Business giants to announce creation of new computing system

San Francisco

MICROSOFT, JPMorgan Chase and other corporate giants are joining forces to create a new kind of computing system based on the virtual currency network Ethereum.

Some 30 companies are set to announce on Tuesday the formation of the Enterprise Ethereum Alliance, which will create a standard version of the Ethereum software that businesses around the world can use to track data and financial contracts.

The new non-profit organisation is part of a broader movement to harness the technological concept known as the blockchain, which was introduced to the world by Bitcoin.

Blockchains offer a way for unrelated computers and companies to simultaneously collect and store information without relying on a central authority, simil…