Commerzbank has joined the Enterprise Ethereum Alliance (EEA).
EEA is a worldwide blockchain consortium focussing on cross-industry cooperations. The Enterprise Ethereum Alliance connects Fortune 500 companies, start-ups, science, and technology providers with Ethereum experts. Launched in 2017, Ethereum’s goal is to create software for enterprises based on Ethereum technology that can handle complex and demanding applications at high speed. Ethereum is a distributed system (Distributed Ledger Technology, DLT) that depicts distributed programmes or contracts (smart contracts).
“Joining the Enterprise Ethereum Alliance is another important step for us in diversifying our blockchain activities and testing different technology standards”, said Jörg Hessenmüller, Divisional Board Member Development and Strategy at Commerzbank. “Blockchain is one of several emerging technologies that we explore at Commerzbank and that help us to further develop our banking business. We see great potential here. The Enterprise Ethereum Alliance offers us the opportunity to further expand our cross-industry collaborations.”
Commerzbank is investigating blockchain technology, inter alia, in its own blockchain lab where employees are testing possibilities for new applications in the banking business. Together with partners from financial, industrial, and scientific sectors, Commerzbank has already carried out several pilot transactions based on blockchain technology.