The development underscores the latest push by large companies to move towards a distributed ledger systems.
Two dozen companies which includes Microsoft, Intel Corp and JPMorgan Chase & Co have come together to create standards and technology which enterprises can tap to use blockchain code Ethereum.
According to the founding companies of the Enterprise Ethereum Alliance (EEA), the security, scalability and privacy of the Ethereum blockchain code will be made more suitable for business applications.
The initiative is set to be announced later in the day, today.
Among the member of the thirty strong group includes, Accenture Plc, Credit Suisse Group AG, Banco Santander, ING Groep NV, BP Plc, Thomson Reuters Corp, UBS Group AG, Bank of New York Mellon Corp, Banco Bilbao Vizcaya Argentaria, as well as startups BlockApps and ConsenSys.
This development joins a growing list of collaborations by large companies who are all aiming to take the lead in capitalizing on blockchain technology.
Blockchain essentially allows the sharing of a digital ledger that is maintained by networks of computers rather than one single authority.
Already more than 70 fintech firms are involved with R3 CEV, a New York-based startup which focusses on the development of blockchain technology for the finance industry.
Meanwhile IBM and Hitachi Ltd have joined the Hyperledger Project, a group led by the Linux Foundation.
Unlike some other ventures, EEA members, for now, do not have to shell out a participation fee.
Ethereum, is the name of a type of blockchain that can be used to create decentralized apps. It was invented by Vitalik Buterin, a 23-year-old programmer.
Already several banks have already adapted Ethereum to develop and test their own blockchain trading applications.
“There is a lot more synergy in thinking than was ever possible before,” said Batlin.