The Entreprise Ethereum Alliance Group announced on Tuesday July the 18th the addition of 34 new members to its existing memberlist.This is important news because with this addition, it becomes the largest open-source Blockchain initiative in the world.
The EEA’s mission statement sums up pretty well the objective of this impressive alliance:
The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum – to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.
The new members
The Entreprise Ethereum Alliance counts now among its members Scotiabank (One of the Big 5 Canadian Banks), The Government of India, Cisco and Mastercard and there are 30 more new additions. They will now be working along with the existing members on testing and developing new Ethereum based Blockchain applications to transform the way some transactions are carried nowadays.
The working structure
The Alliance announced Friday last week the creation of 7 new member driven working Groups
- Technical Steering Committee
- Token Working Group
- Banking Working Group
- Healthcare Working Group
- Insurance Working Group
- Advertising Industry Working Group
- Legal Industry Working Group
- Supply Chain Working Group
These working groups represent the industries that will potentially benefit the most from Smart contracts and their disruptive potential. In our previous articles, we shared how this technology can reshape the way we carry our financial transactions. Notice how in these working groups, there is one for the Legal industry. That’s another sector that has not necessarily been transformed in the last decades and could benefit a lot from a new way of doing business that will match today’s fast pace. Legal contracts have been registered and notarized very much in the same way for decades. With Smart contracts we are now hearing about the possibility of digital legal contracts.
To conclude, We have stressed earlier this week when Ethereum’s price was dropping significantly that as long as there is demand, Ethereum’s value is there to stay. We even said that Ethereum is still Bullish even if it touches $125 as long as it holds that level. This announcement confirms that major players are seeing the value of Ethereum in particular and is clearly articulated in the mission statement we shared above. These Fortune 500 companies chose Ethereum if anything, the demand is very likely to Boom in the near future:
…learn from and build upon the only smart contract supporting blockchain currently running in real-world production – Ethereum.