EY blockchain leader: We "will go all in on public blockchains"

This article comes fromDecrypt, original author: Tim Hakki

Odaily Translator | Nian Yin Si Tang

Odaily Translator | Nian Yin Si TangAt this year’s Messari Mainnet Summit, Paul Brody, head of blockchain at Big Four accounting firm Ernst & Young, told Decrypt that his firm “”。

Going all in on public blockchains

Referring to EY’s foray into the cryptocurrency space, he reiterated that the firm was indeed one of the first crypto adopters in traditional finance.

In 2015, EY established a blockchain division to work on public blockchains. Brody told Decrypt that initially, EY also worked with private blockchains, but "over the years, that has really lessened."

He explained: "Unlike other companies, we are actually building tools and applications in this space, so we built our own blockchain audit platform, where we can conduct transactions on-chain and off-chain. adjust."

It's worth mentioning that the latter tool was donated to the public domain and redesigned into Polygon Nightfall.

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EY's blockchain services in 7 years

Brody attributed EY's early adoption of cryptocurrencies to a high-level belief in the power of blockchain technology. “This is going to be the path of the future for most business-to-business transactions, and we need to scratch the surface,” Brody said. “We need to get our hands dirty.”

According to Brody, about 65 percent of EY's work in blockchain is related to auditing.

“The pattern we’ve seen over and over again is that companies want to try something relatively easy first. If you’re a bank, that might mean selling bitcoin to customers,” he said. Substantial activity: issuing assets, selling products and services, building DeFi tools. I like to think of it as slippery slope.”

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Bear Markets and Ethereum

Finally, Brody elaborated on how the current bear market is affecting EY’s blockchain division, adding that EY’s financial services clients do care about large price swings. However, Brody also admitted that they view the volatility as "a feature, not a bug."

Industrial customers, however, are quite different. Instead, “they see ethereum as a public infrastructure for computing and business operations, and what matters to them is gas fees and the scalability of the network, not the price of the asset.”

Brody also said that EY has taken a "very strong stance" on private blockchains and proprietary technology, although clients may occasionally ask for it.

This also makes the firm particularly bullish on Ethereum.