Friday, February 3, 2023

Toyota Joins Ethereum Alliance With JP Morgan, IBM, Microsoft, Others

Toyota Joins Ethereum Alliance With JP Morgan, IBM, Microsoft, Others

The Ethereum Enterprise Alliance (EEA), a consortium focusing on the application of blockchain technology to large-scale enterprise, announced 86 new members today — including Toyota Motor Corp., Merck KGaA, Infosys, Deloitte, and State Street Corp.

Also read: Travelers in Japan Can Now Use Bitcoin to Book Flights With Peach Aviation

Now More Members than R3

The new members bring EEA’s total membership to 116. The Alliance is the youngest of several consortiums that have been organized around blockchain technology, including R3, which counts over 70 major banks in its network, and IBM’s Hyperledger, with 130 multinational corporate members.

EEA’s network is substantially more diverse than either R3 or Hyperledger, however, and includes young fintech startups such as Blockcypher and Zerocoin from the US, Coinplug from South Korea, and Utocat from France.

Blockchain consortiums have interesting challenges ahead, not the least of which is convincing competitors to share market information on a semi-private network. The market outlook is extremely positive however, with sentiment around the Alliance announcements resulting in a near-vertical price climb for the Ethereum currency over the last seven days, from $90 to over $160.

About the Ethereum Enterprise Alliance

Ethereum LogoFirst announced in late February, the EEA seeks to standardize a “business version of Ethereum,” and aims to produce “free-to-use blockchain solutions that will be the foundation for businesses going forward.” Its board of directors includes industry veterans from BNY Mellon, Santander, Microsoft, Accenture and Intel.

The need for such an organization arose due to Ethereum’s “permissionless” nature. The software is open for anyone to use and view, raising some business concerns about security, stability and data privacy. Additionally, any open (or semi-open) networks require a set of standards and governance rules in order to interoperate.

Having 86 new members is certainly a vote of confidence in Ethereum’s technology. Its founders will hope it also leads to added viability — and possibly value.

Will Ethereum become the dominant blockchain platform for business? Let’s hear your thoughts.

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