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Companies involved in blockchain development and trials have formed an alliance to build, promote and broadly support Ethereum-based technology best practices, standards and an EntEth 1.0 reference architecture.
The Enterprise Ethereum Alliance seeks to enable Ethereum to serve as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability and security, according to a press release.
EEA also will investigate hybrid architectures that span both permissioned and public Ethereum networks.
Founding members of the alliance's rotating board include Accenture, Banco Santander, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, J.P. Morgan, Microsoft and Nuco.
Other 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.
Many initial members have developed pilots and production environments using Ethereum and bring a unique understandings of enterprise needs such as supply chain provenance tracking, interbank payments, reference data, securities settlement and others.
Ethereum is a blockchain-based, general-purpose decentralized application platform that supports smart contract functionality. It employs the Ethereum Virtual Machine and Solidity programming language to directly implement and execute peer-to-peer and multiparty agreements, among other applications.
According to the release, Ethereum blockchain technology will improve banking trade settlement latency, increase transparency in supply chains, and create peer-to-peer markets where intermediaries typically were previously needed between counterparties.
"Ethereum is already one of, if not the, most widely used technologies for developing and deploying enterprise blockchains," said Jeremy Millar, a founding board member of EEA. "Enterprises love the availability of open-source implementations, a single standard, the rapidly growing developer ecosystem and availability of talent. But enterprises expect resilient secure systems and a robust controls environment. EEA aims to bring these together, both to provide enterprises the forum they need and also to advance Ethereum generally."
EEA is open to any members of the Ethereum community who wish to participate.