Category Archives: Enterprise Ethereum Alliance

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IBM Issues 5 Principles for “Blockchain for Good”

IBM Issues 5 Principles for

Computing innovator global giant IBM has released a new blog post that establishes five “blockchain for good principles“, which attempt to show that enterprise blockchains that are transparent and trusted can actually benefit organizations and the society.

According to the post, “Technology never exists in a vacuum”, and that this is especially true for innovative tech like blockchain, which it believes has the same capacity for good as it does for the “not so good”.

In summary, it believes that there are five principles to be followed to ensure that enterprise blockchain arrives at good outcomes: open is better, permissioned doesn’t mean private, governance is a team sport, common standards are common sense, and privacy is paramount.

It touts its own project as a proponent of open source, allowing for “growing enterprise-grade blockchain software with strong and diverse code contributors, and liberal licensing”. It insists that its solutions are also not private, pointing to TradeLens built atop Hyperledger as an example that lets participants view network peers.

In governance, it cites SecureKey, which has created a governance model that ensures constant checks and balances between constituent working groups. It talks about collaboration between Hyperledger and the Enterprise Ethereum Alliance to standardize tokens on blockchains. Finally, it looks at how the IBM Food Trust can still protect privacy while leveraging data for efficiency.

IBM has been promoting a lot of its blockchain technology, via its enterprise solution on the Hyperledger Fabric, otherwise known as IBM Blockchain. Today, it powers 1,300 networks in its blockchain cloud including about 100 live in production.

 

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IBM, Microsoft, JP Morgan Lead Ethereum Blockchain Initiative

IBM, Microsoft, JP Morgan Lead Ethereum Blockchain Initiative

The Enterprise Ethereum Alliance (EEA) has announced that it will be launching a new “Token Taxonomy Initiative” that will see a collaboration by some of the most influential names in traditional and emerging financial technology (fintech), including Microsoft, IBM, JP Morgan, ConsenSys and many others.

The EEA Token Taxonomy Initiative states that it will work on developing clear definitions for the token concept, as well as an outline of its scope. This will include business use cases, terminology and taxonomy, as well as technical specification.

Microsoft principal architect and EEA board member Marley Gray noted that the acceleration of blockchain tech adoption made it ever more important for industry players to cooperate in developing mutual understanding of the token model, while agreeing on common definitions as well as helping to ensure interoperability through standards and best practices:

“With a standardized global approach, the Token Taxonomy Initiative will form the foundation of critical standards in tokenization that could streamline the way entire industries and ecosystems work on a blockchain.”

Despite the occasional denials of being friendly towards cryptocurrency, traditional banking leaders such as JP Morgan as well as accounting firms like EY, who are part of this new initiative, have been much warmer towards the underlying technology of crypto, known as blockchain.

 

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