In this Ethereum tutorial, we will study the working of the Enterprise Ethereum Alliance. Additionally, we will also cover the following topics.
- What is Enterprise Ethereum Alliance
- Features of Enterprise Ethereum Alliance
- How Enterprise Ethereum Alliance Works
- Enterprise Ethereum Alliance Architecture
- Enterprise Ethereum Alliance Membership
What is Enterprise Ethereum Alliance
The Enterprise Ethereum Alliance commonly known as EEA is an organization established in February 2017. The goal of this alliance is to bring together a diverse group of start-ups, Fortune 500 corporations, technology vendors, academia. And even Ethereum experts to work on Ethereum as an enterprise-grade technology.
The Enterprise Ethereum Alliance aims to provide an open, standards-based architecture and specification to help various enterprises adopt Ethereum.
Moreover, the members of the EEA have access to community and educational materials, as well as technical and media tools.
This program is unique in that it collaborates with hundreds of businesses to investigate and develop solutions that are then shared.
For example, if a corporate member of the EEA develops a new protocol for better and quicker dApps, they will share it with the other members.
In this way, everyone can profit from this cutting-edge analysis while helping to improve the Ethereum ecosystem as a whole.
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Features of Enterprise Ethereum Alliance
Now that we got some idea about Enterprise Ethereum Alliance let’s, discuss some core features that EEA aims to provide.
- Open source: EEA works with open source code that may be freely shared with anyone, anywhere in the world. Also, it helps to propagate development advantages that may or may not aid others in improving their Ethereum solutions.
- NPO: EEA is a non-profit organization that aims to advance Ethereum by bringing together the efforts of many companies interested in Ethereum-based solutions.
- Help Businesses: The EEA assists businesses in incorporating new technologies that have been found by others for free. And allowing them to profit from the most recent standards.
- Improve Ethereum: The EEA aims to enhance what they’re producing by incorporating innovations from the public blockchain. Moreover, allowing them to evolve more quickly while maintaining a high-quality product.
- Using established Standards: There is still a lot to learn and explore about blockchain technology. Moreover, this form of decentralized structure is still unknown to modern computing. Also, several issues such as scalability, security, and transparency are being investigated. As a result, the goal is to learn from current standards, such as proof-of-stake (PoS), in order to improve faster than the competition.
Read How to Setup Private Ethereum Blockchain on Windows
Enterprise Ethereum Alliance Architecture
Enterprise Ethereum Alliance created the Enterprise Ethereum Architecture Stack (EEAS), a framework for developers. This framework outlines how this new form of Ethereum blockchain should function in a private setting with privacy characteristics.
Enterprise Ethereum Alliance facilitates a variety of tools for enterprise-grade applications. Here are some of the core tools and their benefits.
- Enterprise management systems: This is used to assist businesses in maintaining control over their private blockchain operations.
- Permissioning and authentication: This is handy for assigning people certain responsibilities with restricted access to specific locations in a more organized manner.
- Hardware security module (HSM): This is a physical device that securely holds digital keys, for example, your private keys, with the highest level of protection.
- Oracles: These components are useful for integrating custom smart contracts developed on top of the private blockchain with external services.
- Off-chain transactions: It helps to utilize Plasma and state channels protocols to take advantage of off-chain transactions that may be processed locally, reducing the processing burden on the primary blockchain.
- Private transactions: Transactions that employ zero-knowledge proofs, ring signatures, and a variety of other well-known protocols to ensure that the data being transferred with the public blockchain remains private.
Finally, Enterprise P2P will enhance the blockchain network layer by allowing transactions to be exchanged in smaller networks. Thus, resulting in better processing speeds and confirmation times.
To share information, enterprise blockchains will be able to communicate with other networks, including the public blockchain.
Read What is Mining in Ethereum and How does Ethereum Mining Works
How Enterprise Ethereum Alliance Works
Despite the fact that numerous technological giants and corporations have been supporting Ethereum via their Cloud services. Still, there were issues related to the adoption and scalability of Ethereum.
To resolve these issues Enterprise Ethereum Alliance was formed. The alliance intends to create, encourage, and support best practices, standards, and architectures for Ethereum. And promote technology that can handle real-world applications and usage.
Ethereum, in a nutshell, is a decentralized platform established upon blockchain technology. It allows developers to build and deploy decentralized applications powered by smart contracts.
Several projects including supply chain provenance monitoring, inter-bank payments, securities settlement, and other topics have recently been launched and worked on by member companies.
Real-world commercial application, on the other hand, necessitates joint efforts to create architectures that support both permissioned and public Ethereum networks.
The establishment of the EEA is a significant step in this direction. In this, members can also benefit from EAA education and training. As part of its public service goal, the group produces newsletters, films, and webinars.
Enterprise Ethereum Alliance Membership
The EEA is unique in that any corporation can join for free by filling out a form on their website to become a member of the organization for an annual fee. This transparency aids many people in staying current with the Ethereum blockchain’s new enhancements.
The EEA’s members represent a wide range of industries from throughout the world, including technology, banking, government, and healthcare.
The Enterprise Ethereum Alliance is a key project in decentralization, with an emphasis on overcoming real-world issues of adopting Ethereum at an enterprise scale.
The EEA includes a robust pool of around 500 enterprises, including industry titans like Intel, Microsoft, and J.P. Morgan. Moreover, if anyone owns a medium-sized business, they can join the EEA solely to be a part of the enterprise blockchain revolution.
So, in this tutorial, we have studied the Enterprise Ethereum Alliance. Additionally, we have also covered the following topics.
- What is Enterprise Ethereum Alliance
- Features of Enterprise Ethereum Alliance
- How Enterprise Ethereum Alliance Works
- Enterprise Ethereum Alliance Architecture
- Enterprise Ethereum Alliance Membership
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I am Bijay, a Microsoft MVP and founder of TSInfo Technologies, a SharePoint development company. Currently focusing on getting expertise on Ethereum, Solidity, Bitcoin, Cryptocurrency, Blockchain, etc. Sharing my expertise and tutorials on Bitcoin and Ethereum related technologies. Read More…