BP is a founder member of the Enterprise Ethereum Alliance, a group of enterprises, startups, academics and vendors using Ethereum’s blockchain-based ‘smart contract’ system. Smart contracts are applications that run ‘exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.’
The decentralized Ethereum platform runs on a customized blockchain. Developers can create markets, store registries of debts or promises and move funds ‘without a middle man or counterparty risk.’ Initial development was crowdfunded back in 2014 by the Swiss nonprofit Ethereum Foundation. The newly-announced Enterprise Ethereum Alliance sets out to build ‘enterprise-grade’ software using the technology.
The engineering applications of blockchain was the subject of a recent workshop organized by LR’s Alan Turing Institute. Delegates explored industry sector challenges where blockchain technologies might provide a solution and the pros and cons of blockchain in engineering projects. The practicality of storing large engineering drawings and CAD models was questioned.
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