With blockchains promising to change how industry works, Ethereum’s versatility and ease at which to build on makes the leading smart contract platform an attractive proposition for big industry.
This is evident with the formation of Enterprise Ethereum Alliance (EEA). A body of large industries working with Ethereum to integrate smart contract technology, but what is the EEA’s role?
Smart contracts enable parties to conduct transactions, and automatically finalize deals. It negates the necessity of human labour, and makes business and life in general, much faster, cheaper and more secure. And the EEA is the link between the new decentralized world and legacy industry.
Why Is Blockcahin Adoption Slow?
Despite the promise of smart contracts and decentralized ledger technology, adoption of Ethereum and blockchain in general has been slow. However, the same is true for the uptake in the Internet by big business back in the early 1990s.
Some might say, this is down to a disparity of ideals. Ethereum is built on a transparent and decentralized platform, where no trust is needed. Whereas, corporations are the extreme opposite: a pyramid system in which authority only comes from the top, and trust has to be earned.
But corporations are interested, and Ethereum is absorbing most of the interest, as we have seen with the formation of the EEA. Read More at EthereumNexus