By
Temitope Olatunji
April 18th, 2024
The new members of the consortium include payments giant Mastercard, technology conglomerate Cisco Systems, as well as the state of Andhra Pradesh in India.
The Enterprise Ethereum Alliance has unveiled that 34 new members have signed up for the initiative to drive the adoption of blockchain in the enterprise sector. The group’s total membership now amounts to 150 companies that joined the organization since its launch earlier this year. This makes it the world’s biggest open-source blockchain project.
“EEA’s rapid growth in membership mirrors the accelerating acceptance and deployment of Ethereum Blockchain solutions in the global marketplace,” said Julio Faura, chairman of the board at the Enterprise Ethereum Alliance. “The technological breadth, depth and variety of organizations coming together under the auspices of EEA to create and drive enterprise Ethereum standards bodes well for the future development of the next-generation Ethereum ecosystem.”
The EEA comprises organizations from a wide range of sectors, including government, banking, technology, marketing, insurance, automotive, healthcare, and blockchain. It already includes such giants as Banco Santander, JP Morgan, BNY Mellon, CME Group, National Bank of Canada, ING, Mitsubishi UFJ, Microsoft, Intel, UBS, and San Francisco Stock Exchange.
Among the newest members are Amalto Technologies, Antibiotic Research UK (ANTRUK), Aquilon Energy Services, Inc., Bloq, BLOCKO Inc., Cisco Systems, CyberSoft Digital Services Corp., Enter Corporation Co., Ltd., Government of Andhra Pradesh, HEAL Alliance, Lazarski University, Loyyal Corporation, MadHive, Mattr, NetObjex Inc., OTP Bank Plc., QIWI Blockchain Technologies LLC., Revelry, Scotiabank, Talkcrypto.org, Technical University of Munich, TIS R&D Center, Inc., and TokenCard / Monolith.
Meantime, India’s southern state of Andhra Pradesh became the first government outside the United States to join the consortium. In May, the EEA announced the addition of the State of Illinois of the US.
The government of Andhra Pradesh is looking to collaborate with the alliance aiming to become the leading fintech hub in the region. It is highly interested in integrating the blockchain technology which is set to transform financial and other industries. Earlier, the state had signed fintech cooperation agreements with Singapore’s Central Bank to advance digital payments and further develop the distributed ledger technology.
The EEA was formed to create, support, and promote ethereum technology best practices, open source reference architectures, and open standards. Ethereum is an open-source, public, blockchain-based computing platform featuring smart contract functionality that facilitates online contractual agreements. The alliance aims to address issues of privacy, scalability, security, tokenization, identity, and governance of the Ethereum network.
The technology is expected to accelerate banking trade settlement, improve transparency in supply chains, and eliminate the need for third-party intermediaries by offering higher security and efficiency of transactions without centralized control.