Microsoft, Intel, JPMorganChase, and other titans of the business world have joined forces to develop a computing system that would allow unrelated computers and servers to securely gather and store data. The Ethereum Enterprise Alliance will collaborate to create a system based on blockchain, a digital ledger system that doesn’t rely on a central authority to store and share data.
Blockchain is used by Bitcoin and the Ethereum software, which the alliance is seeking to standardize for use globally. Blockchains are seen as harder to hack because they rely on more than one authority.
The group hopes the system will create an easy and safe way for businesses to communicate financial data — like transactions and stock figures — across organizations, and securely share contracts. The system also has the potential to lower infrastructure costs by providing a technology solution to backend business operations.
By Prasana William