Microsoft has been making the right moves to capture the growing bitcoin and blockchain technology market. The technology giant today announced that it has entered into a partnership with R3CEV, the company behind the development of blockchain technology for the international banking consortium.
According to a press release, Microsoft and R3CEV have struck a deal to use the former’s Azure cloud platform for implementing blockchain infrastructure being developed for the banking sector. Microsoft’s Azure cloud platform is already well-known for both the quality and security. Thousands of well-established companies, as well as startups, are currently using Microsoft Azure to host their services. Recently, Microsoft included blockchain as a service (BaaS) solutions to its Azure platform, which immediately gained a lot of traction.
The strategic partnership between Microsoft and R3CEV will establish Microsoft as the provider of cloud-based tools, software and other technical infrastructure to R3’s centers across the world. In addition to cloud infrastructure, the company will also provide the required personnel to manage and maintain the Azure services. This will, in turn, allow R3CEV to make use of the best cloud infrastructure and tools out there to conduct research and implement the blockchain network for the banking consortium comprising of over 40 international banks.
Lately, the banking sector has realized the importance of blockchain technology and how it can help the financial institutions improve the quality of service by reducing the time and costs involved in conducting transactions. The idea behind the creation of a private blockchain infrastructure is to create a network of banks and its branches for fund transfer and other regulatory and compliance purposes. By using the blockchain technology, banks will soon be able to transfer funds between branches across the world in no time, compared to conventional ways using SWIFT which takes anywhere between a couple of […]
