Standard Chartered – global banking organization – has reportedly joined the blockchain standard-forming group – the Ethereum Enterprise Alliance (EEA).

Specifically reported on November 6, Standard Chartered expected that the initiative would make it possible for the banking group, to build provide more client-focused services, throughout 60 global markets. 

“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, remarked regarding the announcement.

“We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector,” Gorriz added. 

This is not Standard Chartered first attempt at using a blockchain implementation to enhance its services. Previously, upon the completion of a supply chain financing scheme, the bank has utilized blockchain as a means of facilitation for sending a cross-border letter of credit transaction.

The EEA was established with joined efforts from numerous key players, with a primary goal to research the potential utilization and growth of blockchain, throughout different industries.