In a what could be called as a milestone in India’s blockchain sector which itself is in early stage, Andhra Pradesh state in India has entered as one of newest members in Enterprise Ethereum Alliance (EEA), an Ethereum-based alliance formed in March this year by Microsoft, Intel and more than two dozen other companies/banks to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum.
With this, Andhra Pradesh has become the first state government outside the US to join the EEA alliance. Earlier, the State of Illinois of the US had joined the alliance in May.
The special chief secretary and IT advisor to the Andhra Pradesh chief minister, J.A. Chowdary, described in a statement the government’s ambition to leverage the membership as a way to turn the region into a financial technology tech hub.
“We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community”, said Chowdhary.
Chowdhary also added that — As Fintech Valley Vizag in Andhra Pradesh aims to become a vital financial technology hub, it is working on adopting more robust systems that are cost-effective. With security issues all over the world, there is no doubt that blockchain technology is set to be the biggest disruptor not only in the financial world, but also a number of online and offline sectors. We are keen on integrating blockchain technology into governance and look forward to our collaboration with Enterprise Ethereum Alliance and provide market access to the community.
Besides Andhra, other new entrants in the list are — Mastercard, Cisco Systems, Scotiabank, Loyyal Corporation and QIWI Blockchain Technologies, among 29 other firms. Entrants are divided between legacy institutions and startups building on the ethereum blockchain.
Moreover, only today EEA has announced that 34 organizations have joined the blockchain industry group since late May. This brings total membership to over 150 organizations added since the group’s launch in February of this year. EEA is now the world’s largest open-source blockchain initiative.
Notably, Ethreum is an open-source, blockchain-based distributed computing platform that provides a decentralized virtual machine. The project was bootstrapped via an ether per-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit.
While the bitcoin blockchain is used to track ownership of digital currency, the ethereum blockchain — a custom-built blockchain — focuses on running the programming code of any decentralized application.