Microsoft Corp. is working to form the Enterprise Ethereum Alliance with several technology companies and banks, with the overall goal of advancing corporate adoption of Ethereum and its blockchain technology into current company systems.
Along with their partner companies, Microsoft has been working on the alliance for months, and intends to launch later in February, according to two people close to the project. Sources have remained anonymous, as plans haven’t been officially announced yet.
Seeing as how Ethereum stands to secure and streamline many daily processes for different companies, its advantages should be readily apparent. Ethereum’s ability to create an unalterable, distributed ledger of transactions, along with its smart contract capabilities, allow the automation of certain jobs. These efficiency increases are only one example of the benefits blockchain technology can offer businesses.
Although there are many competing blockchains in the fintech space, and blockchain technology is still undergoing testing and development by numerous corporate entities, the formation of the Enterprise Ethereum Alliance will only help to speed up Ethereum’s development and to ensure its adoption. If there’s one name in the tech sector who could engender corporate confidence, it’s Microsoft. Having such a powerful, enduring tech giant promoting Ethereum will be nothing but good for furthering the growth of the entire ecosystem.