Enterprise Ethereum Alliance Releases Blockchain Standards

The alliance says the new technical specification will replace the costly and ineffective multi-protocol approaches

by Deyana Laguna
17 May • 2 min
In News

The Enterprise Ethereum Alliance (EEA) released on Wednesday common technical specifications for companies that use Ethereum blockchain-based solutions. EEA is an industry organization dedicated to developing Ethereum into an enterprise grade blockchain.

Available as a free public document to download, the Enterprise Ethereum Client Specification 1.0, has been designed to provide global corporate Ethereum developers with a "single, open-source, cross-platform standards-based framework to speed up business transactions, build a greater trust in contracts, and create more efficient business models."

The EEA said in a press release that its new client specification will replace the costly and ineffective multi-protocol approaches that previously defined the corporate Ethereum ecosystem. By utilizing “hybrid architectures,” Spec 1.0 may assist with general Ethereum development issues, such as scalability, privacy, and security for both private-permissioned and public Ethereum networks.

“The EEA’s Enterprise Ethereum Specification is the result of 18 months of intense collaboration between leading enterprise, technology and platform members within our technical committee,” EEA Executive Director Ron Resnick said. He added that the framework could help spur mass adoption "at a depth and breadth otherwise unachievable in individual corporate silos.”

EEA further noted that the framework will give rise to the next decentralized internet era, Web 3.0. The alliance cited research by advisory firm Gartner, according to which, the business value-add of blockchain will grow to slightly more than USD 176 billion by 2025, and then it will exceed USD 3.1 trillion by 2030.

The technical specification release was flagged last month by Jeremy Millar, a EEA founding board member. Speaking at the Blockchain Expo in London, he stressed the importance of setting common standards when it comes to technology adoption. “We need interfaces to plug into. Now, this might sound boring. It might not be top of mind for developers looking to launch a white paper and promote their ICO on Telegram,” Miller told the audience.

Launched in March 2017, the alliance now numbers over 500 members, including British oil giant BP, JP Morgan and Microsoft.