Posted 2 years ago | by Ben Armstrong
Standard Chartered Joins Enterprise Ethereum Alliance, Expands Connections
Major banking institutions are joining the banking blockchain development across the globe.
Standard Chartered, a UK-based bank with more than half a trillion USD in assets, just announced that it will be joining the Enterprise Ethereum Alliance (EEA). Standard Chartered isn't the first major bank to join the EEA, and there are many things happening in the world of banking blockchain development.
Major banks like JPMorgan, BBVA, ING, and Citi are already a part of the EEA, but there are development undercurrents that may roil the efforts of the more than 100 EEA member companies. While Ethereum is being used as the base for the EEA's efforts, there is more going on behind the scenes of a major force in the blockchain development scene.
Standard Chartered has also invested in Ripple Labs, and had this to say after it joined the EEA, “(Blockchain will be) central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real time.”
A Lot Going On in the Enterprise Ethereum Alliance
EEA member JP Morgan is working on Quorum, which is designed to connect businesses across the vast Ethereum network. A recent project, called Besu, may be a challenging force in the enterprise ethereum development space.
Besu enjoys the support of Hyperledger, and while its team is still on friendly terms with JP Morgan, it could give Quorum a run for its money.
Adhara co-founder Peter Munnings commented to CoinDesk on the development of Besu, and the possible impact it could have on enterprise ethereum development:
“Besu has very serious enterprise-grade support agreement which is easy to access. The Quorum team is very focused on JPMorgan projects, so we are not finding the same level of response from them.”
Peter Munnings was a part of a Consensys team that used Quorum on a test with the Monetary Authority of Singapore, and also worked with his company and the South African Reserve Bank (SARB) to test zero-knowledge proofs using Quorum.
The idea that blockchain has become so popular with major banks, among other companies, that there are now competing sub-programs to develop an industry standard for connecting the world's largest companies via the Ethereum network, would have been hard to imagine when Jamie Dimon (CEO of JP Morgan) was ripping cryptos apart in 2017.
Things are changing fast for cryptos, and it is worth remembering that all of this progress has happened in less than a decade. We may be collectively blind to how powerful decentralized tokens really are, and how desperate the world's existing institutions are to stay relevant in a system where they truly aren't needed.