What Is the Ethereum Enterprise Alliance?
Ethereum Enterprise Alliance (or EEA), launched in February 2017, brings together various start-ups, Fortune 500 companies, technology vendors, academics, and Ethereum subject matter experts to work on Ethereum as an enterprise-grade technology.
- The Ethereum Enterprise Alliance (EEA) is a member-led industry organization whose objective is to drive the use of Ethereum blockchain technology as an open-standard to empower enterprises.
- The EEA's mission is to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum.
- The EEA provides its members a community and access to educational material along with various technical and media resources.
How the Ethereum Enterprise Alliance Works
Although many technology giants and businesses had been supporting Ethereum via Cloud services and working towards its adoption, most efforts towards its scalability, privacy, and interoperability remained scattered until the Ethereum Enterprise Alliance came into being.
The alliance aims to build, promote, and support Ethereum blockchain technology best practices, standards, and a reference architecture that is capable of handling its real-world applications and usage.
Launched in 2015, Ethereum is a blockchain-based, decentralized software platform that enables smart contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.
Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain that helps developers build and publish distributed applications.
The potential applications of Ethereum are wide-ranging, and this has attracted a number of enterprises to explore the technology. Ether, the cryptographic token used on the Ethereum platform is the second most popular cryptocurrency in terms of market capitalization with an aggregate market cap of around $180 billion in the first quarter of 2021.
Real-Life Examples of the Ethereum Enterprise Alliance at Work
In recent times, multiple pilot projects have been initiated and worked on by member companies (and others) covering areas such as supply chain provenance tracking, inter-bank payments, reference data, securities settlement, and many others.
However, real-world enterprise use calls for collaborative efforts to build architectures that allow both permissioned and public Ethereum networks. The formation is EEA is an important step in this direction.
The EAA also provides education and training for members. The organization publishes newsletters, videos, and webinars as part of its public service mission.
The founding members of the Enterprise Ethereum Alliance rotating board include Accenture, Banco Santander, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, J.P. Morgan, Microsoft, and Nuco.
As of January 2021, the latest member of the EEA is Fnality according to a press release from that company. EEA now represents well-known names from across different regions and industries, such as Mitsubishi UFJ, DTCC, Deloitte, Samsung SDS, Infosys, Toyota Research Institute, National Bank of Canada, and Merck KGaA, among others.
The members of EEA represent varied businesses from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance, with the total count of members now approaching 500.
With a focus on solving real-world challenges of deploying Ethereum at enterprise-scale, the Enterprise Ethereum Alliance is an important initiative in the adoption of blockchain and decentralization.