With the gas-free transactions already arriving for Ethereum, we look at the EEA, one of the key organisations determining the adoption of Ethereum.
Who are the Ethereum Enterprise Alliance (EEA)?
The EEA are an organisation who are aiming to bring interoperability for businesses across the globe. EEA is pushing for global adoption of Ethereum blockchain technology, with the aim of using Ethereum as an open-standard. EEA is evolving Ethereum into enterprise-grade technology; through the organisational members working within the EEA, various members provide R&D in order to improve Ethereum technology, thus encouraging blockchain development globally.
Why are the EEA relevant?
The EEA are pushing for the mass adoption of Ethereum within the global business community. Their work is accelerating the capabilities and reliability of the Ethereum network, while encouraging real use cases for the technology. They are also creating traditional market confidence in regards to the potential usage of crypto and blockchain companies. The success of the EEA will likely propel member organisations to work with other blockchain companies to increase business efficiency, security etc. Through EEA usage and network testing, it creates accurate network capability figures, rather than the superabundant claims by other cryptocurrencies.
The Q1 Testnet launch
During the first quarter of 2020, the EEA released the Ethereum Enterprise Alliance Testnet Platform. In January 2020, the EEA announced a partnership with Whiteblock allowing for blockchain testing and development for EEA organisation members. Through the release of the EEA Testnet, it will allow businesses to see the value which the Ethereum blockchain can offer businesses. The creation of the Testnet allows for flexible individual organisation testing, allowing businesses to create their own scenarios and push for interoperability of the Ethereum network within their current business model.
The EEA are working with some of the largest companies in the world from various industries. Through working with numerous industries, it allows Etheruem and the organisation partners to see how effective Ethereum is within various industries and business models. For example, in the financial market, there are EEA organisation partners such as:
- – BBVA
- – JP Morgan
- – Santander
- – Omaha National Bank
- – UniCredit Spa
- – Sberbank of Russia
- – Standard Charter Bank
- – PumaPay
The Ethereum blockchain – COVID19
Businesses across the globe have seen their supply chains change drastically during the COVID19 global pandemic. With production lines across the world working well below capacity and certain products unavailable, supply chain pioneering is essential in order for businesses to evolve during these times of economic uncertainty. The EEA Test Net is allowing businesses to see the value of blockchain and how Ethereum can benefit their businesses. Improving current supply chains with Ethereum’s interoperability. The WEF (World Economic Forum) have stated that blockchain can help “underpin all chain finance transactions”.
Benefits which Ethereum could offer businesses
Businesses are constantly needing to ‘future-proof’ themselves. The fall of some of the worlds largest companies has occured due to the lack of innovation adoption, for example Kodak and Nokia. Through use of the Ethereum blockchain and EEA participation businesses have the potential to step ahead of the competition. Benefits of Ethereum (shown below) can improve company operations exponentially, elevating businesses to new standards.
- Tokenization – opens their businesses to a wider audience
- Rapid deployment – companies don’t need to build a blockchain themselves
- Data coordination – no central servers, decentralised network benefits
- Permissioned networks – public and private network use cases
The creation of organisations, such as the EEA, are majorly beneficial towards the adoption of blockchain technology. The success of these organisations are key towards the future of cryptocurrency projects – their hard work will allow us to reap the rewards of the increased globally connected future.