Share this article
BTC
$85,270.26
+
0.93%ETH
$1,617.87
+
1.62%USDT
$0.9997
+
0.00%XRP
$2.0885
+
0.77%BNB
$592.35
-
0.18%SOL
$138.87
+
3.73%USDC
$0.9998
+
0.02%DOGE
$0.1579
+
0.01%TRX
$0.2426
+
1.09%ADA
$0.6313
+
0.63%LEO
$9.2924
+
0.86%LINK
$13.00
+
3.27%AVAX
$20.05
+
4.53%XLM
$0.2475
+
3.15%TON
$2.9905
-
0.13%SHIB
$0.0₄1238
+
0.79%HBAR
$0.1668
+
1.17%SUI
$2.1662
+
1.98%BCH
$335.51
-
0.81%HYPE
$18.03
+
4.84%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
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.
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.
STORY CONTINUES BELOW
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
Chuan Tian
A member of Coindesk’s editorial team since June 2017, Tian is passionate about blockchain technology and cyber-security. Tian studies journalism and computer science at Columbia University in New York. He does not currently hold value in any digital currencies or projects (See: Editorial Policy). Follow Tian here: @Tian_Coindesk. Email tian@coindesk.com.
