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Is Ethereum Ready for Business? EEA Inaugural Report Investigates

WAKEFIELD, Mass.–()–The Enterprise Ethereum Alliance (EEA) today announced the publication of its Ethereum Business Readiness Report 2022, available as a free, downloadable document. The report represents one of the first attempts to systematically assess the capabilities and potential of Ethereum as a business platform. Through case studies, interviews, and original Ethereum ecosystem research, the report sheds light on the use of Ethereum and Web3 technologies to solve real-world business problems. In the report, the EEA also proposes a framework for businesses to use to understand and assess their options when building on Ethereum. Learn more about the report by visiting https://entethalliance.org/eea-ethereum-business-readiness-report-2022/.

“The EEA Ethereum Business Readiness report makes the exciting Ethereum activity happening behind the scenes in the corporate world more accessible and approachable. In the current moment of turmoil in crypto markets, this report is a reminder that Ethereum is much more than speculative assets or fintech. It is a robust platform for solving some of today’s most pressing business problems by employing decentralized models, whether it’s using NFT technology to streamline a global data center supply chain, smart contracts to efficiently offer parametric crop insurance to smallholder farmers, or using the public blockchain to combat fake news,” said EEA Executive Director Dan Burnett. “I would like to thank all the EEA members, experts and practitioners who helped make this report possible.”

The report has two main goals: to help the broader business community understand the potential and capabilities of public Ethereum and the Ethereum ecosystem by shedding light on current real-world deployments of Ethereum and Web3 technologies to solve business problems; and, through a comprehensive framework, to provide businesses with a conceptual model and toolset by which they can understand and assess their options when doing so. By applying the framework to four key use cases, business professionals can understand the relative business merits and risks of each case study’s approach.

“Is Ethereum ready for business? We believe the answer is yes, though with some caveats,” continued Burnett. “As the EEA’s analysis and examples show, the pieces are now in place in the Ethereum ecosystem for the safe and productive use of this technology as a business platform. By providing insights without jargon, and simple explanations based on real-world examples, we have tried to make this as clear as possible to both those familiar with blockchain and those new to this space.”

Enabling Business Decision-Makers to Assess Ethereum’s Potential

To offer business decision-makers a comprehensive evaluation of Ethereum’s business readiness, the report is broken up into four main sections with two companion appendices that feature nine representative case studies and six interviews. Report components include:

  • Executive Summary
  • Introduction by Daniel Burnett, EEA Executive Director
  • Section 1: The Evolution of Ethereum as a Business Platform
  • Section 2: Business Ethereum 2022 – Observations and Trends
  • Section 3: Assessing the Business Readiness of the Ethereum Ecosystem
  • Section 4: Conclusion – Is Ethereum Ready for Business?
  • Appendix 1: Stories – Nine Representative Case Studies
  • Appendix 2: Voices – Six Representative Interviews: Leaders from BP, Cartesi, Equideum, EY, Kaleido, and SAP

Report Design and Methodology

Based primarily on qualitative research in the form of case studies and interviews, the report also incorporates quantitative research from the EEA’s database of over 100 projects. The report includes two long appendices containing representative case studies and interviews to help business professionals understand the analysis within the context of firsthand accounts. Business professionals can submit a case study suggestion for the EEA library.

Companion Primer Program Offers Introductions to Ethereum Concepts

This report, coupled with the recent launch of EEA’s Primer Program, makes the exciting Ethereum activity happening in the corporate world more accessible and approachable to a wider range of business leaders. The EEA primers, such as Welcome to Ethereum, Introduction to Layer 2, and Introduction to DAOs, offer overviews of many of the different concepts and facets of Ethereum, and blockchain as a whole, to help more professionals get started on the platform. New primers will be added to the series regularly and business professionals can email the EEA at primers@entethalliance.org to suggest a primer topic.

About the EEA

The Enterprise Ethereum Alliance (EEA) enables organizations to adopt and use Ethereum technology in their daily business operations. The EEA empowers the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate. The EEA Community Projects provides a hub for open source development of code, APIs, standards, and reference implementations. To learn more about joining the EEA, reach out to membership@entethalliance.org or visit https://entethalliance.org/become-a-member/.

Follow the EEA on Facebook, Twitter, LinkedIn, and YouTube.

Here’s what some of the EEA Board members have to say about the EEA Business Readiness Report 2022:

Accenture

“Over the past seven years, Ethereum has achieved a privileged position for enterprise applications. The EEA Ethereum Business Readiness Report will help the entire business community understand how Ethereum can benefit businesses of all sizes. We are very pleased to be part of this important initiative and look forward to joining the Ethereum Anniversary Event and learning from other business leaders,” said EEA board member David Treat, Senior Managing Director, Global Metaverse Continuum Business Group & Blockchain lead, Accenture.

BlockApps

“Ethereum technology is the key to developing innovative Web3 solutions for our customers, and the EEA Business Readiness Report is a perfect example of how enterprises can be at the forefront of these developments. At the Ethereum 7th Anniversary Special, discussions will focus on how the Ethereum blockchain technology stack holds great promise for businesses,” said EEA Board member Victor Wong, Founder and Chief Product Officer of BlockApps.

ConsenSys

“Ethereum has grown increasingly important for businesses building infrastructure to securely transact and transfer value using blockchain. The EEA Business Readiness Report shares how businesses are unlocking the benefits of Ethereum’s technology to scale faster and create new levels of trust. The Ethereum 7th Anniversary Special will further reveal how to tap Ethereum’s and Web3’s potential,” said Joseph Lubin, Founder of ConsenSys, Co-Founder of Ethereum, and EEA Board Director.

J.P. Morgan

“The EEA Ethereum Business Readiness Report sheds light on why Ethereum is a widely used business technology and why company leaders are using Ethereum technology in their daily Web3 business operations. The Ethereum 7th Anniversary Special event will further examine how real-world experiences are building industrial solutions using blockchain technologies and decentralized approaches,” said EEA Board member Tyrone Lobban, J.P. Morgan Head of Blockchain Launch and Onyx Digital Assets, Onyx by J.P. Morgan.

Microsoft

“The rapid acceleration of business adoption driven by Ethereum is unlocking long-needed digital transformations and innovation. The EEA Ethereum Business Readiness Report reveals how Ethereum and the public Mainnet are proving to be a new tool for business solution development. The Ethereum 7th Anniversary Special event will help drive the discussion forward,” said EEA Board member Yorke Rhodes III, Cofounder, Blockchain @Microsoft and Director, Digital Transformation, Blockchain.

Palm NFT Studio

“Ethereum is helping businesses revolutionize how the world thinks about finance, culture, media ownership and the relationship between creators and fans. The EEA Business Readiness Report advances our collective understanding of how businesses create Web3 applications and ecosystems. I look forward to hearing from business leaders at the Ethereum 7th Anniversary Special event to discuss Ethereum’s transformative business potential across industries,” said EEA Board member Palm NFT Studio CEO Dan Heyman.

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