A group of more than thirty of the largest banks and technology companies have come together to form a new consortium focused on developing an Ethereum blockchain system that can be used by the finance industry. The Enterprise Ethereum Alliance was formed in December, and formally launched this week at a summit in Brooklyn, New York.
Members include banking giants like JP Morgan Chase and Santander, as well as leading technology companies like Microsoft and Intel. UBS, ING, Credit Suisse, BNP Paribas, and Cisco are but a few of the other well-known names involved in the initiative. Academic group IC3 is also participating in the project.
The alliance is reportedly relying on JP Morgan to provide the blockchain code for its project, using the bank’s Quorum code that reportedly includes enhanced privacy and other advanced features. Work on Quorum began last year, and was designed to provide financial savings by eliminating the costs related to third-party transaction oversight
Group members have committed to collaborating to develop solutions that facilitate inter-bank payments, post-trade settlement, and tracking systems for supply chain management. The alliance plans to launch a viable prototype of its system - EntEth 1.0 - sometime later this year.