Blockchain over the last couple of years has become increasingly popular, but many people still have no clue about the technology. In easy terms, it’s a way to arrange and store data digitally, where it can be shared across networks and accessed by people that need it, without requiring a central location. Most people have heard and even laughed at cryptocurrencies such as Bitcoin. However, these currencies have become particularly popular with enterprise users, notably banks and other financial institutions — even WallStreet. For those familiar with the technology, all of this comes as no surprise. As far as databases go, blockchain is a particularly safe, secure, and decentralized way of storing records.
That being said, there is a large number of other potential uses. Perhaps the most popular blockchain-based development technology for enterprise use nowadays is Ethereum. It was introduced in 2013 by a 19 year old developer by the name of Vitalik Buterin. He developed it through the Swiss nonprofit Ethereum Foundation. Ethereum is a decentralized platform that runs on a custom-built blockchain and recently made a huge run-up.
Ethereum has applications in payment systems, crowdfunding, gold investing, and many other cloud computing functions. Industry users include Accenture, Microsoft, Intel, a number of banks, and several blockchain startup innovators. Considering the scope of usage around the world, users have come together to form the Enterprise Ethereum Alliance (EEA).
The EEA was created to ensure a better future for the Ethereum blockchain. The founding members include Accenture, Banco Santander, BlockApps, BNY Mellon, CME Group, ConsenSys, IC3, Intel, J.P. Morgan, Microsoft, and Nuco. Together, these members of the EFA can learn from the success of Ethereum and promote software development that can help businesses around the world.
The big buzz word in today’s world is ‘security’. The EEA is working to advance the enterprise ability and application Ethereum could have.
Eventually, a system will bring about a future of constant Ethereum use. The Enterprise Ethereum Alliance project can play an important role in standardizing approaches for privacy, permissioning and providing alternative consensus algorithms to improve its usability in enterprise settings, and the resources the project and its members are contributing should accelerate the advancement of the Ethereum ecosystem generally.
As competition amongst businesses in many industries stiffens, blockchain technology is likely to become even more in-demand in the years to come. While there are many competing blockchain programs out there, with the backing of the EEA by so many high profile companies, it stands to reason that Ethereum could become the go-to as more businesses seek to incorporate the technology.