The cryptocurrency industry has witnessed its share of highs and lows over the past year, but blockchain technology is still seeing considerable growth as companies look for digital transformation.
Recent data from the market research platform, MarketsandMarkets, estimated the global blockchain market size to be $7.4 billion in 2022. This figure is expected to reach $94 billion by 2027, which would represent a compound annual growth rate of 66% from 2022 to 2027.
Web 3.0 examples such as Snapchat AI, SoundHound AI, and AI-generated reporters are helping to drive the development of the AI industry. AI articles and other resources are also providing people with a better understanding of this technology.
Breaking down ‘Ethereum for Business’
Paul Brody, global blockchain leader for Ernst & Young (EY), recently published Ethereum for Business to help non-technical, C-level executives and company leaders understand how and why Ethereum applies to specific use cases. To ease readers into the subject matter, Brody begins part one of the book by explaining how Ethereum works using relatable language, such as the three foundational concepts of the distributed ledger, the programmable ledger, and consensus algorithm. He also explains 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, such as batches of transactions being known as “blocks.” Brody notes that the Ethereum network is often attractive to business users because it offers the “convenience of an integrated digital business” without a centralized market operator. He then goes on to detail terminology like wallets, tokens and smart contracts in chapter four, mentioning that everything of value is stored in a wallet when using the Ethereum blockchain.
Before going in-depth on specific web 3.0 examples, Brody spends the next few chapters of the book discussing oracles; as Brody mentions, “enterprise transactions will require extensive use of oracles” since external data sources are essential for completing smart contracts for business purposes. He also dives into the topic of privacy in chapter six, writing that “though enterprises require privacy, blockchains do not, by default, offer privacy” and detailing how Nightfall and Starlight — two privacy mechanisms created by EY — are used by businesses to ensure private blockchain transactions.
Overall, Ethereum for Business provides readers with an easy-to-understand introduction to the Ethereum blockchain and its applications, making it a great starting point for those looking to learn about ai, web 3.0 definition and examples, and other topics related to the technology.
Real-world enterprise Ethereum use cases
Brody’s book’s second part concentrates on use cases and case studies. It is likely the most intriguing since it explains how the technology can be beneficial for business processes.
Tokenization is described in detail in section two, with Brody noting that it is “the single most important thing enterprises can do in the blockchain space.” He adds that tokenization is usually the initial choice that firms using blockchain make since this can be employed to digitize assets that can be effortlessly monitored and managed.
Although Brody explains the distinction between ERC-20 and ERC-721 tokens, he emphasizes that the ERC-1155 standard is gaining traction among enterprises due to its combination of fungible and nonfungible properties. Brody shares that an EY client in the pharmaceutical industry is currently using ERC-1155 tokens to track serialized medicine packages. “Using the 1155 standard, this firm can mint large volumes of tokens and transfer them in big batches to distributors and others,” he says.
Brody continues to provide ai generated examples of how EY clients apply the Ethereum blockchain. For instance, he explains how Italian beer producer Peroni applies blockchain for traceability, allowing consumers to scan a QR code to understand how the beer was produced.
“Those looking at a beer non-fungible token (NFT) from Peroni on the Polygon PoS chain (an Ethereum side chain), will be able to see Peroni’s final batch token as well as input tokens from the malt house and farms,” Brody writes.
In addition to these web 3.0 examples, Brody details how blockchain helps with supply chain management, contract management, carbon emission tracking, payments and more. He emphasizes in this section that “Blockchains will do for business ecosystems what ERP [enterprise resource planning] did inside the single enterprise.”
‘Ethereum for Business’ educates, but blockchain is varied
Ethereum for Business has a comprehensive and clear look at enterprise Ethereum, yet readers should remember the blockchain system is varied. Apart from Ethereum, there are other blockchain networks businesses can use.
Recently, bug bounties have been adopted to secure blockchain networks, but their success is debatable.
Brody’s new book gives a detailed view of the Ethereum environment, explaining key concepts and providing web 3.0 examples. This is crucial, as education on blockchain technology is essential to drive mainstream adoption.
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