| Title | Businesses Join to Create Enterprise Standard for Blockchain Networks | |
| Date | Tuesday May 22 2018, @12:13PM | |
| Author | Fnord666 | |
| Topic | ||
| from the standards++ dept. | ||
A blockchain standards group made up of hundreds of businesses and tech development members has unveiled its first specification for enabling the development of peer-to-peer, decentralized networks explicitly for automating corporate transactions.
The Enterprise Ethereum Alliance (EEA) last week released the Enterprise Ethereum Client Specification 1.0, an open-source framework to speed business transactions, boost privacy for contracts and create a faster, more efficient business transaction workflow.
The EEA Specification and its architecture stack is based on blockchain components developed by the Ethereum Foundation, the organization behind the world's second most valuable cryptocurrency: Ether.
By using the EEA's new specification, developers can write code that enables interoperability between businesses and their customers, either over a permissioned or public blockchain. The specification sets up a framework for setting up permission to join a blockchain network.
"You think about where Ethereum currently sits. It has great core competencies around value transfer, sending people Ether. It's created the standard for fundraising through token offerings [initial coin offerings]," said Tom Lombardi, EEA's head of market development. "But the goal of the alliance is to build a framework where we can use Ethereum, which has the largest developer based in the world, in a corporate setting.
"These large companies have compliance hurdles, legal hurdles and certain levels of bureaucracy where they have to check all the boxes before they can use a technology like this," Lombardi said.
The blockchain specification and its architectural stack promises greater transactional efficiency because it allows data to be taken "off-chain," or outside the primary blockchain ledger and processed in a separate database behind a firewall. The primary blockchain is then only used to validate completed transactions and can create a separate hash to represent the data offline for privacy and security.
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printed from SoylentNews, Businesses Join to Create Enterprise Standard for Blockchain Networks on 2024-04-19 15:10:22