More than two dozen corporate giants and blockchain innovators have joined forces to develop an alliance on the Ethereum blockchain, designed to build, promote, and support enterprises as they push toward distributed ledger systems.
The Enterprise Ethereum Alliance (EEA) is due to be announced on Tuesday, which aims to drive Ethereum blockchain technology best practices focusing on security, privacy, scalability, and interoperability, reports the EEA.
Members of the 30-strong EEA include Accenture, Banco Santander, BP, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, JPMorgan, Microsoft, Nuco, String Labs, Tendermint, Thomson Reuters, UBS, and Wipro.
Blockchain-based Ethereum, which employs the Ethereum Virtual Machine and the Solidity programming language, directly implements and executes peer-to-peer and multiparty agreements among other applications.
According to Jeremy Millar, founding board member of EEA, Ethereum is one of the most widely used technologies for developing enterprise blockchains.
He said:
Enterprises love the availability of open-source implementations, a single standard, the rapidly growing developer ecosystem, and availability of talent.
And yet, with companies expecting secure systems and a robust control environment, Millar adds that the EEA aims to bring these two factors together ‘to provide enterprises the forum they need and to also advance Ethereum.’
The EEA becomes the latest initiative that is seeing a large number of companies joining aiming to take advantage of blockchain.
R3 CEV, a New York-based startup, which has around 70 financial firms, is focused on developing the blockchain technology for the finance industry. While the Hyperledger Project, which is led by the Linux Foundation and has 100 members, has been created to develop open, cross-industry, global blockchain standards to improve aspects of performance and reliability and to make different operations more cost-effective.
Invented by 23-year-old Vitalik Buterin, Ethereum is a blockchain-based decentralized platform that runs smart contracts that run as programmed without the possibility of censorship, fraud, downtime, or third party interference.
As such it has already been adopted by several banks, which are testing its applications, which is seeing a rise in the price of Ethereum.
Carlos Kuchkovsky, CTO of New Digital Business at BBVA, one of the companies on the EEA board, said:
It’s time for different industries to collaborate in order to take advantage of the disruption that blockchain represents. We believe that Ethereum Enterprise Alliance is key to create common standards and practices that will really help to bring the blockchain advantages to businesses process in a secure and efficient way.
Featured image from Shutterstock.
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