While many community members enjoy arguing about what the ultimate blockchain is, an executive from the Cardano Foundation believes that these arguments should stop, as use cases dictate which blockchain is most appropriate for specific projects.
At the World Token Summit in Dubai, Cointelegraph spoke with Mel McCann, vice president of engineering at the Cardano Foundation. The executive spoke about various topics, including enterprise adoption and the need to stop arguing about what blockchain is the best.
According to McCann, blockchain offers many potential benefits in terms of tracking the history of basically anything. “There’s lots of different ways that you can use the blockchain for proof of origin, for provenance, for all of these things,” he said. There are many ways for companies to leverage the blockchain for different purposes.
However, McCann said that this doesn’t mean enterprises need to entirely change their business models to adapt. The executive explained that one of the things that interests him is identifying areas that might help enterprises “augment” what they already do. He said:
“We’re not looking to change people’s business models. What we’re looking to do is: How can they better improve their business models by leveraging Web3 capabilities?”
The executive also told Cointelegraph how education plays a role in onboarding enterprises into Cardano and Web3. “We do spend a lot of time on education, like direct education with enterprises, not just on the mass education platform that we’re building,” McCann noted.
Related: Rising institutional interest is a ‘bullish’ sign for crypto: SEBA Bank exec
When asked to compare the advantages and disadvantages of various blockchain platforms, McCann said there are different use cases for each. The executive also said there’s no such thing as the ultimate blockchain. He said:
“One of the things that I think people need to stop doing is going, ‘What’s the ultimate blockchain?’ You know, ‘What’s the best blockchain for this?’ And, it doesn’t exist in my mind because it really depends.”
McCann argued that only the person creating a business could assess which blockchain would be the most appropriate for their business. The executive argued that there are different benefits to using different blockchains. “I’m never going to turn around and say, yeah, it’s a one-stop shop. It’s not the way it works,” he explained.
Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11–17
Credit: Source link
