The Enterprise Ethereum Alliance is Trying to Build the Business-First Blockchain

A new consortium arrives to the blockchain market with big backers! At this point, this shouldn’t even be news are every other week we learn about big organizations partnering to build new blockchain solutions. And yet this announcement feels different.

The Enterprise Ethereum Alliance is a new group focused on building and promoting business applications and technologies backed by the Ethereum blockchain. The consortium is bringing together many impressive names such as Microsoft, Intel, J.P Morgan Chase, Accenture, Credit Suisse, Thompson Reuters, BNY Mellon and several others. The new alliance is a massive endorsement for Ethereum which remains the most viable alternative to the Bitcoin blockchain.

While Bitcoin disproportionally beat Etehreum in terms of market value [$19 billion to $1.5 billion approximately]. Ethereum has become a more viable alternative for the implementation of doamin-specific applications and private blockchains. Its not a surprise that Etheren has been the platform choice behind many private blockchain initiatives such as Microsoft Project Bletchey or vertical-specific blockchains such as J.P Morgan Quorum. Speaking of J.P Morgan, the finance giant is going to take the lead providing the technology for the consortium.

Another Blockchain Consortium

The Enterprise Ethereum Alliance is not the first organization of this sort. R3 is another famous blockchain consortium that has delivered some very impressive blockchain solutions.

Compared to R3, the Enterprise Ethereum Alliance seems to have taken a more holistic approach instead of focusing on a specific industry. Also, even though it is still very early, I believe the fact that the consortium is specifically focused on Ethereum (vs. a specific industry) will yield more positive results in the short term.

Ideas that the Enterprise Ethereum Alliance Should Explore

To wrap this up, I would like to present a few ideas that are desdesperatelyeded to streamline the adoption of Etehreum in the enterprise that could be worth exploring by the alliance:

1 — DevOps Tools: Operation management tools for Ethereum applications are a requirement for the adoption of the crypto-currency platform in the enterprise.

2 — Security & Compliance Frameworks: With Quorum, J.P Morgan made some important contributions to Ethereum’s privacy and security models. More frameworks and solutions in the security and compliance space would be a welcomed addition to the Ethereum stack.

3 — Off-Chain System Integration: Extending the ideas behind Ethereum Oracles to access off-chain data is essential to integrate Ethereum applications with enterprise back-office systems.

4 — Industry-Specific Smart Contracts: One of the areas of teh focus of the Ethereum Enterprise Alliance must be to implement to new smart contracts that abstract important industry capabilities such as payments, banking operations, etc.

5 — Vertical Ethereum Applications. Obviously, we should expect the Enterprise Ethereum Alliance to champion new industry specific solutions powered by Ethereum.

Written by

CEO of IntoTheBlock, Chief Scientist at Invector Labs, Guest lecturer at Columbia University, Angel Investor, Author, Speaker.

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