Ethereum’s enterprise revolution sets new heights in 2024
As the business world embraces digital transformation, Ethereum (ETH) is increasingly being recognized as an essential tool for enterprise operations. With more companies expressing interest in Ethereum this year, industry experts predict a significant surge in its adoption within the corporate sector.
According to data from L2BEAT, there has been a notable rise in Ethereum transactions on the mainnet recently.
Ethereum to dominate the space this year
Ethereum’s popularity with businesses was a topic that Paul Brody, who leads both the Enterprise Ethereum Alliance and EY’s global blockchain efforts, addressed.
Several concerns regarding Ethereum have been resolved over the period, resulting in significantly reduced gas fees following the Dencun upgrade.
The Dencun upgrade, which took effect on March 13, is paving the way for proto-dank sharding and significantly lowering Ethereum’s layer-1 fees.
With large transaction numbers come the necessity of lower fees for businesses. Enhanced scalability and lower gas costs are essential factors for businesses handling substantial amounts of transactions.
Furthermore, Brody highlighted the maturation of Ethereum’s Layer 2 (L2) ecosystem, which caters to increasingly specialized functions within enterprises. EY’s Nightfall solution is an example, offering enhanced privacy features that have been specifically tailored to enterprise needs since its inception in 2019.
Access to the network is restricted to approved entities, maintaining network security and preventing unauthorized dealings. It’s been years since Microsoft integrated blockchain technology into its supply chain functions.
However, the company recently completed a major internal release related to this initiative, enabling them to implement Ethereum-based solutions more effectively.
Microsoft’s Blockchain team, headed by Yorke Rhodes as Co-Founder and Director, reportedly simplified their enterprise blockchain ventures by making use of Ethereum following the latest release.
Additionally, recent advancements in decentralized finance (DeFi) on Ethereum, such as layer 2 solutions like Optimistic Rollups and Zero-Knowledge Proofs, are expected to further boost Ethereum’s appeal for enterprises.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
