Santander talks up Enterprise Ethereum Alliance

Source: Banco Santander

Banco Santander and other international entities announced today the creation of a not-for-profit alliance, Enterprise Ethereum Alliance (EEA), that will build and promote the use of distributed ledgers (blockchain) between companies using the open source technology Ethereum, a decentralized platform that allows smart contracts to be created between peers.

The alliance will be presented in New York today in an all-day event during which some presentations will be made by various Banco Santander blockchain experts. Santander will also participate in a demonstration of the technology along with JPMorgan and Bank of New York Mellon. The presentation can be seen live at:

Julio Faura, head of Research and Development for innovation at Santander, said: “Santander and other financial and non-financial institutions have been exploring the potential use of distributed ledgers and smart contracts for real, enterprise-wide, commercial applications. Ethereum has turned out to be one of the leading technologies in this space. It is now time to work collaborately to establish standards that lead to widespread adoption in the industry.”

The goal of Enterprise Ethereum Alliance is to research and develop standards and reference architectures that pay special attention to aspects such as privacy, confidentiality, adaptability and safety.

Banco Santander has been working for months with other founding members to make the alliance a reality. Founding members include Santander, Accenture, BlockApps, Bank of New York Mellon, CME Group, ConsenSys, IC3, Intel, JPMorgan, Microsoft and Nuco. BBVA, BP, Credit Suisse, ING, Thomson Reuters, UBS have also joined the alliance, among others.

Banco Santander has invested in various companies tied to distributed ledgers, such as Ripple and Digital Asset, and works also in other projects, such as Utility Settlement Coin, Global Payments Steering Group and Hyperledger. The bank’s goal is to advance the use of blockchain technology in order to offer customers services that are more efficient, faster and safer for numerous financial transactions.
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