A consortium of India-based banking firms including State Bank of India, ICICI Bank and DCB Bank has formally selected Microsoft Azure as their exclusive cloud partner.
As a part of this partnership, the 20 members of the BankChain consortium, which went public with its R&D efforts last month, will use Microsoft's Azure blockchain to host the nodes that will relay transactions on their distributed ledger systems.
According to a news release, the first active project to use Azure will be Primechain-KYC, a closed, permissioned blockchain built by Mumbai-based Primechain Technologies. The tool seeks to help clients share know-your-customer (KYC), anti-money laundering and counter-terrorist financing information.
Since adding blockchain to its Azure cloud computing platform in October 2015, Microsoft has added a steady stream of partners, including JP Morgan, Emercoin, and Bitshares, to its blockchain-as-a-service (BaaS) solution – a product styled as a kind of 'sandbox' where partners can interact with different technologies in a low-risk environment.
As such, the partnership affirms how bringing blockchain to banking, financial services and the insurance industry has been a focus for Microsoft.
Taj Mahal image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.