Uniting 500 companies, the Enterprise Ethereum Alliance (EEA) has released the world’s first enterprise blockchain standard, which promises to streamline transactions, whilst also increasing privacy.
Major companies that include Accenture, Intel, JP Morgan, Microsoft, Samsung, Shell and UBS have been collaborating for 18 months to produce the open-source standard. The EEA’s press release stated that it is:
“based on the goal of empowering the use of Ethereum blockchain technology as an open standard for the betterment of all industries, focused on the needs of enterprises”
Based on the work done by the Ethereum Foundation, which created the Ethereum blockchain and its Ether (ETH) currency, the business-centric distributed ledger standard is designed for large scale blockchain implementations.
Until now, enterprises were restricted to creating their own individual Ethereum implementations. The open-source, cross-platform ‘standards-based’ framework, aims to unify entire industries such as banking, healthcare, law and even communications.
The EEA also plans “to further assure interoperability across member solutions” by introducing a TestNet facility and a Certification Program to ensure their projects conform.
Addressing scalability, the alliance has begun work on a hybrid ‘on and off’ system for processing transactions quicker, with sector-specific application layers, allowing standardised communications between different systems.
David Treat, vice chairman of the EEA, and managing director at Accenture, stated:
“Accenture is proud to be a founding EEA member, and we’re ready to leverage the EEA Specification and coming TestNet and Certification Programs to drive an entirely new way of delivering value to enterprise customers.”
The head of R&D for Blockchain at Santander, that has been working closely with Ripple on it’s developments and recently launched the world’s first app for international payments on Ripple’s platform, Julion Faura stated:
“The technological breadth, depth, and variety of organisations that can take advantage of the EEA’s standards-based specification, will accelerate the growth of the Enterprise Ethereum ecosystem.”
Entitled ‘Enterprise Ethereum Client Specification 1.0‘ it has been released as a free public document, available for download by any person, member or not. The EEA press release stated that it:
“will give rise to the next decentralized internet era, Web 3.0.”