Soon, banks and insurance companies that are now using the cloud-based Azure platform of Microsoft will be able to take advantage of a new cloud-based blockchain platform that the company launches.
Microsoft has partnered with start-up firm ConsenSys in a move to launch a fully programmable blockchain platform that will allow financial industries to use it as a huge, decentralized ledger of each transaction that uses bitcoin.
While the technology is still in a nascent phase, more financial industry is getting interested in blockchain, believing that it has the potential to reduce costs and enhance efficiency.
“Microsoft and ConsenSys are partnering to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud based blockchain developer environment,” said Marley Gray, Director at Technology Strategy US Financial Services. “Ethereum is real and has a vibrant community of developers, enthusiasts and businesses participating.”