Ethereum Alliance

Enterprise Ethereum Alliance Adds Dozens of Members, Including Russia’s Largest Bank

The Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative that was formed earlier this year, has recently announced it added 48 new members, including Sberbank, Russia’s largest bank, and Hewlett Packard Enterprise (HPE).

Essentially, the EEA is an industry-supported consortium that aims to bring Ethereum to an enterprise-grade level by supporting, promoting, and building Ethereum-based technologies. Along with the 48 new members, it also announced four new working groups, as well a new committee. This brings the consortium’s combined total to 14.

Among the plethora of new members the EEA just added, only a few immediately stand out. These include the University of New South Wales, which recently unveiled a customer loyalty research initiative involving cryptocurrencies, the Hewlett Packard Enterprise, and Sberbank.

Sberbank is notably the first Russian bank to join the EEA. The bank recently revealed that it has already completed two blockchain proofs-of-concept – one for letters of guarantee and one for letters of credit – while working with other banks, regulators, the minister of economy, and the country’s International Chamber of Commerce.

Speaking to CoinDesk, Sberbank’s head of trade finance and correspondent banking, Evgenly Kravchenko, stated:

“The next step for our blockchain team will be operations with foreign-based financial institutions and other banks, to do some international transactions, to see how we can increase the transparency and improve the trust between banks and corporate clients.”

Kravchenko further added that Sberbank plans to work with Russian banks that aren’t, at least for now, members of the EEA and that the bank’s entrance into the consortium is part of an attempt to go beyond the use cases it has already tested. This means these projects will include other business areas, including retail, lending, and “everything that’s possible.”

HPE, on the other hand, has perhaps unsurprisingly joined the EEA, as it has recently been working with blockchain technology on the distributed ledger startup R3. The company’s global financial services industry lead, Markus Ogurek, stated:

“Joining the EEA is a significant step for Hewlett Packard Enterprise in making blockchain enterprise-ready and accelerating our customers’ journey to production. Our commitment to the EEA will help enterprise-grade blockchain technology adoption and will enable clients to innovate in most demanding applications.”

The EEA’s members represent a wide variety of business sectors, including technology, healthcare, government, energy, marketing, insurance, and even pharmaceuticals. Among some of its new members are organizations such as the Singapore University of Social Sciences, Sipree, Inc., SmartContract, TenX PTE LTD, Trail of Bits, Trellis, and WeChain.