Ebay with $10 billion revenue annexes with Enterprise Ethereum Alliance [EEA]

Ebay, a multinational e-commerce company with $10 billion in revenue and $2 billion in yearly profits has recently joined Enterprise Ethereum Alliance [EEA]. EEA is an alliance that is built to customize Ethereum for industry players. EEA connects Fortune 500 enterprises with Ethereum subject matter experts, including Accenture, J.P Morgan, CME Group, Microsoft, and Intel.

Foxconn, a multinational electronics contract manufacturing company is also the latest of the companies to join EEA. Hon Hai Precision Industry Company Ltd is the anchor company of Foxconn. In 2016, Foxconn ranked 25th among Fortune Global 500. It stands as the world’s largest contract electronics manufacturer and the fourth-largest information technology company in terms of its revenue.

EEA mailing list mentioning new additions | Source: Twitter

EEA mailing list mentioning new additions | Source: Twitter

Their interest in Ethereum Network is presumably to learn how smart contracts can be utilized to keep track or on how ledger can be utilized in their financial prospects.

Joseph Lubin, co-founder of Ethereum, said at the EEA’s launch:

“Enterprises represent mindshare, they represent resources, In order to get the technology out, in order to make it ubiquitous, we need to speak to everybody and make ethereum inclusive.”

EEA is designed to serve three objectives according to their website:

  1. A clear roadmap for enterprise features and requirements
  2. Sturdy governance model and accountability, clarity around IP and licensing models for open source technology
  3. Resources for businesses to study about Ethereum and make use of this technology to address specific industry use cases

Rui V. Maia, Ethereum enthusiast, and a Twitter user commented:

“According to the official #EnterpriseEthereumAlliance newsletter, it is indeed true. The market doesn’t react much to these news, especially because we’re in a bear market, but all this enterprise support strengthens the ecosystem and will produce more innovation and adoption.”

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Ranjitha Shastry

Ranjitha Shastry is a part of AMBCrypto’s News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.