THELOGICALINDIAN - The Redmondbased tech behemothic Microsoft is not new to blockchain technology The aggregation has been alms its Blockchain as a Service artefact to assorted blockchain initiatives for a while now Recently it has added broadcast its ability in the Asian bazaar by entering into an absolute affiliation with the Indian blockchain action for the cyberbanking sector
Earlier this year, few arch Indian cyberbanking institutions abutting armament to analyze the use of cryptocurrency technology in their operations. The project, alleged BankChain has names like State Bank of India, ICICI Bank, DCB Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank and others associated with it. Primechain Technologies are accouterment the technology abutment for the blockchain project.
According to media reports, the absolute accord amid Microsoft and Primechain has afflicted the acceptance of Azure blockchain and billow casework for development and accomplishing of the BankChain project. The bunch is said to be absorption on a array of broadcast balance solutions, of which KYC administration takes the top priority. The General Manager — Enterprise and Partner Group and Microsoft Peter Gartenberg was quoted in the account address stating,
“The affiliation with BankChain underscores our charge to accredit agenda transformation of the BFSI area in India. Blockchain is one of the best agitative innovations in this sector, and we at Microsoft are arch this trend by alms the best-in-class Azure Blockchain offering. We attending advanced to alive with stakeholders like Primechain to accomplish this affiliation a success.
Compared to added all-around cyberbanking institutions, the Indian players accept entered the bazaar decidedly late. With the accomplishing of BankChain, the Indian cyberbanking area is attempting to accumulate with the brand of R3 Consortium, Hyperledger, and others. The accretion charge for IT basement to apparatus the blockchain solutions aural enterprises has encouraged about all arch tech companies to appear up with their own versions of blockchain as a account platforms.
Similar to Microsoft, IBM has been alms its Hyperledger Fabric based blockchain band-aid to a array of business of all sizes. There are a brace of pilot blockchain projects currently implemented by few banks in the country. However, boundless boilerplate acceptance may booty a continued time.
