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.