International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance (EEA).
In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets.
Standard Chartered is latest EEA banking member
“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, commented.
The EEA formed in March 2017 as a collaborative effort exploring the development and implementation of blockchain solutions across economic sectors. Its membership base now runs into the hundreds, with participation from entities including Microsoft, Hyperledger and various other international banks such as Santander and Russia’s Sberbank.
A formal association with Hyperledger, which itself offers enterprise-grade blockchain tools, came in October last year.
The EEA also publishes informational material such as blockchain standards documents, among which was a dedicated effort for the telecoms industry in August.
Increasing blockchain maneuvers
“We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector,” Gorriz added.
Standard Chartered has already made inroads into blockchain utilization. As CryptoX reported, the bank recently completed a supply chain financing scheme and used the technology to send a cross-border letter of credit transaction.
