Ethereum is one of the most popular blockchain platforms for decentralized application development and smart contract solutions. It has the potential to provide blockchain protocol for more than a dozen applications across various categories. They include
Therefore, it is apparently the leading platform for enterprise blockchain solutions.
Thus, it appears to be leading the field of enterprise blockchain solutions.
It does that by making digital money (cryptocurrency) an integrated feature of the internet. It decentralizes applications to offer users new capabilities. For example, it gives users control over their data and digital identities.
There are more than 2000+ crypto projects built upon Blockchain. However, it is the Ethereum blockchain that has demonstrated how blockchain technology can gain real-world widespread adoption with both individuals as well as enterprise business solutions. For instance, since Ethereum’s inception in 2015, over 2,500 DApps have been built using its blockchain protocol.
After being available as a public blockchain, now it also has entered the domain of enterprise adoption with private blockchain solutions. The Enterprise Ethereum Alliance, a blockchain consortium with over 450 enterprise business members like Microsoft, JPMorgan Chase, Santander, Accenture, ING, Intel, Cisco, and others, takes it at the forefront of enterprise adoption.
Ethereum is apparently becoming one of the leading blockchains among enterprises. For instance, as per Forbes’s report, more than 50% of firms included in the “Blockchain 50: Billion Dollar Babies” list are using Ethereum blockchain to build applications on top of it. The following are a few key reasons these enterprises are opting for Ethereum blockchain development:
Ethereum is the first programmable blockchain. It features a Turing-complete language on its blockchain. Thus, featuring the functionality for smooth smart contract execution.
Cryptocurrencies are quite spontaneous. They appear and die quickly. On the other hand, Ethereum blockchain is a project that offers significant credibility based on its lasting history, with its white paper released in 2013 and its launch in 2015. The team has defined a clear roadmap and vision for scalability to optimize its blockchain and keep it relevant for years to come.
Ethereum’s public blockchain is an open-source system. It means that anyone can join it and make contributions towards its growth and development. It is a huge advantage as it enables anyone to develop within its ecosystem and improve it.
Ethereum boasts of being one of the largest communities of developers contributing towards the development of its blockchain protocol. Both medium-sized companies and large corporations back the project. Also, the Ethereum Enterprise Alliance and Hyperledger provide continuous support to monitor and contribute to its development.
With Ethereum private blockchain solutions, enterprises can achieve privacy by forming private consortia featuring private transaction layers. For instance, JPMorgan’s Quorum is a fine example of that. Additionally, companies can achieve privacy on the public Ethereum blockchain with Ernst & Young’s Nightfall protocol.
Companies can build Ethereum-based private/permissioned blockchain networks using its plug and play feature. They can plug the private blockchain solution into the public Ethereum mainnet. Vast, active, high-value public blockchain and all the parts of its ecosystem will provide various benefits from the integration. One case in point is the Pantheon from Pegasys. It is the Ethereum’s first enterprise client compatible with the public chain. Essentially, Ethereum’s interoperability keeps companies’ blockchains updated. It provides them global expansion, a wide network of users and DApps (Decentralized Applications), and continual developments and upgrades.
Interestingly, Ethereum’s native cryptocurrency’s price has increased by over 9,000% since its launch. Early adopters and investors have generated exceptional returns on investment. Additionally, we, at Oodles, expect that ETH prices will continue to increase throughout time.
Being one of the oldest players in the crypto field, Ethereum has gained trusted credibility among enterprise businesses. Also, its protocol’s real-world applications have covered 11 major categories that enterprise businesses could potentially be interested in. And Ethereum’s large community of developers, which works on the blockchain’s protocol improvements, could be considered by enterprise businesses as a technological benefit. Meanwhile, Ethereum constantly faces update delays, a low level of scalability, and burgeoning competitors.
All in all, Ethereum could easily be replaced by a competing blockchain protocol that’s able to deliver on its promises and expand its blockchain network faster. After all, it is still very early in this innovative world of blockchain technology and there are no clear winners just yet.