FinTech Daily: Big Corporates Unite for Launch of Enterprise Ethereum Alliance; EY Begins Blockchain
Big Corporates Unite for Launch of Enterprise Ethereum Alliance
A group of global enterprises representing the oil and gas industry, the financial sector and software development firms will today formally launch the Enterprise Ethereum Alliance, dedicated to developing ethereum into an enterprise grade blockchain. The news is expected to be formally revealed at an event in Brooklyn, at which a live version of an enterprise grade ethereum product is expected to be demonstrated in a transaction between Spanish bank, Santander, and US bank, JP Morgan. At the core of the creation of the Enterprise Ethereum Alliance were two main objectives. First, the group aims to create an enterprise-grade blockchain solution that makes it easier for its members to comply with various regulatory requirements based on their industry. But at the same time, it will help them better capitalize on the benefits of faster transaction times and higher volumes possible with a blockchain. Second, the group is experimenting with new governance models designed to give the kind of control regulated enterprises need. In addition to meeting the unique demands of enterprises building on ethereum, the Alliance is experimenting with new ways to capitalize on one of the network's most valuable resources: developers. Initially, a technical advisory working group will consist of ethereum developer and zcash advisor Andrew Miller; Dominic Williams, president of String Labs, and Bob Summerwill, Enterprise Ethereum's lead architect and a member of ConsenSys, which has helped oversee much of the group's early development.
Big Four' Firm EY Begins Blockchain ID Platform Rollout
Big Four' accounting firm EY has revealed it is rolling out a new identity management platform based on blockchain tech for an Australian client. According to EY, the platform is part of its bid to help clients better manage customer onboarding and verification, while addressing the challenges inherent in data management and privacy. EY has so far implemented the platform, built on the ethereum protocol, for Australia-based startup BlochExchange, which has built a blockchain-based fractional mortgage platform. Development of the platform began last November and took the firm around six weeks to build. The platform enables clients to create a customer identity using traditional know-your-customer processes, and manages the distribution of that information to other trusted members within a blockchain environment. EY partner James Roberts said that the firm is in discussions with a number of major banks in Australia about implementing the platform, though he cautioned that these talks remain in early stages.
JPMorgan’s Tech Strategy Turns to Machine Learning
At JPMorgan Chase and Co, a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours.
The programme, called COIN, for Contract Intelligence, does the mind-numbing job of interpreting commercial-loan agreements that, until the project went online in June, consumed 360,000 hours of lawyers’ time annually. The software reviews documents in seconds, is less error-prone and never asks for time off. Made possible by investments in machine learning and a new private cloud network, COIN is just the start for the biggest US bank. The firm recently set up technology hubs for teams specialising in big data, robotics and cloud infrastructure to find new sources of revenue, while reducing expenses and risks. The push to automate mundane tasks and create new tools for bankers and clients - a growing part of the firm's $9.6 billion technology budget - will be a theme as the company hosts its annual investor day on Tuesday.