Private vs. Public Blockchains: EY’s Take
Paul Brody, Blockchain Lead at Ernest & Young, a top global audit firm, offered insights into private blockchains amid the rise of protocols on public networks, notably Ethereum, during the Real World Summit.
Brody emphasized that private chains, including R3 Corda used by major banks, may prove ineffective for fostering adoption.
https://twitter.com/pbrody/status/1704187705364496771
The Real World Asset Summit, an exclusive event sponsored by leading crypto firms like Coinbase and Circle, gathered 250 select attendees in New York on September 19. The conference covered diverse topics, including tokenization, cryptocurrencies, and credit, featuring 40 speakers, such as DeFi leaders Robert Leshner and Jesse Pollak.
Public networks like Bitcoin and Ethereum, known for decentralization and openness, contrast with private chains. They allow anyone with a crypto wallet and internet access to freely interact with the blockchain. User-friendly interfaces like MetaMask and Coinbase Wallet facilitate various transactions and activities, offering more versatility than some other networks like Bitcoin.
The transparent and secure nature of public networks contributes to the success of platforms like Ethereum, with a market cap exceeding $195 billion as of September 20. Ethereum has gained support from tech giants like Visa and PayPal, with Visa exploring card-based gas fee payments on Ethereum and PayPal launching its stablecoin, PYUSD, on the platform.
READ MORE: Ledger’s Game-Changing Recovery Service Goes Live by the End of 2023
Ernst & Young’s Blockchain Analyzer: reconciler expanded its supported cryptocurrencies by adding Dogecoin (DOGE) this year, alongside existing support for Ethereum and Bitcoin.
This tool empowers auditors to reconcile client records with the public blockchain ledger, enhancing transparency and trust in the blockchain ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
