Categories: EducationFAQ

What is the Ethereum Enterprise Alliance?

The world of cryptocurrency is full of surprises. Not too long ago, the Ethereum Enterprise Alliance was formed. This initiative focuses on connecting Fortune 500 companies, startups, and academics with the Ethereum ecosystem. The ultimate objective of this initiative is to create better and more advanced smart contracts in the future. Now is a good time to take a closer look at what the EEA has to offer.

Ethereum Enterprise Alliance Can Become Quite Powerful

Given the focus of global companies in blockchain technology, it is not entirely surprising some of them take an interest in Ethereum. After all, the blockchain is the foundation of many great technological innovations. One of those innovations is known as smart contract technology, which can be of great value to many enterprises and startups all over the world. Especially companies in the financial sector and the Fortune 500 list.

This is why the Ethereum Enterprise Alliance was formed in the first place. There is a lot of progress to be made when it comes to smart contract technology. Ethereum is, for now, the leading smart contract-supporting blockchain in real-world production. Once the Rootstock platform launches, it will be interesting to see if people decide to build smart contracts on the Bitcoin blockchain.

Looking at things from an enterprise blockchain adoption point of view, the Ethereum blockchain makes a lot of sense. The technology has been tried and tested in the form of many different projects over the past few years. The multi-purpose design of this technology warrants further research by enterprises, academics, and technology enthusiasts. Moreover, all of the projects built by the Ethereum Enterprise Alliance members will be open source and ready to be used by the entire community.

The vision of the Ethereum Enterprise Alliance is not to create a product, but an industry-wide standard for all participants. Moreover, the team aims to address enterprise deployment requirements. Every enterprise has their own individual need for this technology and may want to use it for different purposes. Figuring out the best way to achieve these goals is a top priority for the EEA.

It will be interesting to see how the EEA evolves in tandem with the public Ethereum development branch. While leveraging existing standards is one of the top priorities, there are quite a few improvements to be made as well. The team will reveal their roadmap for enterprise features in the coming months, as well as identify specific industry use cases moving forward. The Ethereum Enterprise Alliance is a big step forward for the Ethereum ecosystem and smart contract technology.

It has to be said, the Ethereum Enterprise Alliance consists of a lot of prominent members already. Entities such as BBVA, BNY Mellon, ConsenSys, Credit Suisse, Microsoft, UBS, and many others are all part of this group. It is expected a few dozen more names will be revealed in the near future, which is well worth keeping an eye on.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: EEAEthereum Enterprise AllianceSmart Contract

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