CIOtechie_Fintech_Blockchain_Cryptocurrency_Enterprise_Ethereum_EnterpriseEthereumAlliance

The Enterprise Ethereum Alliance Issues New Specifications For Blockchain Deployment

BFSI News

The_Enterprise-Ethereum-Alliance-Issues-New-Specifications-For-Blockchain-Deployment The Enterprise Ethereum Alliance Issues New Specifications For Blockchain DeploymentThe Enterprise Ethereum Alliance (EEA) has reportedly issued two new specifications to expedite and improve blockchain deployment for enterprises. One of the released specifications is a set of standard application programming interfaces (APIs), which is issued as the EEA Off-Chain Trusted Compute Specification V1.0 that support development work with programs for Blockchain transactions that require privacy, Oracle services, and compute-intensive workloads. As per the reports, the off-chain solution is aimed at empowering enterprises to opt the most suitable trusted compute technology for their use case.

The Enterprise Ethereum Alliance members count over 500, including global consulting firm Accenture, blockchain incubator ConsenSys, banks Santander and JPMorgan Chase, Big Four auditor EY, tech giants Intel, Microsoft, and IBM and blockchain consortium R3. In a statement, EEA executive director Ron Resnick acknowledged particularly the input of EEA members such as Microsoft, Intel, Banco Santander, and ConsenSys. According to him, many enterprise blockchain use cases demand complex “privacy, security, throughput, and latency” solutions. He further added that “Temporarily moving some transactions off-chain for computation elsewhere, and then returning a summary to the main chain is a promising method for achieving such requirements.”

The Technical Standards Working Group at Enterprise Ethereum Alliance had faced performance and interoperability issues on users’ feedback and cross-industry EEA Special Interest Groups to create the latest specifications. Last month, the Enterprise Ethereum Alliance had introduced a blockchain-neutral Token Taxonomy Initiative, designed to characterize tokens in non-technical and cross-industry terms in order to drive the adoption of enterprise token.