Banking Giant Standard Chartered Joins Enterprise Ethereum Alliance

Blockchain, Group, News | November 8, 2019 By:

Multinational banking and financial services firm Standard Chartered has joined the Enterprise Ethereum Alliance (EEA).

Headquartered in London, Standard Chartered is a multinational banking and financial services company that operates a network of more than 1,200 branches and outlets, including subsidiaries, associates and joint ventures, across more than 70 countries and employs around 87,000 people. The bank has been working with various industry partners and FinTechs to explore the use of blockchain technology to make financial systems more efficient and accessible for its clients.

EEA is a blockchain initiative formed in February 2017 by JP Morgan, Santander, and a number of other founders. The alliance is seeking to evolve ethereum so that it can serve as an enterprise-grade technology. Its global community of members is made up of leaders, adopters, innovators, developers, and businesses who collaborate to create an open, decentralized web for the benefit of everyone.

As a member of the EEA, Standard Chartered will collaborate with industry leaders in pursuit of ethereum-based enterprise technology best practices, open standards, and open-source reference architectures. The Bank views blockchain as central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real time.

“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” said Dr Michael Gorriz, Group Chief Information Officer at Standard Chartered. “We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector.”