Headquartered in London, England, Standard Chartered is a British Multinational banking giant that has recently joined the Enterprise Ethereum Alliance.

The bank currently boasts $14.7 billion in revenue and is now one among 500 EEA members which include Banco Santander, Microsoft, EY, IBM and J.P. Morgan. In essence, Enterprise Ethereum Alliance (EEA) is a member-driven alliance built to develop open blockchain specifications or to customize ethereum for industry players. Moreover, it boosts the use-cases of Ethereum blockchain among the enterprises.

Being a member of Alliance, Standard Chartered will work alongside other industry leaders and help strengthen the application of blockchain tech in the banking sector. However, the bank appreciated the way blockchain technology is currently shaping the current industry and said;

“It (blockchain) as central to banking and commerce in the digital era, so transactions can be verified, secure and processed in real-time”. 

Standard Chartered Bank is no stranger to this emerging technology, in fact, the giant is a founding member of the blockchain trade platform Voltron. More so,  the bank also backs blockchain payment firm Ripple which offers payment solutions to banks and payment entities on top of blockchain technology. In early August this year, it was also stated that the bank has successfully executed a pilot blockchain transaction in the oil industry.

Commenting on the bank’s involvement with EEA, Dr. Michael Gorriz, Group Chief Information Officer at Standard Chartered said, the bank will actively look for avenues to bring blockchain research and application in the banking sector. He went on to say;

“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” 

Image Source – Flickr

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