EEA (Enterprise Ethereum Alliance), an initiative to standardize the business version of Ethereum that focuses on blockchain technology, has recently expanded its portfolio by adding numerous companies to its membership chain such as Merck KGaA and Toyota Motor Corp., along with big names such as Microsoft Corp., BP LP, JPMorgan Chase & Co., and International Business Machines Corp. already onboard. Ethereum is basically an open-source, blockchain based public computing platform that features smart contract functionality. This initiative is also expected to significantly drive global blockchain technology market.
With the inclusion of new members in the EEA, the diversity of the frame that includes financial service incumbents, block chain startups, pharma, automotive, mobile, as well as hardware, has increased significantly and indicates advancements in its innovative technologies. The Toyota Research Institute has now come under the umbrella of Enterprise Ethereum Alliance to promote certain standards and tools for quick adoption of the blockchain technology. Toyota has been integrated with Ethereum to help develop self-driving cars which will potentially benefit Toyota’s customers that are spread all over the globe.
Merck, one of the foremost names in global pharmaceutical market, is eager to develop innovative solutions for forthcoming digital markets that run on healthcare and life sciences with the support of Enterprise Ethereum Alliance. Merck’s partnership with EEA will cater to global business development and provide it with a competitive edge over its contemporaries, state Merck’s top officials.
Ethereum blockchain is a network that is almost similar to bitcoin. Bitcoin however, functions independently while Ethereum creates a distributed ledger. Both the systems work on smart contracts, though the latter is more technologically upgraded than the former. Putting in a simplified approach, Ethereum is an advanced way of automating enforcement and agreements that totally run on a distributed network of computers.
With several other companies gearing up to experiment with blockchain technology and set their own standards, experts state that it is not going to be a hassle-free path for Ethereum to hold its prominence in the global competitive market. Convincing competitors to work concurrently on a single network that shares the same information is going be a crucial restraint. Besides, regulations pertaining to the system’s safety is also a critical issue that is anticipated to be faced by Ethereum. However, with the announcement of a range of industry biggies under EEA, Ethereum is likely to experience global adoption very soon.