What is Enterprise Ethereum Alliance (EEA)?
Let's find out Enterprise Ethereum Alliance (EEA) meaning, definition in crypto, what is Enterprise Ethereum Alliance (EEA), and all other detailed facts.
EEA brings together a diverse mix of technology corporations, financial institutions, start-ups, and academics with the purpose of promoting Ethereum technology and generating new business possibilities throughout the globe.
In other words, it is a global industry that focuses on ways to drive the use of Ethereum blockchain technology as an open standard to empower different organizations.
The members include:
- JPMorgan Chase
- Microsoft
- Intel
- Accenture
- EY
- BP
The alliance is based in the U.S. and has offices in Japan, China, and France.
Furthermore, the Enterprise Ethereum Alliance arose as a result of the dispersion of efforts to make Ethereum accessible, secure, and interoperable. It develops, maintains, and promotes industry standards, protocols, and a framework for Ethereum blockchain technology that is able to manage practical applications and utilization.
Members of the alliance have created a forum where they may exchange their knowledge and work to ensure the wide adoption of Ethereum by mainstream actors.
The EEA's functioning is based on four major factors - knowing business rules, developing quality requirements to fulfill these necessities, advancing with the public Ethereum blockchain, and attaining worldwide compatibility through certification processes.
In addition, blockchain offers the ability to tokenize several assets as well as real-world products. For instance, university degrees could be tokenized as a way of ensuring that there will be no fraud. Health records could also use additional security.
However, Ethereum technology is still in its initial phases and will have to face numerous legal and functional challenges before it can be used for business operations.
Despite this, engineers are currently working on adjusting and upgrading this blockchain as well as transforming it into a proof-of-stake network. This could refer that the network could manage a bigger amount of transactions per second than at the moment.
Besides, the Enterprise Ethereum Alliance (EEA), which was founded in February 2017, gathers up a diverse group of organizations, technology suppliers, academia, and Ethereum content specialists to collaborate on Ethereum as an enterprise-grade platform.