The Enterprise Ethereum
Alliance came into existence on the 28th
of February last year showing massive potential of utilizing the Ethereum blockchain network in the context of enterprise level companies but since its inception, the Enterprise Ethereum Alliance has been very quiet.
Other than the fact that it has been garnering more and more members joining the Enterprise Ethereum Alliance, there have not been any significant projects coming up and many were thinking that such an elaborate group of companies coming together in this kind of consortium would not be able to actually deliver anything of substance using the second largest cryptocurrency’s
blockchain network backing it.
The doubts about Ethereum’s potential to be used at enterprise level was so much that in fact the Chief Technology Officer of the Enterprise Ethereum Alliance’s main competitors DLT went on to saw that the apparent absence of any progress by the Enterprise Ethereum Alliance is proof that Ethereum cannot be used at an Enterprise level.
No More Inactivity
With no apparent activity on behalf of the Enterprise Ethereum Alliance and the comments being made by competitors about the consortium suggesting that it was nothing more than a dud, it seems that people who were counting the Enterprise Ethereum Alliance out were too hasty with their comments. This past Wednesday saw the consortium reveal its plans which showed guidelines of its open standards workings.
While it is nothing more than baby steps when seen in the context of public work being done to make it possible for different enterprise level blockchains become interoperable with each other, it does go to show that businesses are accepting the fact and openly admitting that any and all proof of concept based works have to be pushed forward into becoming actual blockchain based products.
A proof of this growing trust by more and more businesses can be seen in the fact that despite apparent inactivity, the Enterprise Ethereum Alliance has grown to having over 500 different firms. This includes the likes of JPMorgan, banks like the BBVA and even the technology giant Microsoft.
Landmarks to be Reached
With all the outlines for their plans laid out, the Enterprise Ethereum Alliance is in the works to produce results before this year comes to an end.
The Enterprise Ethereum Alliance’s first step is the architecture stack
and it shows that the consortium has five layers. There is the peer to peer network protocol layer at the bottom. Above the base layer is the main blockchain layer which will be conducting oversight of the consensus, the transactions taking place and any storage on the blockchain or off the blockchain.
On top of that is the layer which will be primarily focused on the aspect of scaling and privacy on the Enterprise Ethereum Alliance – both off the blockchain
and on the blockchain. After that is the layer which handles tasks like granting permission to the credentials and how the oracles will interact with each other. Right at the top of all that will be the application layer. The best thing about the Enterprise Ethereum Alliance is the fact that all the firms involved, whether they are startups like the BlockApps or if they’re giants like Microsoft, they will all be treated the same.
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