The Enterprise Ethereum Alliance is is a partnerships between 30 corporations and startups, including J.P. Morgan Chase, Microsoft, and Intel, and to build applications based on Ethereum. It will build a pilot which to “spot trade” on the foreign exchange market for global currencies using an adaptation of Ethereum as the settlement layer.
According to Fortune.com, the partners of The Enterprise Ethereum Alliance will help each other develop the foundations for different use cases, such as post-trade settlement, payments between banks, and supply chain tracking, while competing on applications and services built atop the networks. The top priorities for the alliance now include ensuring scalability and security.The other founding members of the alliance are BlockApps, Nuco, AMIS, Andui, CME Group, ConsenSys, Fubon Financial, brainbot technologies, Chronicled, Cryptape, The Institutes, Monax, String Labs, Telindus, Tendermint, VidRoll, and Wipro.
Members of the Ethereum alliance include Accenture, BBVA, BNY Mellon, BNP Paribas, BP, Cisco, Credit Suisse, ING, Thomson Reuters, and UBS. Also joining is IC3, or the Initiative for Cryptocurrencies and Contracts, an academic group consisting of researchers from universities such as Cornell University, UC Berkeley, and Israel’s Technion.
Alex Batlin, blockchain lead at Bank of New York Mellon, said that while the Ethereum alliance will focus on the development of private blockchains, the hope is that these will one day link up with the public Ethereum blockchain, which is open to all.
“That interconnection of public and private chains actually creates a very strong network,” Batlin said on a call with Fortune. “Each chain strengthens the other at an exponential level.”
J.P. Morgan is responsible for developing the basis of the blockchain tech for the alliance which is called “Quorum” and is designed to ensure privacy.