Credit Suisse and UBS may be arch rivals. But the two banks are teaming up with some 30 other firms to further the development of the Blockchain technology and make it ready for use by companies.
Enterprise Ethereum Alliance (EEA) has long been the rumored about – now it is taking center stage. The project aims to adapt the Blockchain technology for company purposes, «Reuters» reported.
UBS and Credit (CS) are part of the consortium, together with a further 30 prominent companies, including Accenture, Banco Santander, BP, Banco Bilbao Vizcaya Argentaria, ING, New York Mellon Corp as well as Thomson Reuters.
Rival Projects
EEA isn’t the only Blockchain-project of course – two of those are New York-based R3, where UBS and CS participate, and the Hyperledger project, with the backing of IBM, Intel and Switzerland’s Swisscom.
In Switzerland, a group comprising Swisscom, Zuercher Kantonalbank and SIX, the stock exchange operator, develop a Blockchain solution for the trading of small caps.
Ethereum Milestone
EEA is using the Ethereum-Blockchain developed by Vitalik Buterin. Zug-based Ethereum has its own crypto currency (Ether) and develops so-called «smart contracts» for decentralized transactions. UBS for instance used the Buterin technology already at its Blockchain laboratory in London.
EEA is a significant step in the history of Ethereum, with already has a market cap of $1.4 billion worth of Ether.
