What is the Enterprise Ethereum Alliance (EEA)?
EEA groups several technology companies, financial institutions, start-ups and academics to promote the use of Ethereum technology and driving new business opportunities worldwide.
Its global community includes a mix of multinational giants as well as start-ups.
EEA’s operations rely on four pillars:
- Understanding the requirements of businesses
- Building standard specifications that address these requirements
- Evolving alongside the public Ethereum blockchain
- Achieving global interoperability through certification programs
Overcoming Challenges
Ethereum’s technology is still early and will have to overcome several technical and regulatory hurdles before it becomes fully functional for business transactions.
However, work has begun on upgrading this blockchain and making it into a Proof-of-Stake network — something that should mean it can handle far more transactions per second than at present.
Blockchain for Food Safety
Some potential use cases touted by the EEA include blockchains promoting food safety.
This technology can be used at every stage along a supply chain, delivering greater consumer transparency.
If products need to be recalled, advocates argue that this can speed up the process — and ensure that the source of a problem can be identified far faster than at present.
Tokenization on the Blockchain
Blockchain also allows tokenizing a wide range of assets, including real-world items such as property. Health records could also be held more securely than present, and university degrees could be tokenized to prevent fraud.