Businesses join to create enterprise standard for blockchain networks

A blockchain standards group made up of hundreds of businesses and tech development members has unveiled its first specification for enabling the development of peer-to-peer, decentralized networks explicitly for automating corporate transactions.

The Enterprise Ethereum Alliance (EEA) last week released the Enterprise Ethereum Client Specification 1.0, an open-source framework to speed business transactions, boost privacy for contracts and create a faster, more efficient business transaction workflow.

The EEA Specification and its architecture stack is based on blockchain components developed by the Ethereum Foundation, the organization behind the world’s second most valuable cryptocurrency: Ether.

By using the EEA’s new specification, developers can write code that enables interoperability between businesses and their customers, either over a permissioned or public blockchain. The specification sets up a framework for setting up permission to join a blockchain network.