The blockchain technology continues to experience significant growth as businesses seek digital transformation, despite the volatility in the cryptocurrency market. According to recent findings from market research platform MarketsandMarkets, the global blockchain market size is projected to be $7.4 billion by 2022. However, the report suggests that the sector will generate $94 billion in revenue by the end of 2027, indicating a compound annual growth rate of 66% from 2022 to 2027.
One specific area of growth in the enterprise blockchain market is the use of the Ethereum blockchain. Ethereum has proven to be valuable in improving outdated business processes, making it a popular choice among enterprises. Paul Brody, the global blockchain leader for Ernst & Young (EY), believes that the Ethereum network will drive the most growth for the enterprise blockchain market in the future.
To help non-technical executives and company leaders understand the application and relevance of Ethereum in specific use cases, Brody recently published a book titled “Ethereum for Business.” The book provides a comprehensive explanation of Ethereum, starting with the foundational concepts such as distributed ledger, programmable ledger, and consensus algorithm. It also delves into terminology associated with blockchain networks, including wallets, tokens, and smart contracts.
Brody highlights the importance of tokenization as a key aspect of enterprise blockchain adoption. Tokenization allows for the digitization and easy tracking of assets, making it a crucial decision for firms leveraging blockchain technology. He explains the difference between ERC-20 and ERC-721 tokens, but notes that the ERC-1155 standard is gaining traction among enterprises due to its blend of fungible and nonfungible properties. Brody cites real-world examples of how EY clients are utilizing Ethereum, including a pharmaceutical company using ERC-1155 tokens to track serialized medicine packages, and an Italian beer producer using blockchain for traceability.
Apart from these specific use cases, the book also explores how Ethereum benefits supply chain management, contract management, carbon emission tracking, and payments. Brody emphasizes that blockchains have the potential to revolutionize business ecosystems in a similar way that enterprise resource planning (ERP) did within individual enterprises.
However, it’s important to note that while “Ethereum for Business” provides an in-depth overview of the Ethereum ecosystem, the blockchain technology landscape is broad. There are various other blockchain networks available for businesses beyond Ethereum. Nonetheless, the book’s focus on educating readers about the Ethereum ecosystem and providing real-world use cases is crucial for driving mainstream adoption.
Education and awareness about blockchain technology are still necessary for widespread adoption. The publication of “Ethereum for Business” contributes to filling this knowledge gap and helps executives and leaders understand the potential of Ethereum in transforming their businesses. As the blockchain market continues to grow, it is expected that more businesses will recognize the benefits and opportunities offered by blockchain technology for their digital transformation efforts.