In this post titled “What is the Enterprise Ethereum Alliance (EEA)?”, you will learn about the stack of Ethereum technology, EEA’s vision, enterprise Ethereum’s advantages, members of the EEA board of directors and many more.
(EEA) The Ethereum network is being developed by a consortium of organizations and businesses.
What is the Enterprise Ethereum Alliance (EEA) and what does it stand for?
The Ethereum Enterprise Alliance (EEA) brings together a number of technological corporations, financial institutions, start-ups, and academics with the purpose of promoting Ethereum technology and creating new business opportunities around the world.
Its global community is made up of both large corporations and start-ups.
JPMorgan Chase, Microsoft, Intel, Accenture, EY, and BP are also members.
Members of the alliance have established a forum where they can share information and encourage institutional players to adopt Ethereum.
Understanding business objectives, developing standard specifications to fulfill these needs, advancing with the public Ethereum blockchain, and attaining worldwide compatibility through certification programs are the four pillars on which EEA’s operations are built.
Ethereum’s infrastructure is still in its infancy, and it will have to overcome a number of technical and legislative roadblocks before it can be used for commercial transactions.
Nevertheless, work on updating this blockchain to a Proof-of-Stake network has begun, which should allow it to handle considerably more transactions per second than it can currently.
The EEA mentions blockchains being used to increase food safety as one of the potential use cases. Consumers will benefit from increased openness if this technology is employed at every stage of the supply chain. Advocates claim that if products need to be recalled, this will expedite the process and ensure that the cause of an issue is found far faster than it is now.
The blockchain also allows for the tokenization of a wide range of assets, including real-world assets like real estate. Health records may be kept more securely than they are now, and university degrees may be tokenized to prevent fraud.
The EEA’s headquarters are in the United States, but it also has offices in China, France, and Japan.
It’s All About Opportunities in the EEA
The Enterprise Ethereum Association (EEA) is a member-driven industry association whose mission is to promote the use of Enterprise Ethereum and Mainnet Ethereum blockchain technology as an open-standard to empower ALL businesses.
Meet the members of our Board of Directors and the EEA team.
Our daily operations are guided by four specific tasks:
- Recognize the needs of the business.
- Create a set of standard specifications that address these needs.
- Integrate and evolve alongside the public Ethereum blockchain.
- Use certification programs to achieve international interoperability.
Statement on the DIBS (Diversity, Inclusion, and Belonging Strategy).
Ethereum is a technology created by an open and inclusive community that will be accessible to everyone on the planet.
Diverse perspectives and experiences from across regions, societies, ethnicities, ages, races, faiths, cultures, gender, and gender identity are required to transform the way the world communicates knowledge and value. The EEA is a collection of contributors that feel that a varied range of members and leaders produces a better conclusion, and that the ethos of Ethereum itself should be as accessible, inclusive, and representational of the globe as possible.
The Enterprise Ethereum Alliance (EEA) is the newest buzzword in the world of blockchain and cryptocurrencies.
I’ll tell you everything you need to know about the Enterprise Ethereum Alliance in this essay.
You could assume that EEA has anything to do with the Ethereum platform based on the name.
Yes, you read that correctly.
So, before diving into EEA, I’d like you to have a basic understanding of Ethereum. For those who want a more in-depth look at Ethereum, check out our guide: Everything A Beginner Should Know About Ethereum Cryptocurrency
According to the Ethereum project’s official website:
“Ethereum is a decentralized platform for apps that execute exactly as planned without the risk of fraud, censorship, or third-party interference,” says the Ethereum website.
It’s far too complicated!!!
Let me offer you a more layman’s definition:
• Ethereum is a decentralized, open-source blockchain platform for smart contracts and apps. It has its own cryptocurrency, Ether, which serves as a crypto-fuel for operations.
The Ethereum blockchain is a distributed ledger. Ethereum compiles code written in Solidity, Ethereum’s native language, using EVM (Ethereum Virtual Machine). The code can’t be tampered with or modified because it runs on the blockchain.
Enterprise Ethereum Alliance
The Enterprise Ethereum Alliance is a non-profit organization dedicated to
The official website of the European Economic Area states:
The Enterprise Ethereum Alliance connects Ethereum subject matter experts with Fortune 500 companies, startups, universities, and technology vendors. We’ll work together to create enterprise-grade software capable of handling the most complicated, high-demanding apps at the pace of business, based on Ethereum, the only smart contract supporting blockchain now running in actual development.
In layman’s terms, the Enterprise Ethereum Alliance (or EEA) is a collection of companies of all sizes and types.
The EEA connects Fortune 500 companies (such as Accenture, Microsoft, Intel, JP Morgan, Wipro, and others) with Ethereum subject matter experts, as well as startups and academia. All of these businesses have one commonality: they are all blockchain believers.
Only a few months earlier, around the end of February 2017, this group (or alliance) was founded and established.
It began with a group of 30 founding members:
The EEA’s goal (Enterprise Ethereum Alliance)
For its eligible members, the EEA wants to however create a private version of Ethereum’s blockchain to fit their specific business needs.
The EEA’s main goal is to:
Firstly, develop Ethereum-based technology guiding principles, standards, and a reference architecture. As well as advocate and broadly support them.
It means that players, such as banks, will be able to create their own private Ethereum blockchain in-house. Another member, for example, can use a private blockchain to track its supply chain management.
And whenever one of the member companies creates a code base on the Ethereum blockchain that is helpful to another, it may be shared. The EEA will regulate and promote this type of coordination and progress.
The four visions from the EEA’s official website are as follows:
1- Act as an open-source standard rather than a product.
The EEA will provide open-source guidelines for the development and operation of Ethereum’s blockchain among its members.
2- Take care of the prerequisites for enterprise deployment.
Wherever possible, the EEA will facilitate and govern cross-deployment among its members for varied business objectives and use cases. If one bank, for example, installs a blockchain-based KYC platform on Ethereum, the EEA can assist another member company in doing so when and where it is needed. This will thereby save a significant amount of money in terms of development costs.
3- Adapt to changes in the public Ethereum network.
Participants of the EEA will create their own private blockchains utilizing Ethereum technology, but they can always rely on subject matter experts and best practices from Ethereum’s public blockchain. As a result, both the public and private versions will progress at the same time.
4- Make use of current guidelines.
The public blockchain of Ethereum was launched in July 2015, hence it three years old. Nevertheless, the existing blockchain’s principles and expertise can be exploited by the new blockchains that the EEA members will build in the future.
Members of the EEA Board of Directors
Membership in the European Economic Area
More than 100 companies have joined the EEA, which was founded by Vitalik Buterin, the founder of Ethereum. Anyone with a desire to build and improve private or public blockchain technology is welcome to participate.
To become a member, you must complete an application form that includes your name and also other personal information. Furthermore, the form will require you to provide information about your company’s size and other pertinent information. You will receive the following message as soon as you complete and submit the form:
Thank you for taking the time to read this! The Membership Agreement, as well as some other information, will be sent to you via DocuSign.
So you will be eligible for the following benefits if you are an individual or a corporation member of the EEA:
- Working Groups may be chaired by you.
- Has the ability to form and participate in working groups.
- Open Code Access
- Attendance at All-Member Meetings
- May host an EEA get-together
- Company logo on the European Economic Area’s website
- Featured in a press release announcing a new member
- Add events hosted by your company to the EEA Online Calendar.
- EEA Sponsorships are also discounted.
Members of the European Economic Area
The EEA was launched in February 2017 with the participation of 30 corporations, including Microsoft and JP Morgan. In just a few months, in May 2017, the EEA welcomed 86 new members from a variety of businesses and industries too.
Furthermore, the European Economic Area now has 116 members, a stunning increase in just a few months. DTCC, Infosys, Deloitte, MUFG, and Toyota are just a few of the companies that have lately joined.
The EEA’s Future
The Enterprise Ethereum Alliance project has the potential to play a significant position in standardizing strategies to privacy, permissioning, and offering alternative consensus techniques to improve its usability in enterprise configurations, and the resources the project and its members are making a contribution should help the Ethereum ecosystem advance in general. I’m excited to continue working with everyone concerned.-Vitalik Buterin on the European Economic Area
The European Economic Area isn’t the only organization working to standardize blockchain technology and development. The EEA’s other competitors include IBM’s Hyperledger and also R3cev.
• Hyperledger is an open-source, collaborative project aimed at advancing blockchain technologies across industries.
• R3 is a venture capital business dedicated to developing and also enabling the next generation of global financial services technologies.
Though the EEA is the newest addition to this list, so it appears to have a bright future as it continues to acquire widespread acceptance. EEA has more than tripled in size since its inception.
This unexpected rush to join the EEA has also resulted in a 400% increase in the price of ETH from the first week of May 2017.
Time will tell if the EEA succeeds or fails, but this kind of growth in Ethereum is difficult to ignore. Since many investors are profiting handsomely.
Quorum by ConsenSys: Open Source Enterprise Ethereum
ConsenSys’ Enterprise Ethereum solution is called Quorum. ConsenSys Quorum is developed to fulfill enterprise needs for blockchain-based solutions and also applications using the Enterprise Ethereum principles and specifications established by the EEA.
Businesses may develop highly performant solutions with a number of customized, industry-agnostic product modules on top of ConsenSys Quorum’s open source Enterprise Ethereum protocol layer.
Enterprise Ethereum’s Advantages
Boost your company’s performance
Make the switch to digital and increase your security. The evidence:
- A reduction of 99.58 percent in the time it takes to issue a letter of credit
- 90 percent fewer lines of bespoke code are required to create solutions
- Transaction processing is 75 percent faster.
- In less than 2 hours, 70,000 transactions were completed.
- Domestic transactions are therefore reduced by 20 stages.
Set up reliable networks.
Scale up enterprise consortia.
• Post-trade execution platform launched by agribusiness behemoths
The Trade finance network brings together 15 of the world’s largest financial institutions.
• UnionBank of the Philippines has added more than 400 rural banks to its payment platform.
Develop digital assets.
Create and manage digital assets and financial instruments with ease. The evidence:
- To date, 95% of digital assets have been issued.
- Real estate worth €350 million has also been tokenized.
- Financing of $1 billion or more on a commodity trading platform
The Stack of Ethereum Technology
Ethereum is home to more decentralized applications than any other blockchain platform combined, with over 2,900 dapps.
You can configure privacy, permissioning, analytics, and also compliance all on one platform thanks to Ethereum’s plug-and-play flexibility.
Ethereum’s open source protocol offers a low-cost, but standardized IT architecture that interacts seamlessly with your current Systems.
The Ethereum ecosystem is home to over 200,000 developers, hence making it the world’s largest and most active blockchain developer community.
Enterprise Solutions by ConsenSys
Make a name for yourself in the digital economy.
Asset Management is the management of assets.
Digital assets and instruments can be created, issued, and managed.
Markets for Capital
Automate service processes to reduce time-to-capital.
Finance that is not centralized
Create peer-to-peer networks and markets. Then engage in them.
International Trade and Commerce
Boost trade funding while avoiding fraud and counterfeiting.
Money and Payments
Streamline the infrastructure for retail and wholesale payments.
Ethereum Resources for Businesses
Lastly, here is a list of related topics you might find interesting: