The technology is viewed as being harder to corrupt or hack because of its reliance on many people rather than a single authority.Many big corporations have been looking for ways to use blockchain technology to keep track of information created by unrelated companies, like stock and bond trading transactions.IBM has made a particularly big push into the blockchain business, and it has been leading a separate collaborative project, known as the Hyperledger Foundation.The new Ethereum alliance has been described by some of its backers as a way to ensure that the IBM-led blockchain effort is not the only option for businesses looking to use the technology.Other companies like R3 and Chain have also been developing alternative blockchains.“We are pretty equally spending our time across the different chains,” said Alex Batlin, the global head of blockchain at Bank of New York Mellon, which is joining the Ethereum alliance.Ethereum was introduced in 2013 by a developer named Vitalik Buterin, then 19, who had previously worked on Bitcoin.

Since its official release in 2015, the Ethereum network has been the target of hackers and theft.Yet it has also won a large following among programmers who view it as a new and sophisticated way for groups of people and companies to initiate and track transactions and contracts of all sorts.That has led some companies to bet that Ethereum will win the race to become the standard blockchain for future business operations.“In every industry that we come across, Ethereum is usually the first platform that people go to,” said Marley Gray, the principal blockchain architect at Microsoft.The creation of the Ethereum alliance shows a continuing commitment among big companies to making the technology work, in large part because it promises to create much more streamlined databases that require less back-office maintenance.Accenture released a report last month arguing that blockchain technology could save the 10 largest banks $8 billion to $12 billion a year in infrastructure costs — or 30 percent of their total costs in that area.

Accenture is one of 11 companies on the governing board of the Ethereum alliance.The current Ethereum network has an internal virtual currency known as Ether, the value of which has risen and fallen over the last two years.On Monday, a single Ether was worth around $15, and all the outstanding Ether were worth around $1.3 billion.ethereum value to usdEthereum, however, is much more than just a system for tracking currency.bitcoin atm worldwideIt also allows people to write what are known as smart contracts into the Ethereum blockchain.litecoin 2011Two companies could, for instance, create a contract that would automatically send money to one of them if a particular news authority reported that the Chicago Cubs won the World Series or that “La La Land” won the Oscar for best picture.litecoin cap

(As the latter example shows, what would happen if the authority was wrong is a more difficult question.)Because of its capacity for smart contracts — and other complicated computing capacities — Ethereum is viewed as more agile and adaptable than Bitcoin.As with Bitcoin, however, anyone can join the Ethereum network and see all the activity on the Ethereum blockchain.chinesische bitcoin borseThe companies working on the Enterprise Ethereum Alliance want to create a private version of Ethereum that can be rolled out for specific purposes and be open only to certified participants.ethereum dos attackBanks could create one blockchain for themselves, and shipping companies could create another for their own purposes.The purpose of the alliance is to create a standard, open-source version of Ethereum that can provide a foundation for any specific use case.The private systems are not likely to require an Ether virtual currency, although the companies are hoping to create modules that will allow users to put in and take out individual elements of Ethereum as they choose.litecoin best pool

Many companies have already been working to create their own versions of Ethereum for specific purposes.JPMorgan, for instance, has created a version of Ethereum known as Quorum that the bank has been using in tests to move money between JPMorgan branches in different countries.bitcoin does not syncQuorum will become a part of the new version of Ethereum being developed by the alliance.Some of the companies working in the new alliance hope that the private Ethereum blockchains will, at some point, be able to connect to the public Ethereum blockchain, creating a standard for information storage and movement around the world.“Even if you create private networks, if you can anchor them to public networks, you get an extremely strong set of links together,” Mr.ethereum nvidia minerBatlin, of BNY Mellon, said.The work on Ethereum has continued despite an attack on an Ethereum project last year in which a hacker gained control of more than $50 million worth of Ether.Mr.

Batlin and others involved in the Ethereum Alliance said the way the Ethereum developers had handled that attack convinced them of the maturity of the technology.Today, Ethereum has a larger community of volunteer developers, and more computers on its network than Bitcoin.And the members of the new alliance — which include Banco Santander, BBVA, Credit Suisse, ING, Intel, Thomson Reuters and UBS — say the real-world testing of Ethereum makes it stronger than the alternatives.“Ethereum has this massive advantage of having the public network that has been tested for two years,” Mr.Gray, of Microsoft, said.The Enterprise Ethereum Alliance has more than tripled in size, with the group announcing 86 new members today drawn from a wide range of industries.Among the new members are South Korean telecom Samsung, pharmaceuticals giant Merck, automaker Toyota, investor communications platform Broadridge, financial markets firm DTCC, and the Illinois Department of Financial and Professional Regulation, which oversees licensed businesses in the state.

The EEA was officially launched in late February, aimed at developing enterprise-focused solutions with the open-source ethereum as a basis but that are, in some cases, more privacy-oriented.Conversely, the idea is to create a kind of positive feedback loop that leads to improvements of the public blockchain protocol as well.And the diversity of the new members, according to Andrew Keyes, head of global business development for EEA founding member ConsenSys, is evidence that the initiative is positioned to disrupt many more industries beyond the finance world.Keys predicted that the collaborative effort could lead to some unexpected partnerships among the financials, tech giants and nascent startups all working on EEA projects."Not only can these industries work and learn from each other, you're going to start seeing multi-sided, or n-sided marketplaces where it's not just the banks operating with each other, it's actually the banks turning into software companies and getting close and more seamless with their clients."

Some of the major firms that joined today echoed that sentiment in statements."We look forward to active collaboration with the members of the alliance," said Kwang Woo Song, vice president of Samsung's Distributed Ledger Technology Business Group."And believe that there will be significant synergy opportunity to drive the adoption of blockchain in the enterprise space."A number of startups focused on the blockchain space are joining the EEA's ranks as well, including AlphPoint, BigchainDB, BlockCypher, Datarella, DigixGlobal, Gem, Hashed Health, Hijro, Libra, Melonport, the Wall Street Blockchain Alliance, and the Zerocoin Electric Coin Company.2017 has been a year of major change for the world's blockchain consortia, and today's announcement signals that these collaborative efforts are likely to evolve further as the year continues.Early this year, a shake-up at banking consortia R3 saw founding members JPMorgan and Santander align themselves more closely with EEA, even as R3 itself expanded its focus to include a number of regulators among its ranks.