During those days, Barhydt noted, companies wanted to build their own private IT networks which they called extranets. “It’s exactly what’s happened with all this enterprise blockchains nonsense.” Instead of private or enterprise blockchains, Bill is of the view that public blockchains will gain adoption.
According to the CEO of Abra, an app facilitating crypto trades,:
People have this fallacy idea that they’re going to make blockchain work inside the firewall, it’s all going to fail miserably. Just like people realized extranet was a waste of time, it was all about the Internet.
While those supporting enterprise blockchains accuse public blockchains of inability to scale and achieve high transaction rates, the Abra CEO is not convinced and holds that enterprise blockchains are like the extranet which, although hyped in its early days, was overtaken by the internet which was public.
Barhydt also touched on the latest JP Morgan’s purported cryptocurrency, JPM Coin. Although the Wall Street bank argues that the coin will help streamline how institutional customers make payments, Bill sees it as a “complete waste of time.” It seems the CEO is not the first to sneer at JPM Coin. Brad Garlinghouse, Ripple’s CEO, has in the past indicated that JPM Coin “misses the point.”
The Abra CEO’s claims are supported by a recent research done by McKinsey, a consultancy firm, which indicated that activities around the development of enterprise blockchains have reduced drastically.
Do you think the Abra CEO is right that the adoption of enterprise blockchains will be overtaken by public blockchains and will enterprises be comfortable with public blockchains?
Let us know your thoughts in the comments section below.