86 new members including Toyota, Deloitte, Samsung SDS, and the National Bank of Canada have come together to develop business applications on the Ethereum blockchain, announced the Enterprise Ethereum Alliance on Monday.
The Alliance that came into existence in February this year has over 100 members including the likes of JP Morgan, Credit Suisse, and Banco Santander with the goal to develop business applications with Ethereum.
The alliance is quite sought after as its membership grants organizations the ability to participate in meetings and events, as well as to make contributions to technical documents and white papers.
Although, The bank of Canada has already made casual efforts in cryptocurrencies by running a pilot using in-house digital currency to conduct interbank transactions on a blockchain in 2016, ignoring the very popular bitcoin currency reason being, Ethereum’s promise of its blockchain being chiefly a platform for developing apps that are powered by economic incentives. One often-floated use case for blockchains in the financial industry is as a settlement layer to instantly close transactions without the middlemen.