Microsoft, Big Banks Unite to form Massive Ethereum Consortium (JPM,MSFT)

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"Enterprise Ethereum"--a project backed by some of the biggest names from the finance and tech world, is said to be launching today.

Ethereum, launched in 2015, is a decentralized software platform that enables SmartContracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control or interference from a third party. It's based on distributed ledger technology, similar to Bitcoin and other decentralized currencies. In the past two years, we have seen some of the biggest banks and technology firms coming together to explore the distributed ledger technology (DLT), driven by the fact that the technology has shown an enormous use-case for enterprises. (Related reading, see: Bitcoin Vs Ethereum: Driven by Different Purposes)

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