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Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum

ETHEREUM

Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum



Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency.


The group, called the Enterprise Ethereum Alliance, is set to debut at a summit in Brooklyn, New York on Tuesday, during which members J.P. Morgan Chase (JPM, -1.20%) and Banco Santander (SAN, +0.16%) are scheduled to demonstrate a pilot of the financial technology as it exists today. The pair plan to show off a "spot trade" on the foreign exchange market for global currencies using an adaptation of Ethereum as the settlement layer.

Ethereum uses a blockchain, often referred to as a distributed ledger, to record and execute transactions without the need of a middleman. Instead of a centrally managed database, copies of the cryptographic balance book…

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