The world’s biggest collaboration on blockchain technology of corporations, universities, banks, start-ups and even some governments, has added more than 80 new members according to an announcement by the Enterprise Ethereum Alliance (EEA).
That includes Advanced Micro Devices (AMD), which saw their GPUs go out of stock last year as they became a very valuable mining commodity following a boom the likes of which this space has never seen.
AMD has made no statement on their joining of the alliance, but the act does seem to signal they are now at least partially focusing on this space after seeing their sales and their stock price increase, in part due to ethereum mining:
Kaspersky Labs is a curious new member, as is in many ways Pfizer, the pharmaceuticals giant. What either hopes to achieve from the membership is unknown, but blockchain’s application is so wide, including supply chains and record-keeping, with some aspects of it potentially useful for the health giant.
The Royal Bank of Canada, their biggest bank, has also joined. As well as the Government of Gibraltar itself. Together with SK Telecom, South Korea’s largest wireless carrier.
This is probably the world’s biggest collaboration in history between so many diverse industries, but what are they trying to achieve?
Exact details are sparse, but in broad terms they are in effect trying to get ready for the mass use of blockchain technology which remains at an early stage.
They are thus trying to strengthen and improve it so when the tech is enterprise level ready they have the knowhow and perhaps a slight advantage to race to the market.
They are doing so through what we’d consider a transitional path. It is probable they all realize eventually they all will have to mainly use the public blockchain, but since all this is so new and corporations are so complex they are first getting comfortable with private blockchain versions of ethereum.
Such private versions can be compared to intranets. Firewalled networks where only individuals that have been granted access can participate, as opposed to the internet (public blockchains) where everyone can join.
Once they are fairly comfortable with those private versions and once ethereum does scale to as good as unlimited capability hopefully sometime by 2020, these entities can then smoothly transition.
The immense skills that are being acquired in this alliance does further suggest they are betting ethereum will win the market share race.
The main reason they are betting so we think is because ethereum is a public blockchain, therefore constantly under global scrutiny for any bugs, so ensuring it is utterly secure.
These developments do further suggest ethereum will probably transition to a global public good as, in the near future, the network might become vital global infrastructure which if brought down might bring down nations.
Yet for it to be brought down, you’d probably have to bring down the entire world first (and in the near future Mars as well), for its decentralized peer to peer nature means the network is being run effectively by the entire world.
A world where money is code and history can never be re-written as man extends a very primitive level of his intellectual faculties to the machines.