Ethereum Enterprise? Details about a secret blockchain project

Reading time:

According to several sources involved in the project, this project is taking shape. The goal is to make Ethereum more suitable for business users. Rumor has it that the project, called Enterprise Ethereum, is behind an unnaturally large curtain of secrecy – especially for participants who are known for their work in open source communities. Based on the comments from the sources, the group – which is rather a broad consortium – should remain silent until it is ready for the upcoming launch.

And yet the first information about the Bitcoin loophole comes to the public

On Thursday, December 15, a group of startups and representatives of the world’s largest financial institutions met in New York. There the biggest problems that have made business applications difficult for the Bitcoin loophole so far were to be discussed here: httple/. At the so far unpublished place also some banks with strong turnover are supposed to have gathered, at least one of them is supposed to have been a member of R3CEV so far. In addition, a stock market and a large software provider were on site.

Independently confirmed participants were Deloitte’s Blockchain descendant Nuco, the Taiwanese Blockchain Consortium Amis and ConsenSys, an Ethereum platform known for working with major tech companies such as Red Hat and Microsoft.

Although all parties involved have remained discreet so far, the leaked details are slowly giving a picture. ConsenSys Chief of Staff Jeremy Millar, formerly with Goldman Sachs and Barclays, CoinDesk described the secret project as follows:

„We are working with a large number of Ethereum business users from the banking, energy, supply chain, insurance and other industries. We are also working with leading technology vendors and blockchain start-ups to create a common standard for private Ethereum networks. According to Millar, who joined ConsenSys after the founding of the consulting firm Ledger Partners LLP, the work will be done in partnership with several Ethereum Foundation members and core developers.

Emphasis on data security

Alex Liu, founder of the Blockchain Consortium Amis, was also present at the meeting. As a former Qualcomm and Samsung employee, Liu pointed out that the Ethereum Enterprise project will provide „enterprise-level“ solutions. In addition, users will be offered tools to ensure the data security of transactions – a major problem for institutions today. He explained that the technology would enhance the strengths of today’s Ethereum Public Blockchain.

„The scalability, security and privacy that any enterprise blockchain needs will be added or addressed,“ explained Liu CoinDesk:

„But one will also see interaction with the public blockchain.

In the days following the Ethereum Enterprise meeting, Nuco co-founder Matthew Spoke confirmed that he had attended the event in New York.

Possible motivations
So far, the reasons for the secrecy seem to come from a purely competitive idea, since the rest of the blockchain industry does not sleep. But there are reasons why one can be sceptical about this reason.

Former IBM blockchain developer Henning Diedrich, who left the company last year to develop his own smart contract language, explained that Ethereum Software was already able to create private blockchains. He was able to test this in IBM laboratories.

However, the early stages of enterprise products such as Hyperledger and R3CEV’s Corda platform may push companies to try a more frequently tested alternative such as Ethereum.

While Diedrichs said that Ethereum developers could further improve the product, he does not see the need for a large Ethereum Consortium.

„Of course, it can always be made easier,“ he said. „But you’re already pushing the envelope.