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The global blockchain leader of EY's Paul Brody said in a recent interview with Fortune that he believes "there can only be one winning blockchain" based on what we know from tech history.
Blockchain expert Brandon Zemp, author of The Future Economy: A Crypto Insider's Guide to the Tech Dismantling Traditional Banking, challenges that belief - here's why:
"The first reason is that even though Ethereum has a first mover advantage in the space, it's one of the least technologically superior chains. In fact, projects have been migrating away from Ethereum over the past couple years because of the issues with speed and gas fees. Ethereum is upgrading to Ethereum 2.0 this month, but competitors like Cardano, Hedera Hashgraph, Polkadot, and Cosmos are already better.
Second, not many blockchains have the ability to cater to 7 billion+ people. There's a reason that Visa doesn't handle every single transaction on earth, every second of every day. There are multiple payment systems picking up the slack in every corner of the financial world market. Not to mention the roughly 2 billion people that aren't even onboarded into the global financial system. I doubt that 1 single blockchain will be able to handle that type of capacity all on its own.
Third, every industry is different and will likely require different layer 1 functionality. One blockchain will likely be implemented in banking, another in agriculture, another in supply chain management, another in retail, another in academia. And so on down the line. The fact of the matter is that some blockchains are just better at certain things, while some are significantly weak at others."
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