As you well know the Ethereum Merge has been the most talked about Integration within the past few months. Now some of the Industry giants explain how the Merge can influence enterprise adoption for business use cases focusing on the main developments and trends that are important to understand from a business perspective.
According to analysis from the Ethereum Enterprise Alliance (EEA), the Ethereum ecosystem has developed to the point where businesses can use the network to solve real-world issues. The report shows both qualitative
and quantitative research on how the Ethereum network has developed into one of the most valuable public blockchains, with examples from Capital markets use cases to traditional payment providers like Visa and PayPal. The report demonstrates a track record of how the Ethereum network has grown to become one of the most valued public blockchains.
Despite this, the EEA report notes that the rapid growth of the Ethereum ecosystem has created a number of challenges for businesses, particularly in terms of energy consumption, scalability, and privacy. According to the report, “sustainability was cited as one of the main concerns, along with transaction fees, in relation to using the Ethereum Mainnet.”
Will “The Merge” change how business enterprises view Ethereum?
Well, industry experts predict that the Ethereum Merge, which is scheduled to take place on September 14, will likely improve mainstream enterprise adoption.
Victor Busson, Taurus said, “I think that right now there is a pivot towards more
public blockchain in the industry.” This means that every day more and more businesses adopt the use of public Blockchain technology to seamlessly carry out their services.
Also, Lloyd Keays, SAP said “To be honest, any business process with more than three parties starts to get hard to manage. Move this to an open blockchain platform, (like Ethereum) and everybody can just look at the blockchain and dApp. The whole thing becomes collaborative.” This in turn makes it transparent and can be good for fostering trust between parties.
Ethereum as a public Blockchain, today is simply more suitable for more types of business uses than it has been in the past. According to the report a case study was carried out on Avalon. The company had wanted to build its platform on public Ethereum years ago but did not feel the ecosystem was ready. With the coming Merge, it is now relaunching on public Ethereum because it feels the time is right.
DeFi has been a highly influential example of public blockchain viability, demonstrating that a large-scale, decentralized, consumer-facing business model can indeed work. According to coinmarketcap the DeFi crypto market cap is $50.60B, which increased by 2.89% over the last day.
Ethereum is a complete ecosystem. In comparison to its early days, there is a diverse set of standards, tools, providers, and platforms to which businesses can turn with the right use case and an understanding of how to use the various options available to them, businesses can today begin to take advantage of decentralized business models and approaches made possible by this technology.
Indeed, many jurisdictions recognize the potential of blockchain and view it positively, as the ecosystem has proven to be reliable, and businesses can expect Ethereum to last.