The cryptocurrency market has encountered its share of ups and downs over the past year, but blockchain technology continues to see impressive growth as businesses seek digital transformation.
Recent findings from the market research platform, MarketsandMarkets, estimated the global blockchain market size to be $7.4 billion in 2022. While notable, the report indicates that the blockchain sector is expected to generate $94 billion in revenue by the end of 2027. If these findings are accurate, this will result in a compound annual growth rate of 66% from 2022 to 2027.
Breaking down ‘Ethereum for Business’
Specifically speaking, many enterprises today are using the Ethereum blockchain to improve outdated business processes. Paul Brody, global blockchain leader for Ernst & Young (EY), told Cointelegraph that he believes the Ethereum network will drive the most growth for the enterprise blockchain market going forward.
To bring this to light, Brody recently published Ethereum for Business. According to Brody, this book intends to help non-technical, C-level executives and company leaders understand how and why Ethereum applies to specific use cases.
To ease readers into the subject matter, Brody begins part one of the book by explaining how Ethereum works using relatable language. “There are three foundational concepts that are useful to understand — the distributed ledger, the programmable ledger, and consensus algorithm,” he writes. Brody then explains that every “financial system has a ledger,” but notes that the difference between centralized, traditional systems and Ethereum is that “Ethereum’s ledger is public and distributed to all participants.”
The first chapter also explains the terminology associated with blockchain networks. Brody writes that “batches of transactions are known as ‘blocks.’” He ends the chapter by mentioning that the Ethereum network is often attractive to business users because it offers the “convenience of an integrated digital business” without a centralized market operator.
Before going in-depth on specific use cases, Brody spends the next few chapters of the book detailing terminology like wallets, tokens and smart contracts. For instance, in chapter four, he writes:
“In Ethereum, both the money and the stuff can be represented as tokens, while the terms of the exchange between two parties can be captured in a smart contract.”
Brody adds that…
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