Toyota, Merck Join Ethereum Group to Build Blockchain Network
- Enterprise Ethereum Alliance is creating common rules for all
- Blockchain adoption faces hurdles and may be years from now
An effort to transform how businesses work by using blockchain technology added new members from multiple industries as Toyota Motor Corp., Merck KGaA, State Street Corp. and other companies joined industry group the Enterprise Ethereum Alliance.
They join existing EEA members JPMorgan Chase & Co., BP LP, Microsoft Corp., International Business Machines Corp. and ING Groep NV that are all trying to determine if shared databases recorded on the ethereum blockchain can cut costs by speeding up financial transactions or ensuring the efficiency of a supply chain. The reason ethereum is creating such interest among industries from finance to health care is because it allows for much more complex actions to be done in a shared and decentralized manner than with bitcoin, which introduced the first blockchain to the world in 2009.