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Indian Banks Select Microsoft As Exclusive Cloud Blockchain Provider
A group of India-based banks have struck a new strategic partnership with US tech giant Microsoft.
Ni Chuan Tian
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
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The rally is fueled by NEAR Intents, the cross-chain system that has processed over $19 billion in volume and generated $32 million in fees.
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