After partnering with VeChain in 2019, Deloitte, one of the big four auditing firms and the world’s largest professional service network, said it migrated from the Ethereum blockchain network to VeChainThor blockchain.
In a recent report tagged “5 Blockchain Trend for 2020”, Deloitte opined that VeChain is a leading blockchain network in the industry, adding that VeChain and another opensource blockchain platform for businesses, Corda are more complete than Ethereum.
Deloitte made the illustration while comparing VeChain, Ethereum, and Corda. The auditing firm illustrated that unlike Ethereum, VeChain, and Corda network have high security. Deloitte also confirmed that VeChain and Corda’s scalability are better than Ethereum’s. However, Ethereum offers high decentralization that is unmatchable for the other two, the report added.
Deloitte, did the comparison using decentralization, scalability, and security as basic conditions. Using the three measures, VeChain and Corda formed an equilateral triangle. Contrarily, Ethereum formed a scalene triangle with much focus on decentralization. This depicts that VeChain and Corda are more balanced and complete than Ethereum.
Deloitte maintained that a balance between the three criteria will make the blockchain project a prime choice for blockchain network providers and customers who desire to build solutions.
Remember that after PricewaterHouseCoopers (PwC) migrated VeChain network in 2019, Deloitte made the same move, claiming that VeChainThor blockchain offers more advanced features compared to Ethereum.
Vechain, Ethereum, Corda, Hyperledger are Viable Blockchain Platforms – Deloitte
Deloitte said at the end of this year, blockchain platforms that will stay at the top will be those that offer a unique combination of features to both individuals and consortiums that are developing enterprise-level solutions.
The London headquartered firm said after the clean-up and weeding out of overhyped and get-rich-quick scheme projects in the blockchain ecosystem in 2018, 2019 brought viable blockchain platforms that are practical in real-world use cases, listing Ethereum, VeChain, Hyperledger, Corda as examples.
Industries investing in blockchain changed their focus in 2019, moving their attention to life science, supply chain, and TMT, Deloitte said.
Deloitte: Ethereum Is the Best Fit for Enterprise Use Case
While comparing features the four networks offer and some other blockchains like Bitcoin and Ripple, Deloitte listed that Bitcoin, Ripple and VeChain belong to the permissioned, public blockchain class that gives all and sundry the ability to join and read, but only authorized and known participants can write and commit.
Contrariwise, the Ethereum network belongs to the permissioned and private blockchain class that lets only authorized participants read and join. Also, only network operators and authorized nodes can write and commit here.
Deloitte concluded that it found out that permissioned and private networks are the best fit for enterprise use cases.