The Enterprise Ethereum Alliance (EEA) which recently became the largest open-source blockchain association in existence has announced the addition of blockchain consultancy HashCash to the network.
HashCash builds a variety of products on the Ethereum blockchain that include trade finance, derivatives, swaps, insurance products as well as IoT-based smart city solutions. HashCash is working with the EEA to form the Privacy and Access Control working groups, essential to building applications for regulated industries such as banking where privacy and access to information are of utmost importance.
Raj Chowdhury, Managing Director at HashCash Consultants said:
“Ethereum is the future of complex financial contracts. Our goal is to help the Banking Working group identify a clear roadmap for banking applications, form a robust governance model and bring clarity around IP and licensing models for Open Source Technology.”
More of the largest corporations and biggest names are getting behind Ethereum. This is considerably fueled by the platform’s first to market status and ability to execute smart contracts, its large open source community of developers and the gaining popularity of ICOs (Initial Coin Offerings) utilizing Ethereum-based tokens.
Ethereum is a network similar to Bitcoin. While Bitcoin is meant for payments, Ethereum focuses on smart contracts. It uses a distributed ledger that acts as a single version of the truth, with copies held by multiple parties, rather than each party holding its own ledger. This makes recon or the process of comparing accounts among parties, redundant.
Launched in February this year, the EEA is an initiative aimed at advancing development on the Ethereum blockchain.