28 Feb '17, 2pm

Big banks and tech giants are backing Bitcoin-rival 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 and Banco Santander 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 are sp...

Full article: http://venturebeat.com/2017/02/28/big-banks-and-tech-gian...

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