How are big companies building their blockchain plans?

A Mature Blockchain Industry Attractive For Large Enterprises

One common criticism of blockchain technology and the business solutions that come with it is that the immaturity of these systems has created instability, which may still be gaining momentum.

However, Clare Adelgren, EY blockchain sales and operations lead, told INN that the recent changes add to a unified vision for the future that is encouraging large companies to be meaningfully involved.

Adelgren, who has more than 25 years of technical experience at the level of large global enterprises, said the EY team believes the power of the blockchain movement lies in decentralization.

“As soon as you have an owner…or centralize it, it already loses its intrinsic value. It was very clear to us that we needed to focus on a public blockchain,” she said. said.

Experts have confirmed that the Ethereum network has introduced smart contracts. This represents a “step forward” for the adoption of this technology. She also noted that the recent Ethereum merger has increased corporate confidence in blockchain solutions.

“I think what we are seeing is that maturity is changing the way companies interact,” said EY experts.

Large companies “learn the language of blockchain”

“We work with a lot of big companies,” Abhishek Sinha, a partner at EY Canada and the company’s National Banking Technology Lead, told INN. “They look at it in terms of value and benefits.”

He said the commitment is genuine and long-lasting. “We don’t pursue it because it’s cool,” Sinha said. “They pursue it because there is business value to be gained from it.”

A significant amount of research is already being done by the largest companies out there.

“A lot of them are going through an experiment, and part of that experiment is internal learning, learning the language of blockchain,” said Adelgren.

Privacy Keys Adopted by Large Enterprises

Adoption of blockchain technology requires the market to continue to mature, according to both EY experts.

“The hard part is the standardization part,” says Sinha.

Adelgren explained that until now, large entities have been hesitant to use blockchain in a more mundane way. There are many reasons for not taking action, but privacy and corporate responsibility are paramount.

“If you’re a business, you always want an element of privacy when doing business,” Adelgren told INN.

Tips for investors

Large companies continue to explore how they can benefit from blockchain technology, but generally want continued maturation of the sector and clarity of policy before making any commitments. I’m here.

Adelgren is pleased with the growing understanding in the market. Especially when it comes to blockchain and cryptocurrencies, there is much less confusion and a bright spot for future use.