Paul Brody Talked Over Private Blockchain and Support Ethereum

The blockchain Lead at a global audit company, Ernest & Young (EY), Paul Brody, shared his thoughts during the Real World Asset Summit. During this Brody said, “The private blockchains don’t stand if more protocols are built on public networks, especially Ethereum.”

At the beginning of this year, EY’s Blockchain Analyzer: reconciler added support for Dogecoin (DOGE). The tool allowed the auditor to reconcile client records to the public ledger. It expanded the number of coins available for its customers whereas the earlier versions supported other blockchains, Ethereum and Bitcoin.

Brody’s Optimistic Vision for Ethereum Blockchain

Paul Brody shared his opinion over an X (formerly Twitter) post on the speeches at the Real World Summit. He believes that big banks building or exploring private chains like R3 Corda will soon realize their approach is “ineffective in driving adoption.”

Lots of people “explaining” their dabbling with permissioned chains here at the Real World Asset summit. Nobody is talking about how badly behind they will be when crypto-natives build on public Ethereum and the big banks realize their private chains don’t drive adoption.
— Paul Brody prbrody.eth 🦇🔊 (@pbrody) September 19, 2023

During the event, Brody and other attendees heard about tokenization, cryptocurrency, and credit from experts.

Notably, the Real World Summit took place at The William Vale in New York City on September 19, 2023. It is sponsored by the leading crypto firms including Coinbase, a crypto exchange, and Circle, the issuer of USDC.

The summit was an invite-only conference where 250 people were invited. Out of which, 40 speakers include leaders in Decentralized Finance (DeFi) like Robert Leshner of Compound and Jesse Pollak of Base, a Layer-2 protocol for Ethereum.

Public and Private Networks

The private or closed chains are different from the public blockchain networks such as Bitcoin and Ethereum. These public chains are rooted in decentralization and openness. These also showcase the freedom presented by public chains, where anyone is free to interact with the base layer.

The public chain supports freely accessible hot wallets that include MetaMask or Coinbase Wallet. These wallets act as interfaces for users to interact with the underlying blockchain when sending transactions, trading, minting, and more. On other networks like Bitcoin, the users can only send transactions from one area to another.

The Ethereum-like leading ledgers show the freedom to transact in a transparent way. However, secure networks can further explain the success of some top. Notably, Ethereum has received support from major tech firms such as Visa and PayPal.

Visa is working on an initiative that allows users to pay for gas fees on Ethereum using their cards. It can be said this change could lead to increased adoption of Ethereum by enabling users to interact with the network without even buying ETH for gas fees. Additionally, PayPal through Paxos, also released its stablecoin, PYUSD, on Ethereum.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing