do achieve monopoly-like dominance, there is no controlling entity to extract excess profits — there is only an ecosystem of competing service providers.”

Cryptolydian earlier reported that Ethereum (ETH) is attempting to come back to its $281 three-month peak hit in February 2020. However, analysts expect ETH to be ‘coin of the year’, outperforming the other popular digital assets.

ETH has never been the same again since its market bull-run of early 2018. This is because the coin’s reaction to price change has been slightly slower after that amazing run. In addition, it failed to move with a big margin when Bitcoin (BTC) has jumped by more than 50 percent.

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