A collection of global financial firms, tech companies, consultants, and others, are teaming up to promote the development and adoption of Ethereum blockchain technology.
The Enterprise Ethereum Alliance (EEA) launched Wednesday with participation from Banco Santander, CME Group, J.P. Morgan, Credit Suisse, ING, and UBS, Intel and Microsoft, among others. The group aims to develop Ethereum-based best practices and standards, with research and development focused on privacy, confidentiality, scalability, and security.
As with other blockchain-based technology, Ethereum is intended to facilitate more efficient and secure transactions without a centralized authority.
“Notably, 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,” the group says in a statement.
“The EEA may turn out to be the most important project of 2017 in the blockchain ecosystem,” adds Joseph Lubin, founder of ConsenSys and co-founder of Ethereum.