Ethereum’s public blockchain network is becoming increasingly more popular as some of the world’s largest enterprises, including Microsoft, Ernst & Young, and Deloitte, now work on top of Ethereum to develop new and innovative tools.
Ernst & Young Develops Privacy Blockchain Protocol, Nightfall
Perhaps the most impressive development built on Ethereum comes from the Big Four accounting firm, Ernst & Young (EY), who recently released a million-dollar public blockchain protocol, dubbed Nightfall, for the whole world to use for free.
Nightfall is a privacy tool based on the zk-SNARKs protocol that enables large corporates and enterprises who require blockchain privacy to build upon the Ethereum network.
With the release of this new tool, corporations and enterprises will no longer be restricted by the limitations of private blockchains, as they can maintain privacy on Ethereum’s public blockchain and reap the rewards of a public network.
Therefore, we can expect to see an influx of development on Ethereum from large corporates and enterprises. As stated by EY’s Head of Blockchain Paul Brody during the Ethereal Summit 2019:
“Corporations WILL come to use Ethereum mainnet.”
Deloitte Develops Ethereum-Based Banking Tool
Soon after EY’s public release of their privacy-enabling blockchain protocol, another Big Four accounting firm, Deloitte, announced the development of an Ethereum-based tool that facilitates a wide range of staff-related data management in the banking industry.
The tool is said to be the first of its kind in the European financial services industry, and is being developed by Deloitte in partnership with the Institute of Banking (IoB) and in conjunction with the Bank of Ireland, AIB, and Ulster Bank.
Microsoft Develops VeriSol for Verifying and Analyzing Smart Contracts
As previously reported by IIB, Microsoft released an Ethereum (ETH) blockchain development kit on Microsoft Azure, which grants more features and capabilities to developers building upon the public Ethereum network.
Now, Microsoft released another tool called VeriSol, which aids Ethereum developers by verifying and analyzing smart contracts.
This new tool will help developers author safer and higher-quality smart contracts in Microsoft Azure’s Ethereum blockchain development environment and thus attract more development on Ethereum.
Final Thoughts
All in all, development on the Ethereum blockchain is booming as more and more enterprises continue to choose Ethereum and contribute to its growth by developing innovative tools and features.
It appears that Ethereum cannot be stopped now and is quickly establishing itself as the leader in enterprise blockchain development.
What Ethereum developments are you most excited about? Let us know in the comment section below.
