Definition of Enterprise Ethereum Alliance


What is the Enterprise Ethereum Alliance?

Enterprise Ethereum Alliance (or EEA), launched in February 2017, brings together various startups, Fortune 500 companies, technology providers, academics, and Ethereum subject matter experts to work on Ethereum as an enterprise-grade technology.

Key takeaways

  • Enterprise Ethereum Alliance (EEA) is a member-led industry organization that aims to drive the use of Ethereum blockchain technology as an open standard to empower businesses.
  • EEA’s mission is to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum.
  • EEA offers its members a community and access to educational material along with various technical and media resources.

How the Enterprise Ethereum Alliance works

Although many tech giants and companies had been supporting Ethereum through cloud services and working towards its adoption, most efforts towards its scalability, privacy, and interoperability remained scattered until the Enterprise Ethereum Alliance was created.

The alliance aims to build, promote and support best practices, standards, and a reference architecture of Ethereum blockchain technology that is capable of handling its real-world applications and uses.

Launched in 2015, Ethereum is a blockchain-based decentralized software platform that enables the creation and execution of smart contracts and distributed applications (ĐApps) without downtime, fraud, control, or third-party interference.

Ethereum is not just a platform, but also a programming language (full Turing) that runs on a blockchain that helps developers create and publish distributed applications.

The potential applications of Ethereum are very varied and this has attracted several companies to explore the technology. Ether, the crypto token used on the Ethereum platform is the second most popular cryptocurrency in terms of market capitalization with an aggregate market capitalization of around $ 218 billion in the second quarter of 2021.

Examples of the Enterprise Ethereum Alliance in operation

In recent times, member companies (and others) have initiated and worked on multiple pilot projects covering areas such as supply chain provenance tracking, interbank payments, benchmarking data, securities settlement and many others.

However, business use in the real world requires collaborative efforts to build architectures that enable public and licensed Ethereum networks. Training in EEE is an important step in this direction.

The EAA also provides education and training to members. The organization publishes newsletters, videos, and webinars as part of its public service mission.

EAA Membership

The founding members of the Enterprise Ethereum Alliance were Accenture, Banco Santander, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, JP Morgan, Microsoft and Nuco.

According to the EEA website, there are 109 EEA associate and organizational members as of July 2021. Associate members are represented by the Blockchain Research Institute, Hyperledger, and SAE ITC. Social impact partners include the Blockchain for Social Impact Coalition and the Decentralized Identity Foundation.

Members of the EEA represent varied companies from all regions of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing and insurance, and the total membership count is now about 500.

With a focus on solving the real-world challenges of implementing Ethereum on an enterprise scale, the Enterprise Ethereum Alliance is a major initiative in blockchain adoption and decentralization.

www.investopedia.com

READ ALSO:  10 Things You May Not Know About Your IRA
About the author

Mark Holland

Leave a comment: