Why EY Opted for Ethereum
EY's decision to embrace Ethereum as a public blockchain for creating immutable contracts was primarily driven by its heightened security features. Ethereum boasts over 1.3 million validators, tirelessly verifying transactions around the clock to fortify the blockchain's security.
EY's choice to utilize Ethereum for contract creation likely stems from its intention to leverage Zero Knowledge solutions, possibly to mitigate costs. Ethereum's recent upgrades, such as the Dencun Upgrade implemented in March 2023, prove highly advantageous. This upgrade notably reduced the cost of creating rollups by introducing a solution known as "blobs."
These blobs serve as temporary spaces within the blockchain, summarizing blocks of transactions and verifying them collectively rather than individually. This approach helps to control costs while boosting transaction speed. By integrating these blobs, EY can ensure greater security and expedited transactions compared to off-chain Zero Knowledge solutions like Layer-2 networks.
Insights on Smart Contracts' Legal Use
According to a report by Zion Market Research, the global market for on-chain legal contracts is projected to reach $10 billion by 2030. This remarkable growth is attributed to the reliability, security, and immutability of smart contracts, making them more trustworthy than conventional paper documents susceptible to forgery.
The smart contract market, encompassing applications like legal contracts, is anticipated to witness a staggering annual growth rate of 24.6%. Key players such as Ripple and Ethereum have played pivotal roles in advancing smart contracts to new heights.
Future Adoption Trends
The adoption of blockchain technology and smart contracts by entities beyond EY is inevitable. However, given the novelty of this technology to many, adoption may follow a linear trajectory. Ripple, for instance, has been developing escrow services based on blockchain, often utilizing smart contracts.
The realization of integrating blockchain technology into daily operations has been a longstanding aspiration for numerous web3 companies. With this dream now materializing, expectations for higher adoption rates in the future are inevitable. However, regulatory clarity will be crucial to facilitating widespread adoption.
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