Global private banks join blockchain alliance
Some of the world’s largest private banks have joined other big enterprises and start-up blockchain innovators to build, promote and broadly support Ethereum-based technology best practices, standards and a reference architecture, EntEth 1.0
Ethereum is a blockchain-based, general purpose, decentralised application platform, enabling smart contract functionality.
The technology is expected to improve banking trade settlement latency, increase transparency in supply chains and create peer-to-peer markets where intermediaries typically were previously needed between counterparties.
The Enterprise Ethereum Alliance (EEA) seeks to augment Ethereum, enabling it to serve as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability, and security.
The founding members of the EEA rotating board include Accenture, Banco Santander, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, J.P. Morgan, Microsoft, and Nuco.
Additional founding members include AMIS, Andui, BBVA, brainbot technologies, BP, Chronicled, Credit Suisse, Cryptape, Fubon Financial, ING, The Institutes, Monax, String Labs, Telindus, Tendermint, Thomson Reuters, UBS, VidRoll, and Wipro, among others.
The alliance will also investigate hybrid architectures that span both permissioned and public Ethereum networks.
EEA will collectively develop industry standards and facilitate open source collaboration with its member base as well as the Ethereum chief scientist and inventor, Vitalik Buterin, and is open to any members of the Ethereum community who wish to participate.