Standard Chartered Banking Group Joins Ethereum Enterprise Alliance

International banking group Standard Chartered has turn out to be the most recent member of a blockchain standard-building group, the Ethereum Enterprise Alliance (EEA).

In a press launch issued on Nov. 6, Standard Chartered stated the transfer would enable it to increase its consumer choices throughout its 60 worldwide markets.

Standard Chartered is newest EEA banking member

“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, commented.

The EEA fashioned in March 2019 as a collaborative effort exploring the event and implementation of blockchain options throughout financial sectors. Its membership base now runs into the tons of, with participation from entities together with Microsoft, Hyperledger and numerous different worldwide banks akin to Santander and Russia’s Sberbank.

A proper affiliation with Hyperledger, which itself provides enterprise-grade blockchain instruments, got here in October final yr.

The EEA additionally publishes informational materials akin to blockchain requirements paperwork, amongst which was a devoted effort for the telecoms trade in August.

Increasing blockchain maneuvers

“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,” Gorriz added.

Standard Chartered has already made inroads into blockchain utilization. As Cointelegraph reported, the financial institution not too long ago accomplished a provide chain financing scheme and used the know-how to ship a cross-border letter of credit score transaction.

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