Which Aspects of Ethereum Have Attracted the Enterprises?
The most well-known public Blockchain network for the development of decentralized applications (DApps) and smart contracts is Ethereum. It is being used worldwide and has different applications from open finance, gaming, and so on to identity. So it can be the most powerful one to give solutions to the enterprises.
With unique features such as using Decentralized Web (Web3) which helps P2P transactions and more than 2500 DApps working based on it, Ethereum has been successful in becoming popular in both individuals and enterprises.
Famous Enterprises and Ethereum Blockchain Technology
Microsoft Azure launched by Microsoft and Amazon Managed Blockchain started by Amazon are two projects in 2019 which have manipulated Blockchain through their Blockchain-as-a-service (BaaS) platforms. Among the advantages of this Blockchain is accessing to its variants such as JPMorgan’s Quorum Blockchain.
What Does Ethereum Have to Be Opted by the Enterprises?
Two main reasons attract the enterprises to choose Ethereum: first it is having the feature of programmability with a Turing-complete language and next, it is a credible and trustable Blockchain with a well-founded structure.
Besides releasing its white page in 2015 and offering its new versions according to a pre-planned timetable, it has other features like having an open system letting everyone to take part in its development process. The other is being supported by a group of developers from different companies who help its development. The possibility of drawing private transactions, comfort in developing new Blockchain networks by the business, and on-the-rise value of Ether are among the other advantages Ethereum enjoys.
Is There any Shortcoming in Ethereum?
Scalability which means low speed of processing transactions compared to the other companies like Visa is one of its disadvantages; although, there are some permissioned variants which can work faster. Ethereum co-founder, Vitalik Buterin has offered using Bitcoin Cash Blockchain to solve the problem at least for a short time. The other is the gaps which are still observed, since it is underway to be completed. And the last is the fact that despite all the merits it does have, there are other companies with somehow similar capabilities which compete with it.
Taking all the advantages and disadvantages Ethereum Blockchain have, it tries to upgrade its system and make some fundamental changes in it, according to Buterin; however, there is still the probability for it to be replaced by other Blockchain networks released by the other companies.