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…