By On November 6th, 2019, Standard Chartered announced that it had joined the Enterprise Ethereum Alliance( EEA) in abid to strengthen blockchain application interoperability and research in the banking sector to benefit its customers and also businesses across the globe.
EEA is a member-led industry organization formed in March 2017 with a primary objective is to drive the use of Ethereum blockchain technology as an open-standard and also interoperability to empower all enterprises.
Currently, EEA constitutes hundreds of companies around the world, including extensive business sectors, including technology, legal, government, healthcare, pharmaceuticals, marketing, and insurance. Notable members of the organization include Microsoft, Hyperledger, international banks such as Santander and Sberbank.
What Should We Expect?
Standard Chartered is one of the leading banks globally, with net revenue of USD 14.7 billion. By becoming a member of the EEA, the banking giant will work in close contact with other industry players to develop Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures to promote the adoption of blockchain in the financial sector.
Commenting on the new development, CIO of Standard Chartered, Dr. Michael Gorriz stated:
“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences, and offering new services. We are excited to be 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”.
In essence, the new move will increase the usability of Ethereum blockchain in banking and commerce activities. This will go a long way in ensuring that transactions on the platform are secure, processed, and verified in real-time to enhance the overall customer experience.
Standard Chartered on a Collaborating Spree with Blockchain Startups
The entrance of Standard Chartered into the Enterprise Ethereum Alliance (EEA) comes at a time when the bank has increased partnerships with blockchain startups such as Ripple, Inthanon, Ubin, Voltron, Linklogis, and Ant.
Three months ago, the bank successfully entered a partnership with Linklogis-A China-based supply chain provider that leverages blockchain as a tool. The partnership aims to develop blockchain-enabled supply chain financing solutions.
Standard Chartered is also among the founding members of the Voltron-a trade finance platform that offers increased speed, efficiency, and transparency in trades. Voltron is already up and running and has even accomplished the shipment of oil products from Thailand to Singapore. The bank also partnered with Ant Financial to launch the world’s first blockchain-enables cross-border remittance service from Hong Kong to the Philippines. In all these partnerships, Standard Chartered has acknowledged the superiority of blockchain technology in enhancing financial operations.
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