Today, Microsoft, Intel, Accenture, and others have revealed the new Enterprise Ethereum Alliance (EEA). As reported by ZDNet, the collaboration between the companies and banks intend to use the Ethereum blockchain code as the main technology for shared and distributed ledgers.
To fill you in, a blockchain is a technology originally used for BitCoin that continuously builds on a list of records, blocking them together for long term storage with timestamps and links to blocks before them. So when the Ethereum platform came around to interact with blockchains without the possibility of downtime, censorship, or interference, Microsoft was quick to see the value in these potential security measures.
With others hopping onto the wagon, the EEA hopes to provide a trustful solution for enterprise and even more sensitive information such as finances. The open-source Ethereum platform has grown significantly since its infancy, and the EEA feels that it is ready for some real-world adoption and integration.
Their mission statement reads:
The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.
The alliance has some big names signed up to support the initiative including those mentioned above as well as BP, CME Group, Consensys, Credit Suisse, J.P. Morgan, Thomson Reuters, Tendermint, and UBS. You can sign up for their newsletter and learn more about the EEA on their official website.