Why the Future of Enterprise is Public Blockchains
JP Morgan has generated an incredible amount of hype among the crypto and blockchain community with the recent launch of its JPM coin, a stable coin released on its private blockchain project Quorum. While many are proclaiming this development as a significant step forward for the legitimacy of blockchain applications, it once again begs the question: Are private blockchains the best answer for enterprises and consortiums looking to use blockchain?
It was a vital question we needed to answer when designing our platform. We identified four key elements that would be critical to make sure a solution on the public chain would work:
- Network Benefits — What kind of innovation is happening in each space, and how much would it benefit our clients?
- User Experience — What offers us the most flexibility to build tools that are easy for our users and require the least knowledge of crypto/blockchain?
- Security & Risk — What is the security risk of building on a public blockchain
- Privacy — Is the public blockchain ecosystem mature enough to offer privacy benefits seen on private blockchains?
In the end we determined that starting on Ethereum’s blockchain allowed us to develop a solution that properly addressed all four critical elements, and…
