The Enterprise Ethereum Alliance (EEA), an organization focused on setting specific standards to be followed by firms who use the ethereum blockchain to create several different applications, have created a new system which will be used to encourage said businesses, with reward tokens. The new system has already secured support from heavy hitters such as Intel, as well as Microsoft.
Speaking to Coindesk, Michael Reed – the blockchain program manager for Intel, as explained that the aim is to incentivize, but also serve as method to enforce some punitive actions as well. Reed said:
“It really can be applied to any consortium to incentivize teamwork. The example we are using is a software development consortium like EEA, where we are trying to motivate activities like editing and contributing to specifications, developing and adding code. Then, of course, you could apply penalties for negatives, such as lack of contribution, lack of review, missing deadlines and so on.”
The EEA comprises more than 450 different business firms including Microsoft and Intel, as well as Cisco, ING, Santander, Accenture and JPMorgan Chase as well. The system was announced at the annual Ethereum developers conference, which took place in Osaka, Japan.
Back in August, the EEA published a document which proposed several blockchain powered solutions, which can easily be applied in the telecoms industry.
Image Credits: Pixabay
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